Quest Magazine - Home

Independent resettlement & recruitment guide for serving Armed Forces & Veterans

Risk management needs you!

Risk management needs you!


15 Oct, 2020

Is a career in risk in your sights? ELCAS funding for the Institute of Operational Risk (IOR) Certificate in Operational Risk Management is now available for Service personnel …

The IOR (part of the Institute of Risk Management group) has been granted Approved Learning Provider status for the Enhanced Learning Credits (ELC) scheme by ELCAS. The MoD’s ELC scheme promotes lifelong learning among members of the Armed Forces. It provides financial support in each of a maximum of three separate financial years for higher-level learning of a nationally recognised qualification at level 3 or above. 

The Institute of Operational Risk Certificate in Operational Risk Management (CORM) is an externally accredited RQF level 4/EQF level 5 course, and is a self-study workbook supplemented with workplace reflection and learning activities, providing candidates with a foundation in operational risk management.

This exciting development builds on the Institute of Risk Management (of which the IOR is a part) signing the Armed Forces Covenant, pledging our support for the military community.

Simon King CMIRM, chief risk officer, UK Ministry of Defence (including strategic headquarters for the Armed Forces), is a senior member of the IRM and comments: ‘There are some 200,000 people in the Armed Forces and many of them are making risk management decisions every day. This access to funding and education will be invaluable to Service personnel, and help them to forge a new career path once they leave service. A career in risk management gives you unique access to the top of, and across the breadth of, an organisation. You have a huge responsibility to use that access and voice your opinions carefully. Professional qualifications will enhance employability, increase earning potential and ensure those who access the funding for the CORM are current and competent.’

Iain Wright CFIRM, chair of the IRM, adds: ‘In these turbulent times there’s never been a greater need for current and competent risk managers in all businesses, in any sector globally to master the principles of risk management. Competent risk managers will be at the heart of the economic recovery post COVID-19. Many of the skills learned by Service personnel naturally cross over into the world of risk management; we Are keen to ensure these skills are recognised, and that we can help support lifelong learning and career transition where possible. It is vitally important that the Armed Forces and businesses are mutually engaged and the IOR/IRM will be at the forefront of this. We provide accessible and relevant training and qualifications that will help Service personnel make the transition to the business world.’

The benefits of studying for the CORM

  • Learn operational risk concepts
  • Demonstrate commitment and professional knowledge
  • Develop a common understanding
  • Independent certification
  • Career transition and increase in earning potential

Full details can be found here (click on ‘Search for provider or course’ and then search for IOR). IOR’s ELCAS Approved Training Provider number is 10925.

To find out more about careers in risk management, read our full-length feature.

Simon King: ‘There are some 200,000 people in the Armed Forces and many of them are making risk management decisions every day’

Iain Wright: ‘Many of the skills learned by Service personnel naturally cross over into the world of risk management’

About the Institute of Operational Risk (IOR)

The mission of the IOR is to promote the development and discipline of operational risk, and to foster and maintain investigations and research into the best means and methods of developing and applying the discipline, as well as to encourage, increase, disseminate and promote knowledge, education and training and the exchange of information and ideas.

As part of the Institute of Risk Management (see below), the IOR provides an Operational Risk Advisory Committee to provide guidance on all matters relating to operational risk.

About the Institute of Risk Management (IRM)

The IRM is the leading international professional body for risk management. We are an independent, not-for-profit organisation that champions excellence in managing risk to improve organisational performance. We do this by providing internationally recognised qualifications and training, publishing research and guidance, and raising professional standards across the world. Our 8,500 members work in all industries, in all risk disciplines, and across the public, private and not-for-profit sectors in more than 100 countries.

ELCAS eligibility

Before being eligible to make an ELC claim, individual scheme members must have completed not less than six years’ eligible service (lower tier). If you completed four years’ qualifying service prior to 1 April 2017, please read JSP 822. The lower tier of funding is up to £1,000 per claim instalment, while the higher tier (eight years’ service) is up to £2,000 per claim instalment. Only service accumulated since 1 April 2000, may be counted as eligible service for the purpose of the ELC scheme. 

You are entitled to make three ELC claims in total. You can make only one claim per financial year (1 April–31 March), however if you have served between six and eight years you are eligible to aggregate all three lower-tier claims together. As the expiration date of your claims is dependent upon many factors, please read JSP 822 or refer to the in-depth features elsewhere on this website. If you are claiming in the last year of your scheme eligibility, you must commence study before your scheme expiry date.

If you are in your qualifying resettlement phase you may be eligible to claim under the Joint Funding Initiative (PF FE/HE scheme). For the full details and to check the eligibility rules, please view the Serving Personnel/Claiming Publicly Funded FE/HE page.

For full details of how to claim and eligibility, click here.