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RISKMATHICSCERTIFICATE INSTITUTE

Family B · Risk leadership and governance · In development

Certified Insurance Risk & Strategy Professional (CIRSP™)

Lead an insurer's risk function without a decade of actuarial exams.

Program startTo be confirmed · preparation program in design
DurationTo be confirmed · the blueprint estimates 250 to 300 hours of preparation for Level I
FormatTo be confirmed
LanguageSpanish · the blueprint contemplates English and Portuguese versions of the exam (to be confirmed)
Program feeTo be confirmed · in design
Exam feeUSD 1,500 + VAT
First exam2029 · Level I
RequirementsTo be confirmed · the blueprint proposes a bachelor's degree plus two years in insurance, or four years of insurance experience without a degree, for Level I

Notice

Certification in development. It is not open to enrollment, carries no regulatory recognition and does not inherit the Institute's CNSF designation (Annex 8.4.2 of the CUSF), which belongs to the derivatives certification. Domains, weights, exam format and requirements come from the February 2026 blueprint and may be adjusted before the opening.

CIRSP

01 — ABSTRACT

Certified Insurance Risk & Strategy Professional (CIRSP™)

An insurer now reads its balance sheet under three regimes: IFRS 17 since 2023, the Solvency II reform that applies from January 2027 and, in Mexico, the Insurance and Surety Institutions Law (LISF), which since 2013 mirrors the three pillars of Solvency II under CNSF supervision. Most of the people who decide on that balance sheet — underwriting, claims, investments, risk, compliance, the board — are not actuaries. Their credential options are actuarial tracks of seven to ten years, or US and UK designations not offered in Spanish that ignore Latin American frameworks.

Certified Insurance Risk & Strategy Professional (CIRSP™) certifies the ability to lead risk and strategy across the full CNSF perimeter: life, property and casualty, health, sureties and pension insurers. The certified professional reads the economic balance sheet and the solvency ratio, the contractual service margin under IFRS 17, the ORSA, the reinsurance program and the investment regime, and does so under Solvency II, LISF and CUSF, NAIC and SUSEP. It complements actuarial designations; it neither replaces nor competes with them.

The certification is in development. The first sitting, for Level I, is planned for 2029; the preparation program by RiskMathics Financial Institute is in design, and the exam fee is USD 1,500 + VAT. It carries no regulatory recognition and does not inherit the Institute's designation under Annex 8.4.2 of the CUSF, which belongs to the derivatives certification. The RiskMathics Certificate Institute, founded in 2025 to separate certification from teaching, builds it as an independent third party. Those who wish to follow its opening may request information.

CIRSP

02 — INDUSTRY

What is happening in the industry

Latin America is the fastest-growing insurance region in the world: USD 215.1 billion in premiums in 2024 and an 11 % compound annual growth rate between 2019 and 2024; Mexico's premiums grew 84 % in ten years. Penetration remains at 3.2 % of GDP, against 7 to 12 % in advanced markets, and the protection gap stands at USD 151 billion. Growing at that pace without a professionalized second line is a solvency risk, not an opportunity.

Regimes are converging and being reformed at the same time. IFRS 17 introduced the contractual service margin, the risk adjustment and three measurement models; Brazil is adopting it. Directive 2025/2 reforms Solvency II from 30 January 2027: it lowers the risk-margin cost of capital from 6 % to 4.75 % and requires liquidity plans, a macroprudential ORSA and climate disclosure. The United Kingdom is diverging through Solvency UK. Three jurisdictions are three rulebooks, and the risk function has to read all of them.

New risks land on the same desk. Insured catastrophe losses exceeded USD 135 billion in 2024, the fifth consecutive year above 100 billion; insurance-linked securities reached USD 61.3 billion outstanding in 2025; cyber insurance reached USD 16.3 billion with only 17 % of SMEs covered, and 88 % of US auto insurers deploy or pilot artificial intelligence in claims and fraud detection. No existing credential examines these subjects, and the 838 insurers across 18 countries in the region have no rigorous credential in their own language.

