Honesty is the best policy and to be honest when you start talking about Governance Risk and Compliance it can all sound a bit boring. The thing is though it is super important when it comes to securing infrastructure and without it organizations would be lost. Not to mention these people are at the top when it comes to pay in the information security world. That said, let’s dive a bit deeper and then also compare the best certifications to get.
Governance refers to the establishment and continuous monitoring of the policies. Compliance means adhering to established policies, rules, and business guidelines. Similarly, risk implies the uncertainty in the business. Organizations need strong Governance, Risk, and Compliance (GRC) programs to ensure the smooth running of the businesses. The implementation of GRC programs is a challenging task because of many factors. For instance, an organization may have different departments having their own set of rules and guidelines to perform job tasks. This can create communication problems because of no cohesion among the departments. Therefore, companies are always looking for GRC experts to handle governance, risk, and compliance challenges. People having GRC certifications are considered the perfect match for the said tasks. Following are five important GRC certifications that every expert must look for in order to be considered by the top organizations.
Certified in Risk and Information Systems Control (CRISC)
CRISC certification is started by the Information Systems Audit and Control Association (ISACA) in 2010. The certification validates the knowledge of IT professionals having expertise in risk management. CRISC certified professionals are considered proficient in risk management strategies. Managing enterprise’s risk, designing the risk mitigating strategies, and ensuring the implementation of those strategies are the core responsibilities of CRISC professionals.
CRISC Domains: Professionals interested in CRISC certification must have expertise in the following four domains.
Domain 1: IT Risk Identification
Domain 2: IT Risk Assessment
Domain 3: Risk Response and Mitigation
Domain 4: Risk and Control Monitoring and Reporting
CRISC Certification Requirements: Candidates interested in CRISC certification must have a minimum of three years of risk management and control work experience in at least two CRISC domains. One of these domains must be either Risk Identification or Risk Assessment domain. The experience is counted from the date of CRISC exam application to the preceding 10 years. Candidates without any prior work experience can also take the CRISC exam. Those candidates have five years time from the date of passing the exam to fulfill the experience requirement.
Certified in the Governance of Enterprise IT (CGEIT)
CGEIT is another certification offered by ISACA. The certification validates the individuals’ knowledge and skills required for managing the enterprise’s IT governance. IT governance is an integral part of enterprise governance. The CGEIT professionals are trusted for aligning the IT sector with the business goals of the organizations. Managing, advising, and supporting IT governance are the key tasks that are judged through CGEIT certification.
CGEIT Domains: To cover various parts of governance and risk management, ISACA considers the following five domains to conduct CGEIT exam.
Domain 1: Framework for the Governance of Enterprise IT
Domain 2: Strategic Management
Domain 3: Benefits Realization
Domain 4: Risk Optimization
Domain 5: Resource Optimization
CGEIT Certification Requirements: The four “e’s” (education, experience, exam, and ethics) are the primary requirements to avail CGEIT certification. Candidate must have relevant education and experience, pass CGIT exam, and adhere to ISACA’s Code of Professionals ethics to be considered for CGEIT certification. A minimum of five years of professional experience in the aforesaid domains is required to sit in CGEIT exam.
Certified in Governance, Risk and Compliance (CGRC)
CGRC certification is offered by GRC group (grcg.com). GRC group is considered a leader in governance, risk, and compliance. The group has two institutes (SOX and GRC) offering nine different certifications. CGRC is one of those certifications offered by GRC institute. Certifications offered through GRC institute are divided into base-level and pro-level categories. CRGRC comes under base-level category. The certification validates individuals’ knowledge about various GRC regulatory requirements.
CGRC Certification Requirements: There is no exam requirement to avail the CGRC certification. The candidates must have three years of professional work experience and other base-level certifications of GRC institute to become CGRC certified. The required base-level certifications include Certified in Integrated Risk Management (CIRM, Certified in Corporate Governance (CGOV), and Certified in Internal Control Management (CICM).
Certified in Risk Management Assurance (CRMA)
CRMA certification offered by The Institute of Internal Auditors (theiia.org) is focused on risk management assurance. The certification validates the professionals’ knowledge and expertise in advice and assurance on risk management. The CRMA certified professionals are capable of providing assurance on business processes in governance and risk management. The CRMA professionals can add value to the organizations by acting as a trusted advisor and focusing on strategic organizational risks.
CRMA Certification Requirements: Candidates looking for CRMA exam must pass the CIA (Certified Internal Auditor) part-1 exam to become eligible for CRMA certification. The CIA exam can be taken before, during, or after the CRMA exam. However, the exam must be passed before the grant of CRMA certification. Other requirements for CRMA exam include education, work experience, and character reference. A candidate must hold the Associate’s, Bachelor’s, or Master’s degree to take CRMA exam. The work experience varies according to the education level. Candidates having Associate’s degree must have 5 years of auditing work experience. The candidates having Bachelor’s degree with two years of auditing work experience and Master’s degree with one year of professional work experience are also eligible for CRMA exam. Moreover, the candidates also need a professional character reference in the shape of a form signed by the candidate’s supervisor or a CIA, CCSA, CFSA, CRMA to take the exam.
Project Management Institute – Risk Management Professional (PMI-RMP)
Project Management Institute (pmi.org) offers PMI-RMP certification to validate professionals’ project management skills and ability to assess the risks associated with the projects. The professionals are also responsible for mitigating the risk. Although the Project Management Institute (PMI) is best known for Project Management Professional certification, the institute offers PMI-RMP certification to recognize the individuals who have project management as well as risk management skills.
PMI-RMP Domains: The following domains are covered in the exam dedicated to the candidates interested in PMI-RMP certification.
Domain 1: Risk Strategy and Planning
Domain 2: Stakeholder Engagement
Domain 3: Risk Process Facilitation
Domain 4: Risk Monitoring and Reporting
Domain 5: Perform Specialized Risk Analyses
PMI-RMP Certification Requirements: The candidates having project risk management education and work experience are eligible for PMI-RMP exam. Candidates with secondary education must have at least 40 hours of project risk management education and 4,500 hours of experience in a similar field. With a bachelor’s degree, only 30 hours of project risk management education and 3,000 hours of professional work experience is required to become eligible for PMI-RMP exam.