Risk Competency Assessment Tool

IRMSA Risk Competency Assessment Tool (R-CAT)

Congratulations on choosing to embark on a journey of lifelong learning and professional development through the R-CAT.

Purpose

The IRMSA Risk Competency Assessment Tool is a tool that allows risk stakeholders to evaluate their skills and knowledge against industry standards. It serves to identify both strengths and areas for development, providing valuable insights that inform targeted learning, professional development, and growth initiatives.

The tool is divided into two competency development pathways, IRMSA Certification (Certified Risk Management Practitioner or Certified Risk Management Professional) and Personal & Career Development.

Risk Competency Categories explained

The IRMSA Risk Competency Model equips professionals to make informed decisions, show measurable growth, and strengthen organisational resilience and sustainability. Built on international standards and benchmarking, it provides a framework for continuous learning and skill relevance in an evolving risk landscape.

The IRMSA Risk Competency Model comprises 4 primary categories and 5 competencies per category:

Cognitive Competency:

A set of mental abilities and skills that help risk stakeholders acquire, process, and use knowledge effectively. These competencies cover thinking, problem-solving, and information processing, supporting learning, adaptation, and success in education, work, and daily life.

Functional Competency:

The specific skills, knowledge, and abilities that individuals or organisations possess and use to execute the risk management program effectively.

Business Enabler Competency:

The ability of individuals, teams, or organisations to effectively collaborate and integrate expertise and skills from various functional areas to identify, assess, mitigate, and capitalise on risks and opportunities.

Behaviour and Attitude Competency:

A set of skills enabling individuals and organisations to effectively handle social and interpersonal challenges or opportunities. These competencies are essential for managing the human and social factors that influence outcomes for people and groups.

The diagram below outlines the specific competencies associated with each risk competency category, providing a clear framework for evaluating proficiency across all key areas of risk management.

Risk Competency Proficiency (Skills, Knowledge & Ability) Levels explained

The table below outlines the various proficiency levels that serve as the foundation for the competency self-assessment.

PROFICIENCY LEVELS
Beginner
Intermediate
Advanced
Expert
Master
1
2
3
4
5
Beginners in risk management are just starting to recognize and address potential risks and opportunities.
Intermediate proficiency in risk management indicates a foundational understanding of risk and opportunity concepts.
Advanced practitioners in risk management have a comprehensive understanding of the subject.
Experts in risk management possess an exceptional level of knowledge and experience.
Masters in risk management are considered thought leaders and innovators in the field.
They may not have well-defined processes in place for risk and opportunity identification.
These individuals or organisations have established basic risk assessment and mitigation processes.
They employ proactive risk assessment techniques, including risk modeling and scenario analysis.
They have the ability to navigate highly complex and dynamic risk landscapes.
They not only manage risks and opportunities effectively but also shape industry best practices.
Their risk management efforts are often reactive rather than proactive, and they may miss critical risks or overlook opportunities.
They can identify and address common risks and opportunities but may struggle with more complex or industry-specific challenges.
They are adept at developing and implementing risk mitigation strategies and seizing opportunities to create value.
They excel at strategic risk management, including integrating risk and opportunity management into overall business strategy.
They are visionary in their approach, leveraging emerging technologies and unconventional strategies to gain a competitive edge.
Proficiency levels provide a structured approach to assess, benchmark, and develop risk management capabilities within an organisation. Integrating professional growth, lifelong learning, and benchmarking ensures that risk management skills evolve in line with industry standards and organisational needs. The proficiency levels are based on the national qualifications framework (NQF) levels, IRMSA membership types and Blooms taxonomy.

IRMSA R-CAT Process Steps

Please follow the below steps to complete the assessment:

Step 1: Select Type

Select the type of risk competency self-assessment, i.e. IRMSA Certification or Individual Growth

Step 2: Desired Competency Rating

Complete the DESIRED competency rating, i.e.

For Certified Risk Management Practitioner Select 3 – Advanced

For Certified Risk Management Professional Select 4 – Expert 

For Personal & Career Development Select 1 – Beginner or 2 – Intermediary or 3 – Advanced or 4 – Expert or 5 – Master 

Step 3: Self Assessment Competency Rating

Perform the Competency SELF ASSESSMENT by selecting

1 – Beginner or

2 – Intermediary or

3 – Advanced or

4 – Expert or

5 – Master

GET STARTED WITH YOUR RISK COMPETENCY SELF ASSESSMENT

Select the TYPE of Risk Competency Self-Assessment

IRMSA Certification

Individual Growth

Certified Risk Management Practitioner
Certified Risk Management Professional
Personal & Career Development
Get Started
Get Started
GET STARTED