USD 215.1 billionin Latin American premiums in 2024, growing at an 11 % compound annual rate between 2019 and 2024, the fastest of any major region (MAPFRE Economics, cited in the blueprint)
3.2 %insurance penetration in the region as a share of GDP, against 7 to 12 % in advanced markets: a protection gap of USD 151 billion in premium-equivalent terms
7 to 10 yearsto complete a full actuarial track (SOA, CAS, IFoA), with USD 15,000 to 25,000 in exam fees alone for the FSA; none is offered in Spanish

CIRSP

03 — WHY

Why this certification

Inside an insurer, most of the people who decide on risk are not actuaries: the blueprint estimates that more than 90 % of the industry is not. For them there is no credential path. Actuarial designations certify the calculation and take seven to ten years; the CPCU is entirely US-focused and does not cover Solvency II, IFRS 17 or Latin American frameworks; the CII is not offered in Spanish and has a negligible presence in the region; CONAC is a professional body, not an examination system. The gap is precise: a credential that measures strategic and regulatory command of the risk function, not the ability to compute the reserve.

Certified Insurance Risk & Strategy Professional (CIRSP™) demonstrates that the professional reads the economic balance sheet, the capital requirement and the minimum-capital corridor; interprets an IFRS 17 statement; governs underwriting, claims and the investment of reserves; runs the ORSA and stress tests, including catastrophe and climate scenarios; applies model governance to the adoption of InsurTech; and acts under standards of ethics and market conduct. It is certified by the RiskMathics Certificate Institute, an independent third party separated from teaching. It belongs to Family B of the catalog, alongside Certified Chief Risk Officer and Certified Chief Credit Officer: executive paths for those who answer for a risk function before the board and the regulator.

  • Covers the full CNSF perimeter — life, property and casualty, health, sureties and pension insurers writing annuities under LISF and CUSF — across the whole risk function, not only derivatives.
  • Integrates IFRS 17 and Solvency II with the Mexican regime and with the frameworks of the United States (NAIC and risk-based capital) and Brazil (SUSEP), through jurisdictional modules.
  • Built for the non-actuary who decides: underwriting, claims, investments, risk, compliance and the board. It certifies the ability to lead the function, not to compute the reserve.
  • Covers the disciplines no existing credential examines: catastrophe and climate risk, cyber insurance, insurance-linked securities, InsurTech and model governance.
  • An exam built by an independent third party with Bloom levels 1, 2 and 3, three equivalent forms and a cut score set by the modified Angoff method.
  • Shares the Institute's risk-appetite and governance vocabulary with the rest of Family B; Solvency II and the Mexican insurance regime have their reference exam here within the catalog.

CIRSP

04 — OUTCOMES

What it prepares for

  1. 01

    Read an insurer's economic balance sheet under Solvency II and under the LISF — eligible own funds, the capital requirement under the standard formula or an internal model, the minimum-capital corridor — and explain to the committee what moves the solvency ratio.

  2. 02

    Interpret a financial statement under IFRS 17 — general model, variable fee approach and premium allocation approach, contractual service margin and risk adjustment — and distinguish it from the treatment under US GAAP.

  3. 03

    Use with precision the actuarial concepts a non-actuary needs: pricing, technical reserves, loss and combined ratios, tables and basic modeling, and read an actuarial report without having to compute it.

  4. 04

    Design and monitor underwriting and claims controls: risk selection, underwriting authority, the claims process, subrogation and fraud detection.

  5. 05

    Structure an insurer's enterprise risk management: appetite and taxonomy, ORSA as a process, stress testing and the foundations of capital modeling, including catastrophe and climate risk.

  6. 06

    Govern the investment of reserves: asset-liability matching, strategic asset allocation, yield-curve management and fixed income within the applicable investment regime.

  7. 07

    Explain a reinsurance program and its role in the company's capital and volatility, and place it against the alternative capital available in the market.

  8. 08

    Apply model governance and the standards of ethics, anti-money-laundering and market conduct to the adoption of artificial intelligence, telematics, parametric, embedded and Open Insurance.

CIRSP

05 — INSTITUTIONS

The cut-off line

Today an insurer that hires or promotes in risk, underwriting, claims or investments has two signals: the actuarial degree and the track record. Neither measures the function. The degree certifies the calculation; the track record certifies time. An institution that requires this certification gains a third signal, verifiable and comparable across candidates: the person reads the Solvency II balance sheet, the ORSA and the IFRS 17 statement in a single session, and can explain them to the risk committee, the board and the supervisor.

For groups operating in several jurisdictions, the certification provides a shared vocabulary across CNSF, SUSEP, NAIC and EIOPA, and stops each country from training its own version of risk. For reinsurers and supervisors, it produces counterparts who speak the same technical language. It should be said plainly: the certification has no regulatory recognition and is not a license; it is a hiring and promotion standard that the institution chooses to adopt.

