Who is a Certified Risk Manager?

VarSigma recognizes an individual’s expertise in building a risk management framework for organizational operations and projects. The workshop provides participants with techniques and tools that will help them to address any associated risks they are likely to encounter while managing any project and running business as usual. We attribute the certification to professionals who have the unique expertise and competency in assessing, identifying and controlling risks.

Risk Manager workshop is designed to deliver a deep, practical understanding of operational risk management frameworks and measurement methodologies. It is a solution to operations management’s increasing growth, complexity and diversity.

This practical workshop explores the best practice in operational risk management, at all stages: from assessment to implementation. You will gain tools to manage risk and to create environment where this function is perceived as a value added proposition increasing profitability and structural strength of an organisation.

Course Overview Course Content Pedagogy FAQs Brochure

VarSigma is approved as a training provider by Exemplar Global (previously RABQSA), a member of the ASQ family. Global recognition for our Lean Six Sigma Certification

Course Overview

Training Duration
  • Pre- Requisite – Participants must be Certified Lean Six Sigma Green Belt/ Black Belt.
  • Participants will attend 36 hours of facilitator led classroom training
Training Package
  • Hard copy of Operational Risk Management Book
    of Knowledge
  • Analysis data files, sample case studies and
    practice projects
  • Preparatory module
  • Analysis data files and templates
  • Completed case studies
  • VarSigma Certified Risk Manager Exam Fee
  • Refreshment and lunch on training days

For comprehensive workshop and certification
information, Please email us at

  • Dr. Shantanu Kumar is an accomplished author,
    educator and visionary. He has been a
    prominent business strategy consultant for
    Fortune 500 organisations.
  • He has trained over 10000 professionals in US, UK,
    Singapore, Malaysia, India, Saudi Arabia
  • Please connect with him—
Certification Exam
  • Each certification candidate is required to pass a
    written examination that consists of multiple choice
    questions measuring comprehension of the Body of
    Knowledge. The Certified Risk Manager
    certification examination is a 2-hour,
    80 multiple-choice question examination.
    It is only offered in English.

Course Content

Risk Management Overview
  • Definition of risks
  • Risk Breakdown structure (RBS)
    & Risk Categories
  • Risk Management Processes
    • Plan Risk Management
    • Perform Qualitative &
      Quantitative Risk Analysis
    • Plan Risk Responses
    • Monitor and Control Risks
    Plan Risk Management
    • Creating a Risk Management
      Plan (RMP)
    • Analyzing contents of a model
      RMP & applying a standard
      template to create your RMP
    Identify Risks Process
    • Identifying project and
      operational risk
    • Creating mind map to analyze
      cause and effect relationship
    • Developing a Risk Register
    • Analyzing contents of a model
      Risk Register
    • Applying a proven template to
      create your Risk Register
Perform Qualitative Risk
Analysis Process
  • Analyzing risks through
    qualitative measures
  • Performing probability and
    impact analyses of identified
  • Fault Tree Analysis
  • Failure Modes and Effect Analysis
  • Advanced applications of
    qualitative analysis
  • Prioritizing analysis results
Perform Quantitative Risk
Analysis Process
  • Quantifying effects of risk
    events on the project
  • Determining probability of
    achieving cost and time
  • Identifying trends in quantitative
  • Risk Priority Number
  • Expected Monetary Value
  • Three-point estimates
  • Probability distributions
  • Delphi Technique
  • Monte Carlo Simulation
Plan Risk Responses
  • Implementing risk response
  • Threats: Accept, Avoid, Transfer
    and Mitigate
  • Opportunities: Exploit, Share,
  • Quantifying residual risks and
    secondary responses
  • Creating contingency plans
  • Determining the worst case
  • Recalculating confidence levels
  • Finalizing risk budget
Monitor And Control Risks
  • Identifying emerging risks
  • Matching identified risk with
    controls including Risk Audit,
    Variance Reports, Reserve
  • Anticipating risk events through
    risk triggers
  • Measuring risk using earned
    value analysis (EVA)
  • Ensuring effective change control
  • Developing a reliable change
    request process



  • Why VarSigma?

    This workshop will be facilitated by Dr. Shantanu Kumar. We do not use services of freelance consultants as it affects the quality and consistency of the training workshop. We believe in conducting fewer but effective workshops with lasting impact. Dr. Shantanu Kumar has trained over 10,000 participants on Lean Six Sigma , Risk Management and Data Analytics.

  • What is Operational Risk Management?

    An operational risk is defined as “the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events”. Poor operational risk management can hurt an organization’s reputation and cause financial damage. How much loss an organization is prepared to accept, combined with the cost of correcting those errors, determines the organization’s risk appetite. Operational risk can play a key role in developing overarching risk management programs that include business continuity and disaster recovery planning, and information security and compliance measures.

  • Who can benefit from Certified Risk Manager Workshop?
    • Senior Management
    • Heads of Risk, Operations, IT
    • Operation Managers, Risk management professionals
    • Engineers and MBA
  • What’s included in the training fee?

    36 hours classroom training, Hard copy of Certified Risk Manager Book of Knowledge, Preparatory module, Analysis data files and templates, case studies, and e-books on related content, VarSigma Certified Risk Manager Exam Fee, Refreshment and lunch on training days.

  • Will I be trained on Minitab and Crystal Ball?

    Yes, all statistical exercises will be carried out on Minitab and Crystal Ball. Participants usually spend 8-12 hours on Minitab and Crystal Ball related exercises during the workshop. We will provide the trial version of the software on the first day of the workshop.

  • Is the examination fee included?

    Yes, the VarSigma examination fee is included. If you are unable to pass the certification examination in the first attempt, you can take the exam again. The first re-examination attempt is free.

  • What will be included in the certification kit?

    The certificate kit includes
    1. Certificate of Successful Completion
    2. Letter from VarSigma CEO stating the curriculum that was covered, examination process and certification procedure.
    3. Reference check form that you can share with your employer

  • How can I enroll for the workshop?

    Please email us at info@varsigma.com and we will guide you through the enrolment process.