What Does Associate in Risk Management (ARM) Mean?
Associate of Risk Management is a professional title that is awarded to a person after having passed the course requirements prepared by the Insurance Institute of America. The title enables someone to give professional advice to companies and individuals about assessment of risks concerning business ventures and properties.
Insuranceopedia Explains Associate in Risk Management (ARM)
Risk management is considered a science. That's why there are courses built around it. Getting conferred the title of Associate of Risk Management means you are a professional in that field and whose expertise must be sought after by people and companies.
Risk management involves deciding what to insure and what not to insure. This decision can be complicated. It is hard to determine the cost of a loss, especially where there is uncertainty involved, most often common in a business climate where an unexpected event can cause a seemingly stable company to plummet.
That's where the expertise of risk management professionals with an associate of risk management comes in. He or she has the training and the credentials to advice a person or a company whether to self-insure or whether to get covered by an insurance company.