The Professional Risk Managers’ International Association (PRMIA) and The Risk Management Initiative in Microfinance (RIM) today announce their merger to meet the growing needs of the risk management community and elevate their mission to set standards and serve the risk management profession.
Once complete, the merger will allow PRMIA and RIM to increase the reach of their Institution Assessment Trainings, expand the RIM membership base, and create a certificate program for the microfinance industry. Combined, RIM and PRMIA will increase responsiveness to industry needs and trends in support of its mission. Both bodies gain access to a larger, more inclusive conversation about comprehensive and newly-emerging risks facing our industries and the setting of industry-wide standards.
“PRMIA and RIM align well given our similar grass roots beginnings and missions to promote the global adoption and implementation of appropriate risk management standards,” said Justin McCarthy, PRMIA Board Chair. He added, “Together we offer even more opportunities for industry professionals to come together to advance the profession.”
“Greater collaboration and networking help us to serve a wider risk community with the addition of financial inclusion and impact investing risk managers,” said Kraig Conrad, PRMIA CEO.
“Joining forces with PRMIA provides RIM with the operational platform and expertise to fully scale our global outreach while providing shared connection and learning opportunities between risk management professionals in the banking and microfinance communities,” said Massimo Vita, RIM Steering Committee Chairperson.
“Being anchored within PRMIA will provide our membership with the opportunity to thrive and collaborate amongst a larger, dedicated community of risk management practitioners, not only strengthening their ability to anticipate and manage risks, but also leveraging our ability as an initiative to anticipate and develop much-needed, industry-wide solutions,” said Kevin Fryatt, RIM Director.
Dedicated to defining and implementing the best practices of risk management in a broad range of industries and guided by the needs and voices of industry experts and practitioners, PRMIA provides an open forum for the development and promotion of the risk profession. With chapters around the world, PRMIA is a non-profit, member-led network dedicated to defining and implementing the best practices of risk management in a broad range of industries.
RIM is a collaborative, market strengthening initiative that brings microfinance sector professionals together to promote and support the implementation of stronger, more appropriate risk management in the microfinance sector. RIM has developed the Graduation Model, a framework for institutions within the microfinance sector to easily improve and strategically develop their internal risk management systems. Designed to identify gaps between current systems and industry standards, the Model ultimately provides guidelines—policies, limits, and tools—that provide quality and direction to future framework development.