RIMS-CRMP Stories

Karthick Dalawai spent years in financial risk management before transitioning to ERM. He discussed how the RIMS-CRMP has enhanced his role as Chief Risk Officer for Penn Mutual.

RIMS: You became ERM Director at Penn Mutual in January 2019 and received your RIMS-CRMP in July of that year. Did you already have your eye on the certification when you received your promotion? What led you to pursue the RIMS-CRMP from the outset?

Dalawai: I graduated from Columbia University’s graduate ERM program in Fall 2017 and wanted to add a professional certification right after. While most of the professional certification’s were focusing on specific risk verticals my requirement was to get a holistic, strategic ERM certification to align with my professional work. I joined Penn Mutual right after graduating in October 2017 and in early 2019 I came across RIMS as a professional organization and thereafter discovered the RIMS-CRMP. The course structure aligned with my criteria, and I was confident that it would aid the new responsibilities that came along with my promotion.

RIMS: When did you know or realize that the RIMS-CRMP was enhancing your work and your career?

Dalawai: As a Director of ERM, 2019 was the first time I started my engagements with both the board of trustees at Penn Mutual and external stakeholders such as rating agencies. While the work we do demonstrates the value add from the ERM function, the RIMS-CRMP credential provided the much-required recognition and qualification for such an expanded audience of my work.

RIMS: You held roles in financial risk management. How was finance reflected in the exam?

Dalawai: It was more from a business analysis and strategic point of view with specific emphasis on risk tolerance/appetite. A key competency for any ERM professional is the ability to comprehend financial statements and the exam tests those concepts well.

RIMS: How did your experiences at Penn and working in the industry prepare you for the exam?

Dalawai: The exam is designed from a practitioner point of view with the right quantum of academic rigor. Having practiced ERM for more than a decade and learning from professional practice coupled with my recent academic qualification made the exam straightforward. Having a sound clarity on the core purpose of ERM, success factors for a good ERM program and mastery over business management concepts are good prerequisites for success on this exam.

RIMS: You are now a Chief Risk Officer. Why should CROs pursue the RIMS-CRMP?

Dalawai: The certification is industry agnostic and focuses on core tenets of a good ERM program. ERM as a practice should be holistic, strategic and enable prudent decision-making; these are primary responsibilities of a CRO. The RIMS-CRMP tests these and aids risk leaders in level setting and broadening their understanding of ERM as well as aids in implementing these.

RIMS: You spent nearly 10 years in Dubai, United Arab Emirates in various risk or risk-adjacent roles. Why should risk professionals in UAE and neighboring regions would benefit from earning their RIMS-CRMP?

Dalawai: ERM as a profession is rapidly progressing in the Middle East and other regions such as South Asia. The U.S. has been a front runner in initiating and maturing ERM practices both regulatorily and adoption by various industries. Professionals from other regions can learn from such experiences and benefit by undertaking professional certifications such as RIMS-CRMP that were built by pioneer practitioners and updated to reflect the best-in-class ERM practice.

RIMS: How did you study or prepare ahead of the exam?

Dalawai: Having practiced ERM for more than a decade and recently graduated from a graduate ERM program provided an advanced starting point for my preparation. I reviewed online educational content (whitepapers, articles, etc.) provided by RIMS and other sources suggested by RIMS.

RIMS: What tips do you have for anyone studying for the exam now?

Black: Having a thorough fundamental understanding of ERM is key. I suggest online tools and e-books compared to physical books as they provide similar content but in a flexible manner that works better for working professionals. Engaging in local RIMS chapters study groups will be useful to discuss and learn from other perspectives.

There are preparatory programs offered ahead of RISKWORLD 2025 in Chicago for the RIMS-CRMP exam which should familiarize exam takers both on the content and the structure of the exam.

Hear about Karthick’s perspective on risk quantification on RIMScast.

See the full RIMS-CRMP Exam Prep calendar.

Interview by Justin Smulison, RIMS Business Content Manager