Managing Operational Risk in Financial Institutions 

The new Level 4 Certificate in Managing Operational Risk in Financial Institutions is a higher-level pathway for risk professionals who may have achieved Operational Risk as part of the Investment Operations Certificate (IOC) or for practitioners who are looking to increase their knowledge in the discipline. 

The Certificate will equip candidates with the knowledge and practical techniques to be able to investigate an operational risk incident, manage operational risk in the long term, model appropriate behaviours to support operational risk management in the workplace, and effectively recommend and contribute to measures to enhance the operational risk culture and operational risk management in the workplace.

Key Features of Managing Operational Risk in Financial Institutions
  • Investigates the regulatory environment in greater detail and offers a broad focus on different business models
  • Examinable by Computer Based Testing (CBT), offering the flexibility to take the exam at a time and on a date that suits you
  • Offers a pathway to further higher-level CISI operational risk qualifications, including the Level 6 Diploma in Investment Operations
  • Free CISI Student membership and access to the Institute’s extensive range of benefits for one year
  • Successful completion of the Certificate leads to CISI Associate membership and ACSI designatory letters

Qualification Structure 

The certificate is achieved by passing a multiple-choice exam.

Syllabus Summary:
  • Fundamentals of business models and associated business risks in financial institutions
  • Fundamentals of financial risk in financial institutions
  • Operational risk in financial institutions
  • Organisational considerations in operational risk management
  • Management of operational risk in financial institutions
  • Application of the risk management process
  • Operational risk incidents: an investigation
  • Regulation of operational risk
  • Supporting operational risk management in the workplace

Study Options

140 hours of study time is recommended.

Self-study using the CISI's learning manual and elearning product

Please note: the CISI's mandatory learning manual policy requires, where available, the most recent CISI learning manual to be purchased when booking an exam, including by an accredited training provider (ATP) on your behalf. This applies to all candidates sitting CISI exams in the UK (including Northern Ireland, Guernsey, Jersey and the Isle of Man). Candidates sitting CISI exams outside the UK will receive the most recent workbook in PDF format for that subject and this is included in the international exam price.

Register and Book

Register with the CISI
New candidates intending to take CISI qualifications need to first register with the CISI. Upon registering, you will receive a candidate number, password and access to the CISI's online systems.

Book your exams
Candidates can book:

Register for your qualification
After booking your exams you need to register for your qualification. Please be sure you have read and understood the exam regulations and policies.

Exam Prices

Post Qualification Opportunities

After completing the Managing Operational Risk in Financial Institutions you can join the Institute as an Associate member and attain the designatory letters, ACSI. As a member of the Institute, you will enjoy the recognition of being a professional in a world of increasing competition. The extensive continuing professional development (CPD) opportunities available through the CISI’s suite of membership benefits ensures financial services practitioners can maintain competence and meet the requirements of firms and the regulator.

Higher Level Qualifications
To further theoretical and practical knowledge upon completion of Managing Operational Risk in Financial Institutions, higher level qualifications to take include:

UK qualifications levels 3 4
Investment Operations Certificate (IOC) Managing Operational Risk in Financial Institutions
  Diploma in Operational Risk *
EU qualifications levels 4 5
Advanced Certificate in Operational Risk
Advanced Certificate in Global Securities Operations
Diploma in Investment Operations

* Diploma in Operational Risk

Diploma in Operational Risk = Operational Risk (IOC) + Managing Operational Risk in Financial Institutions + Advanced Operational Risk

Please note, Advanced Operational Risk will be retired following the winter narrative exam session on 2 December 2015. Therefore, the Diploma in Operational Risk will only be available to candidates who pass Advanced Operational Risk in the June or December 2015 exam sessions.