Frequently Asked Questions
Question and Answers
1. What is BSMR?
- Risk Management Certification Body (BSMR) is an independent institution involves in profession certification and is registered at the national body of profession certification (BNSP).
2. Who set up BSMR?
- BSMR was set up by International Risk Professional Association (IRPA) and Federation Indonesian of Association Banking (FIAB). It was officially inaugurated on August 8, 2005.
3. What are BSMR’s duties and responsibilities?
- BSMR’s main task is to hold certification exam for managers and bank’s officials.
- Authority received from Bank Indonesia includes holding certification exam, issuing risk management certificate, also in charge to cancel or revoke certificate if it is approved that the certificate holders are committed crimes or violating the law.
4. Relationship between BSMR and Bank Indonesia
- Bank Indonesia takes the role as regulator and supervisor that is in charge to supervise BSMR whether or not it has implemented regulation as it has been laid down by Bank Indonesia and whether or not it has imposed rules in accordance with Bank Indonesia’s decree number:7/25/PBI/2005. While BSMR is an independent body involves in profession certification.
5. Relationship between BSMR with Global Association of Risk Professional (GARP)
- GARP sits at certification committee with main task to control quality and standard of certification program
- GARP prepares materials and certification syllabus
- GARP designs materials for exam
- GARP authorized certificate issued by BSMR so that the risk management certificate issued by BSMR is equally valid with risk management certificate issued by GARP
- Using GARP logo in any occasions organized by BSMR
- Other technical assistances
6. Registration fee’s breakdown
7. what if we compare exam fee charged by BSMR to other similar institution?
- BSMR charges risk management certification’s exam at Rp3,500,000,- / per person with breakdown as it follows:
BSMR as an official institution to organize risk management certification is obliged referring the activities to the international best practices; in this case BSMR and Bank Indonesia have agreed upon selecting Global Association of Risk Professional (GARP), one of international leading associations in risk management profession, as partner in organizing risk management certification program in Indonesia. As consequence, each participant is charged by USD250.
Apart from it, BSMR also have other operational costs in preparing the exam which is regularly held in every two months. The expenses’ s breakdown is as follows:
» multiply syllabus
» multiply exam’s materials and answering sheets
» Holding exam simultaneously in several big cities
» Sistem Informasi dan tehnologi
» System Information and Technology
» Delivering documents
» Expenses for staffs
» Examination cost which relatively high or 6 times a year
» Unpredictable Foreign exchange rate USD against Rp (fluctuating)
» Other operational costs
- As for additional information, GARP charges examination fee for Financial Risk Manager (FRM) between USD500 to USD900 per person. While PRMIA charges USD395 to USD600 per person for examination.
- As for additional information, fee for USP (Appraiser Certification’s Exam) which is organized by MAPPI (Indonesian Appraiser Society) with qualification as property appraisers and management appraiser is Rp 3,000,000 per person.
8. Infrastructures that support BSMR
- BSMR will recommend TP that has passed the exam and has attended Training on Trainers organized by BSMR to hold a training for people who plan to take certification exam
- Up to today, BSMR has recommended 49 TPs which consist of 10 from banks and 30 non banks