Training & Education

Learning vision

The core purpose of RMA is 'to advance the use of sound risk principles in the financial services industry'. Accordingly, a key goal for RMA in Australia is to encourage and foster a climate where industry practitioners can access a full range of learning opportunities, and are thus equipped to identify and manage the credit, operational, compliance and market risks that impact their customers and their own business.

RMA Training & Development Committee

To help achieve this goal, RMA Training & Development Committee provides a forum for specialist learning managers working for Australia?s major lending institutions. At its meetings, Committee members exchange insights into how to develop and deliver superior credit and op risk education to staff in their respective firms.

Risk education in Australia

To assess the professional development climate for Australian risk managers, the Committee has consulted with its own members, executives in RMA member institutions, industry associations, tertiary institutions and commercial training providers. These reviews confirm that there is considerable, ongoing investment in the education of risk practitioners. This is being achieved mainly through tailored internal programs, and is augmented by a wide range of courses and workshops offered by external vendors, academic and professional bodies.

Role of RMA in Risk Management Training

RMA Australia does not aim to be a supplier of commercial training solutions. However, through the Training & Development Committee, the Association stands ready to assist member institutions in building broad risk management expertise in the Australian market.

At a practical level, RMA bi-monthly forums and other event series offer general learning choices that provide an excellent overview of current local and international issues and developments across the broad spectrum of financial risk management.

In selected cases, where it identifies a gap in local provision, the Association can tap into the educational resources of RMA HQ, or sponsor targeted training offerings for members.

Leveraging RMA buying power

Another role for RMA Australia is to work with external vendors to leverage RMA's membership base to let members access reduced fees for selected workshops. For example, RMA has established a relationship with Macquarie Applied Finance Centre (MAFC) where members can attend MAFC Short Courses on a preferred fee basis.

Accreditation

In the USA, the RMA has established the professional accreditation of CRC (Credit Risk Certified), which formally recognises accumulated knowledge and expertise in credit risk management skills.

Locally, the RMA Committee has identified that there are no generally recognised industry or tertiary skills benchmarks that would underpin some form of professional accreditation in risk management disciplines.

It is possible however, that RMA Australia, working with practitioners and their employers, could help establish a national framework of risk management skills and competencies. These would be tested via examination, and lead to the award of nationally recognised certificate or diploma in professional risk management expertise. Accordingly, through its strong industry networks, the Association will continue to take a thought leadership role as regards pursing a national accreditation for financial risk management practitioners.