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Certified Expert in Risk Management

Risk is inherent in the delivery of financial services. It is therefore important for financial institutions to implement a systematic risk management approach.

The objective of this course is to deepen your understanding of modern risk analysis including credit, market, liquidity and operational risk and to implement this understanding in your institution. The course teaches global concepts applied to the special conditions of developing and emerging markets.

This course is also available in French.

We offer

  • An interactive e-learning course including video lectures, a PDF script for each unit, practical exercises and examples, ready to use excel tools, online tests and case studies.
  • A discussion forum for course related issues as well as for exchange of opinions and experiences with your classmates, tutors and our support faculty at the Sustainable World Academy e-Campus.
  • Personalized support from your e-Campus team.
  • The option to obtain a Frankfurt School certificate after passing the final exam or a confirmation of course completion after working through all of the course materials.

Tuition fees*


Regular Tuition Fee:  EUR 1,900

Early Bird Fee: EUR 1,600 (by July 15)

  • 10% group discount (for 2 or more participants working for the same instutiton)
  • 10% for FS Alumni
  • For additional package offering, please contact us.
Payment Options
  • Bank Transfer (bank fees to be covered by the participants)
  • Credit Card
  • PayPal

Payment in instalments is not possible.

*Subject to change

Target Audience

This course should be of interest to financial professionals in retail and small business banks, leasing firms, consumer credit companies and microfinance institutions.

Managers and analysts at wholesale lenders and investment vehicles with exposure to the retail finance and microfinance sectors will also get excellent value from this Certificate.

Many participants will currently be employed or interested in taking up a position as accountant, treasury manager, chief risk officer, risk analyst, credit manager, internal auditor or collections manager etc.

Workload & Prerequisites

The course takes 6 months assuming 6-9 hours of self-study per week. It consists of 10 units which build upon each other. You will take the units in sequence and will  need to pass an online multiple choice test before accessing the next unit.

The CERM course includes 3 mandatory assignments, which have to be submitted on a specific date.

You are not sure if you will manage to complete the course within 6 months? No worries! You can apply for a course extension (6 more months) for a small administrative fee.

In Risk Management, all roads lead to data. We try to keep the mathematics to a minimum, but a keen analytical perspective and some data management skills are required to succeed in the course. We use Excel and some common statistical plug-ins for all of the financial calculations, analytical models and data management exercises. There are many other powerful solutions for particular applications, but we settle for what everyone is familiar with and has already installed on their laptop. We don’t expect programming experience. But you should enjoy trying to figure something out on your own and be willing to learn a few new tricks using look-up formulas, pivot tables, If-statements, regression analysis and the like. The good news is that all these functionalities are exceptionally well-documented, beaten paths in data science. You will have no trouble finding a you-tube video for everything.


Course Start Course End Registration Early Bird
Sept. 1 Feb. 29 Jun. 1 - Sept. 1 by Jul. 15
Mar. 1 Aug. 31 Dec. 1 - Mar. 1 by Jan. 15


Registrations for the September intake will open on 1st June. Get notified by registering for our newsletter.

Course Details*

Frankfurt School's Certified Expert in Risk Management is a comprehensive qualification for financial sector professionals with a special emphasis on the particular requirements of emerging and developing markets. It gives you the tools to measure risks and devise appropriate risk-taking and mitigation strategies that give your institution the competitive edge in delivering inclusive financial services in a rapidly evolving environment.

*subject to change

Unit 1

General Introduction into Risk Management

Unit 2

Governance of Risk in Financial Institutions

Unit 3

Risk Landscape and Taxonomy

Unit 4

Risk-by-Risk: Identification - Measurement - Management

Unit 4.1

Credit Risk Management

Unit 4.2

Operational Risk Management

Unit 4.3

Interest Rate Risk Management

Unit 4.4

Foreign Exchange Rate Risk Management

Unit 4.5

Wrap up, Systems and Outlook

Unit 4.6

Risk Management Policy Framework

Unit 5

Wrap up, Systems and Outlook

Training Approach

The flexibility of our courses offers you the opportunity to follow your own schedule and to combine daily work with professional development.

The high quality offered will immediately improve your daily job performance as well as the performance of your institution.

Training Material

Video Lectures

  • Introvideos: After viewing the lectures, participants will have a basic understanding of each topic and will be able to classify importance and relevance of different techniques and aspects in a broader context.
  • Web-based Presentations: Web based presentation complement the scripts and give additional input on important topics.

Online Tests

Each unit ends with an online test comprising a set of 10 - 15 multiple choice questions. Only after having successfully completed an online test you will gain access to the next unit.

Reading Material

A PDF script is for most of our courses the main studying material. This reading material provides basic concepts and principles applicable to the subject of each unit.


The key to successful learning is the immediate use of newly acquired knowledge and the transfer of theory into practice. Our online courses are therefore supplemented by mandatory assignments.

Discussion Forum

A course discussion forum enables the interaction between participants and trainers and facilitates the exchange of experiences as well as possibilities to ask questions or get clarifications.

Suggestions and Recommendations

This course gives you the flexibility to decide on the timing and pace of your learning experience. However, we will provide you with recommendations on how you can get as much value as possible from this course.

Your schedule: We will provide you with a course schedule including voluntary and mandatory deadlines. The course schedule serves as a guideline for your personal learning journey and will help you complete the programme within the available timeframe.

Exercises: Even though the exercises in the script are not mandatory we strongly advise that you use them as an opportunity to check your knowledge and to prepare for the final exam.

Networking Opportunities: Use the forum to introduce yourself to your peer participants and to start interesting discussions.

Final Exam

Passing a final examination is a requirement for obtaining your certificate.

  • Location: The final exam takes place online
  • Duration: The final exam takes 2 hours.
  • Costs: An additional final exam fee will be charged for the second and third final exam attempt

If you do not wish to take the final exam, you will receive a confirmation of course participation after completing the course.

Course Lecturer: Dr. Joachim Bald

Dr Joachim Bald

Joachim is Frankfurt School’s most senior international advisor and a recognized expert in Treasury and Risk Management for banking and microfinance. He serves as lead consultant and trainer at the Frankfurt School Competence Center in Risk Management and regularly manages complex implementation assignments in Eastern Europe, Asia and Africa. More...

Course contributes to UN SDGs

All our courses contribute to the following SDGs


This course will enhance your knowledge in the following SDGs. The SWA offers professional and executive courses dedicated to the advancement of the UN Sustainable Development Goals (SDGs).


Beyond your Certificate

Master of Leadership in Sustainable Finance

The Certified Expert in Risk Management is an Elective Module of the  Master of Leadership in Sustainable Finance. Join our Master programme after completing the CERM course and waive one elective module. Also, the amount you paid for the course will be deducted from the final tuition fee of the Master programme.

Frankfurt School Summer Academy

Expand your skills and knowledge in risk management with the Frankfurt School Summer Academy. This one-week, on-campus programme allows participants to choose from a selection of specialised technical tracks. 

Read more about our Risk Management & Analytics for Inclusive Financial Services here.

Diploma in Financial Inclusion

The Certified Expert in Risk Management is part of the curriculum of our Diploma in Financial Inclusion. Enroll to our Diploma  after completing the CERM course and waive one module. Also, the amount you paid for the course will be deducted from the final tuition fee of the Diploma.

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