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Associate in Risk Management Designation (ARM) – Worth It?

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Work Comp Adjuster Question on Associate in Risk Management

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Is the Associate in Risk Management designation worth the effort?   I have my Associate in Claims (AIC) designation.  Is the ARM the next step in career advancement?  

The above question came in from a California adjuster after the two articles written on the AIC designation last week.   

According to the Institutes, the ARM is designed to advance the education of:

  • Agents
  • Brokers
  • Agency principals
  • Line of business managers and executives
  • Risk managers
  • Underwriters
  • Municipal managers and executives
  • Public entity risk managers
  • School board executives
  • Chief risk officers
  • Executives concerned with risk
  • Risk management consultants
  • Commercial lines underwriting professionals
  • Client executives in brokerage firms

The above list is not exhaustive by any means.  However, one can see the ARM is going to cover any job type that interfaces with risk.  There are two more levels of specialization that did not exist when I received my ARM.   

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ARM-P is for public entities.  The ARM-ERM is for enterprise risk management.  

ARM 54
Risk Management Principles and Practices
 
ARM 55
Risk Assessment and Treatment
 
 ARM 56
Risk Financing
 
RMPE 352
Risk Management for Public Entities
 
ERM 57
Enterprise Risk Management
 
As with The AIC designation, the first course seemed the most difficult as it covered so much ground.   These are not courses like the AIC where one can go through the courses more quickly.    You can check out educational aids that could cut your study time in half.   I used them exclusively to get through the ARM.  They were invaluable. 
 
Bottom Line – If you wish to pursue a career in Risk, then I would recommend trying the first course ARM 54 to see what concepts will be covered in the next two courses.  The ARM would be recommended if you are considering an area that is associated with claims which involves risk such as a general Risk Manager.    
 
Attaining the ARM designation would keep one very flexible and ahead of the pack when looking to advance in the claims profession.
 
Workers Comp is covered on a limited basis in the Associate in Risk Management courses. 
 
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2 Responses

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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