Why have we establish an Association in Romania rather than just join another assocation based abroad? Why a Risk Officer should join the Risk Professionals Association and not just become a member of a foreign association?

The establishment of the Risk Professionals Association in Romania is an informed decision and choice! Compared to other alternative options of establishing an association, society, or chapter that only represents an association from abroad, this is the hardest and most laborious way, in order to achieve, however, a result that will really benefit the members, society, and the Economy.

On the other hand, let’s try to evaluate the situation as it is. In Europe, but mostly in the U.S.A., actions has already been taken in the direction of risk management, at first through the institutionial bodies of the capital market and financial institutions (market & financial risks), and subsequently, through the multinational presence of their groups of companies (operational risks). More recently, part of the suggestions made by humanitarian and social organizations have been adopted by governments, currently approaching risk categories such as Data protection, Cyber security, Sustainability, etc. It is therefore accepted that, the EU, the United Kingdom (which should be regarded as a separate country now!), and more so the U.S.A., have considerable experience in risk management.

This considerable experience is also reflected in associations that exist among executives, which were established and developed at the same time, mostly through the development of networking, by building training courses, hosting global conferences, and expanding their presence across borders, taking advantage of the Internet and technology. Thus, ‘global’ associations were established with strong brand names that are recognizable by the majority of market players. In many cases, the market set as a ‘requirement’ for executives to prove their professional knowledge and ability by holding their training qualifications.

Therefore, at first glance, it could be argued that the establishment of a local Association of risk management executives does not add any value to its members. In the end of the day, what are the benefits for the members of the Risk Professionals Association, compared to their choice to join a global association through a local chapter or even directly?

The Risk Professionals Association operates as a collective body of risk management executives, and this ‘small detail’ is the key difference from any other option. The objective of the Association is to promote the professional status of the Risk Officer, regardless of function and industry, and their representation to the market and the Government, in ways that would result in the establishment of an ‘institutional role’.

The Risk Professionals Association operates through competent Committees covering nearly 100% of the different activities of a Risk Officer, irrespective of function and industry, including critical areas, in addition to finance.
The Risk Professionals Association, through its Committees, encourages participation, collectivity, and initiative by executives, in a market where they should start expressing an opinion, shaping frameworks, and setting rules.
Foreign associations attach extremely high importance to training courses. Do we have the knowledge to run similar courses in Romania? Of course we do! The Risk Professionals Association paves the ground for partnerships with distinguished industry professionals and academic professors with global training activity that covers all the needs of a modern Risk Officer.

Can the Risk Professionals Association monitor effectively and follow global market trends in risk management? The Committees of the Association work as pillars of specialist knowledge and information, evaluating how new trends are implemented in our market, both in the short & the long run, and designing informational, educational/training & other activities for each case.

The Risk Professionals Association believes in the potential of the Romanian market and the distinguished Risk Officers, but also in the academic institutions / professors who invest in practice in keeping themselves constantly updated on international developments.

Of course, market trust is not built overnight, but we are committed that, with time, the Association will earn the role that it deserves on both a local and international level.