For those who have an equivalent designation:

Candidates from this group must meet all of the following conditions:

1. Submit a copy of one of the following Certificates:

• Financial Risk Manager (FRM®) - Certified by the Global Association of Risk Professionals (GARP); or

• Professional Risk Manager (PRM®) - Certified by the Professional Risk Managers' International Association (PRMIA).

                                                                                             and 

2. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and

 

​3. Submit a full IAVFA Membership Application (PDF); and

 

4. Submit a full ORA Designation Application (PDF); and

 

5. Submit three personal/business Reference Letter Forms (PDF)

 

For those who have a substantial experience:

Candidates from this group must meet all of the following conditions:

1. Be able to demonstrate with business references or attestations from current or previous employers and/or partners “substantial experience” in the field of operational risk, liquidity risk, and model risk as well as integrated risks mapping, modeling, measurement and management. For this purpose, substantial could mean:

• Submit a letter from an employer which confirms that the candidate worked for at least two years in the field of operational risk, liquidity risk, and model risk as well as integrated risks mapping, modeling, measurement and management, subject to the approval of IAVFA's Operational Risk Actuary (ORA) Committee; or

• Submit 10 economic analyses in the field of operational risk, liquidity risk, and model risk as well as integrated risks mapping, modeling, measurement and management, where the applicant’s role was significant enough to be referenced in those economic analyses or a signatory on the economic analyses; or

• Submit a book on operational risk, liquidity risk, and model risk as well as integrated risks mapping, modeling, measurement and management, where the applicant is the book's author.

                                                                                             and 

2. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and

 

​3. Submit a full IAVFA Membership Application (PDF); and

 

4. Submit a full ORA Designation Application (PDF); and

 

5. Submit three personal/business Reference Letter Forms (PDF); and

 

6. Successfully complete the fifth module (i.e., specialization module) of IAVFA's Operational Risk Actuary (ORA) certification program, which includes 42 hours. Successful completion of the fifth module means successful completion of the module exam and submission of an Operational Risk Actuary (ORA) report*.

 

For those who hold a Ph.D. in Finance/Economics or a DBA:

Candidates from this group must meet all of the following conditions:

1. Submit a copy of a Ph.D. in Finance/Economics or a Doctor of Business Administration (DBA) from an accredited institution of higher education

 

2. Submit 2 published papers on the subject of operational risk, liquidity risk, and model risk as well as integrated risks mapping, modeling, measurement and management, which were published in a refereed and an academic accredited journal, where the applicant is the papers' writer. 

 

​3. Submit a full IAVFA Membership Application (PDF); and

 

4. Submit a full ORA Designation Application (PDF); and

 

5. Submit three personal/business Reference Letter Forms (PDF); and

 

6. Successfully complete an interview with IAVFA's Operational Risk Actuary (ORA) Committee, where the applicant must be able to demonstrate substantial knowledge of theory, methodologies, and practices in the field of operational risk, liquidity risk, and model risk as well as integrated risks mapping, modeling, measurement and management.

 

For Everyone else:

Candidates from this group must meet all of the following conditions:

1. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and

 

​2. Submit a full IAVFA Membership Application (PDF); and

 

3. Submit a full ORA Designation Application (PDF); and

 

4. Submit three personal/business Reference Letter Forms (PDF); and

 

5. Successfully complete the Operational Risk Actuary (ORA) Certification Program, which includes 240 academic hours divided into 5 modules (courses), 48 academic hours each and receiving a passing score on the submission of an Operational Risk Actuary (ORA) report*.

 

*Operational  Risk Actuary (ORA) report

An Operational Risk Actuary (ORA) report may be used for regulatory purposes (in accordance with Galai 2, Basel II/III for Banks, Solvency II for insurance companies, Supervision Model for Israeli exchange traded notes companies, and Trading Platform for Israeli Forex companies) or for minimizing financial loss purposes.

 

Following are several examples for an Operational Risk Actuary (ORA) report:

• Development, implementation and validation of operational risk VaR (LDA) for Basel II/III or Solvency II compliance;

• Development, implementation and validation of liquidity adjusted VaR (endogenous spread, exogenous spread, or constant spread) for Basel II/III or Solvency II compliance.

 

IAVFA Membership Application (PDF)

 

ORA Designation Application (PDF)

 

Reference Letter Forms (PDF)

 

Proper Usage of the ORA Designation

 

ORA Certification Program