Coming October 2020, the new and updated CRMA certification program will release its latest phase!
Risk management assurance is an essential internal audit responsibility. As the risk landscape has continued to expand and change, The IIA recognized the need for the Certification in Risk Management Assurance® (CRMA®) program to keep pace. This required a thorough evaluation of the exam requirements and content to ensure they reflect the skills needed to audit today’s emerging risks, as well as consider the organizational view required to effectively execute risk management assurance. The IIA conducted two studies — a market study in 2018 and a job analysis study in 2019. The market study revealed perceived ambiguity between the CRMA and the Certified Internal Auditor® (CIA®). Additionally, it confirmed that more business experience and a deeper level of risk management knowledge are required in order to provide holistic and effective risk management assurance. As such, the new CRMA is positioned as a career pathway for internal auditors after achieving the CIA designation. It is the only risk management assurance certification for internal auditors.
WHY?
To ensure that the exam’s content remains current and valid, The IIA conducted two studies — a market study in 2018 and a job analysis study in 2019. The market study revealed perceived ambiguity between the CRMA and the Certified Internal Auditor® (CIA®). It confirmed that more business experience and a deeper level of risk management knowledge are required to provide holistic and effective risk management assurance. As such, the new CRMA is positioned as a career pathway for internal auditors after achieving the CIA designation.
During the job analysis study, The IIA reached out to internal audit practitioners and other stakeholders around the world to determine the knowledge, skills, and abilities most relevant to today’s risk management assurance professionals. The results of this research confirmed the need for a new CRMA exam and program in order to demonstrate the higher level of risk management assurance experience and expertise required by today’s internal auditors providing risk management assurance services.
HOW?
The amount of both business and internal audit-specific experience required to sit for the exam has increased. Additionally, the new exam includes multiple-choice questions, as well as advanced-format questions, such as scenario item sets, fill-in-the-blanks, and hot spots. The level of understanding has also been elevated from basic to proficient for all questions.
WHAT?
Here is a summary of the changes:
For more information, click the link below: