Difference Between CRM and PRM
CRM stands for Customer Relationship Management and it can be understood as gaining an insight of how to manage the basic needs and requirements of the customers while PRM stands for Partner relationship management and it is all about the tactics and strategies used for the purpose of maintaining a strong relationship with the partners of a company.
Career opportunities are numerous in the finance industry; however, the factor that allows you to carve out your niche among the many professionals present in this arena is through your work experience and the certified courses you have completed to enhance your knowledge and capabilities. Among the many prevalent courses, we shall discuss the Certified Risk Manager course and the Professional Risk Manager in this article.
What is a Certified Risk Manager?
Certified Risk Manager is a finance course offered by the National Alliance for Insurance Education and Research. A professional in the finance arena and interested in the risk management and fields related to it, such as insurance, loss control, legal accounting, claims specialists should take this course to climb the corporate ladder.
The Certified Risk Manager Program prepares the candidate for a piece of overall knowledge in the area of hazards and management risks an organization is exposed to in the financial sector. This knowledge is combined with practical training in sophisticated concepts of leadership, managerial, and organizational skills.
What is the Professional Risk Manager?
The Professional Risk Manager’s International Association provides a specific course PRM designed to aid the finance professional in learning the complexities of risk management. The course prepares the professional for the risk management practices prevalent in today’s time with in-depth knowledge about the financial theory behind risk management, failures of these theories in the past.
The program prepares the candidate ahead for risk management, trading markets, and financial instruments keeping up with the ethics, laws, and bylaws of the modern times.
CRM vs. PRM Infographics
Let’s understand the differences between CRM vs. PRM infographics.
CRM vs. PRM Summary
|Certification Organised by||This Certification is organised by National Alliance for Insurance Education and Research||PRM is offered by PRMIA|
|Number of Levels||There are 5 CRM Exam Levels:|
1. Principles of Risk Management
2. Analysis of Risk
3. Control of Risk
4. Financing of Risk
5. Practice of Risk Management
|PRM: 4 sets of papers|
PRM Part I: 36 Multiple choice questions
PRM Part II: 24 Multiple choice questions
PRM Part III: 36 Multiple choice questions
PRM Part IV: 24 Multiple choice questions
|Duration of Examination||The CRM Final Examination is a 2.5 hours essay/short answer exam that must be conducted at an approved testing center.||Time duration for each of PRM exams is given below:|
Exam I: 2 Hours
Exam II: 2 Hours
Exam III: 1.5 Hours
Exam IV: 1 Hour
|Subjects||1. Principles of Risk Management|
2. Analysis of Risk
3.Control of Risk
4. Financing of Risk and Practice of Risk Management
|Exam I: Finance Theory, Financial Instruments, and Markets|
Exam II: Mathematical foundations of Risk measurement
Exam III: Risk Management Practices
Exam IV: Case studies, PRMIA standards of best practice, conduct and ethics, Bylaws
|Fees||The fee for CRM Certification Exam is $430.|
The registration fee includes a notebook for the classroom participants and an e-notebook for the online participants
|If you want to take the PRM exam, you need to purchase a voucher. This voucher is your vehicle for scheduling your exam with the test center, Pearson VUE. Have a look at the fees you need to pay to pay to purchase the voucher.|
PRM Exam Voucher Bundle Price
4 PRM Exam Vouchers + Digital PRM Handbook $1200
4 PRM Exam Vouchers + Printed PRM Handbook $1350
4 PRM Exam Vouchers + Digital + Printed PRM Handbook $1400
|Job Titles||1. Risk Analyst|
2. Risk Manager
3. Risk Management Consultant
4. Risk Control Supervisor
5. Chief Risk Officer
|1. Predictive Analyst|
2. Chief Risk Officer
3. Investment Risk Manager
4. Senior Risk Analyst
Working risk managers are eligible for the program as well as financial and insurance professionals, accountants, and legal and loss experts. A CRM professional is expected to pass out five courses, and they are Principles of Risk Management, Analysis of RiskAnalysis Of RiskRisk analysis refers to the process of identifying, measuring, and mitigating the uncertainties involved in a project, investment, or business. There are two types of risk analysis - quantitative and qualitative risk analysis., Control of Risk, Financing of Risk, and Practice of Risk Management. These five papers are to be passed within five calendar years of giving the first paper.
Each paper in the CRM program is of two and a half days of instructions and concludes with an optional two-hour essay examination. The exam syllabus is not confined to the material provided, and students are tested on their presence of mind and knowledge through the experience on the field. That is why it is expected that a candidate at least has two or more years of experience in the field.
The pre-requisite to be eligible for the PRM exam is compulsory membership of every candidate in the Professional Risk Manager’s International Association. The minimum working experience required to appear for this exam is specific for all the categories of the candidate. A candidate without a bachelor’s degree is required to have a minimum of four years of experience while a degree holder is expected to meet the requirement of two years of experience.
A PRM professional is required to pass four papers, which are Mathematical foundations of risk measurement, finance theory, which includes financial instruments and financial markets, Risk management practices, and Case studies. A candidate has the option to appear for the exam of his preference, but the exam should be completed within two years. For the preparation of the exam, candidates can refer to the Professional Risk Managers’ Handbook, which is edited and authored by various practitioners and academics.
Why Pursue CRM?
A professional with a great experience when he decides to take the CRM program; it speaks volumes of his commitment to his organization and his industry. The CRM designation adds to a professional’s reputation and invariably adds profits to his organization. The CRM program not only expands a person’s knowledge but also broaden its horizon in terms of the new practical ideas and cutting edge skills that could be put to use in the daily business of the company.
A CRM certification is often required by firms for certain designations, and achieving it could lead to lucrative career opportunities. A certified CRM is definitely more marketable in the job market and stands a better chance of securing a job among his peers.
Why Pursue PRM?
A PRM degree is extremely valuable as it is associated with the staff from large MNCs and reputed organizations who have passed out as PRM professionals. Also, less than 20% of professionals hold a PRM degree. Thus attaining it is an achievement in itself. PRM holders have more opportunities as their certification gives them a competitive edge above others in the industry. The PRM program prepares you with set-designed skills that are considered important by business professionals and, therefore, mandatory to achieve higher designations and better-paying opportunities.
The PRM program is highly regarded by the industry professionals due to its combination of advanced academics and practical application that prepares a candidate to be an all-rounder in meting out the responsibilities of his job profile.
Aiming high is great but attaining high is the real greatness. And we hope you are always aiming to attain the real greatness in all spheres of your career. We also hope to have set the ball rolling in the right direction. The choice is in your and your hands alone. We hope our information leads the way or becomes a part of your journey in achieving greatness. Good luck!
This has been a guide to CRM vs. PRM. Here we discuss the top difference between CRM and PRM along with infographics and comparative tables to distinguish their fees, benefits, subjects, study hours, etc. You may also have a look at the following articles –