  • Screens underwriters, claims managers, risk and investment analysts and compliance officers against a single standard, without requiring the actuarial track.
  • Gives the board and the risk committee a counterpart who reads the Solvency II balance sheet, the ORSA and the IFRS 17 statement in one session.
  • Gives groups operating in several jurisdictions a common vocabulary across CNSF, SUSEP, NAIC and EIOPA.
  • It can be verified: the credential is earned through an exam administered by an independent third party, with the certification's own item bank and a cut score set by the modified Angoff method.

CIRSP

06 — PROFILE

Who it is for

Who it is for

  • Underwriters, claims managers and risk analysts at insurers, surety companies and pension insurers with two or more years in the industry.
  • Actuarial analysts seeking the business, regulatory and strategic context the actuarial track does not examine.
  • Reinsurance and insurance investment analysts, and InsurTech product managers.
  • Supervisors and staff of insurance regulators who need the same technical depth as the firms they oversee.

Who it is not for

  • Anyone who needs an actuarial designation to compute and sign reserves or opinions: that is what SOA, CAS, IFoA and CONAC registration are for.
  • Anyone who needs today the derivatives certification the CNSF requires of insurance staff: that is Derivatives Certification · Insurers (CNSF), active and designated under Annex 8.4.2 of the CUSF.
  • Anyone seeking certification in the Afore investment regime: that regime belongs to the Institute's CONSAR certifications, and this certification expressly excludes it.

CIRSP

07 — KNOWLEDGE

Body of knowledge

Nine Level I (Practitioner) domains, taken from the February 2026 blueprint; weights are indicative and may be adjusted before the opening. The blueprint contemplates a Level II (Executive) with eight further domains — advanced solvency and capital, advanced IFRS 17, catastrophe modeling and climate risk, reinsurance and insurance-linked securities, cyber risk, InsurTech strategy, multi-jurisdictional regulatory navigation, and leadership with a capstone — whose calendar is to be confirmed.

01Insurance fundamentals and markets12 %
  • Life, property and casualty, and health lines; sureties
  • Pension insurers and annuities under LISF and CUSF
  • Market structure and the insurance value chain
  • Distribution channels
  • Reinsurance: principles and functions
  • The Latin American and Mexican markets
02Actuarial concepts for non-actuaries10 %
  • Pricing and the components of the premium
  • Technical reserves and their logic
  • Loss ratio and combined ratio
  • Mortality and loss tables
  • Basic modeling
  • Reading an actuarial report
03Insurance accounting and financial reporting14 %
  • IFRS 17: general model, variable fee approach and premium allocation approach
  • Contractual service margin and risk adjustment
  • Discount rates
  • US GAAP for insurance and its differences
  • The Solvency II balance sheet
  • Transition from IFRS 4 to IFRS 17
04Regulatory frameworks16 %
  • Solvency II: three pillars, capital requirement, minimum capital and ORSA
  • LISF and CUSF: solvency capital requirement, general formula versus internal model, regulatory reporting
  • NAIC and risk-based capital; ORSA in the United States
  • SUSEP and CNSP in Brazil
  • The Insurance Distribution Directive and DORA in the European Union; Solvency UK
  • Jurisdictional modules: Latin America, United States, European Union and United Kingdom
05Underwriting and claims management12 %
  • Risk selection and underwriting appetite
  • Pricing and underwriting authority
  • The claims process and its governance
  • Subrogation
  • Fraud detection
  • Claims reserves and their control
06Insurance investment management10 %
  • Asset-liability matching
  • Investment of reserves
  • Strategic asset allocation
  • Yield-curve management
  • Fixed income
  • The investment regime under LISF and CUSF
07Enterprise risk management for insurers12 %
  • Risk appetite and taxonomy
  • ORSA as a process
  • Stress testing
  • Foundations of capital modeling
  • Catastrophe and climate risk
  • Three lines and risk governance
08InsurTech and digital insurance8 %
  • Artificial intelligence and machine learning in underwriting and claims
  • Model governance
  • Telematics
  • Parametric insurance
  • Embedded insurance
  • Open Insurance
09Ethics, compliance and professional standards6 %
  • Insurance ethics
  • Anti-money-laundering and know-your-customer
  • Market conduct
  • Professional responsibility

CIRSP

08 — TWO PRODUCTS

Preparation program · Certification exam

Preparation program

Preparation program

Program delivered by RiskMathics Financial Institute

The preparation program is designed and delivered by RiskMathics Financial Institute, the group's school since 2005. It is in design: its calendar, format and price will be published once the Institute approves them. It will cover the full syllabus of the certification exam — the nine Level I domains — and will include mock exams built with the same recipe as the exam. The program and the exam are two separate products with two fees: those who complete the program receive the program certificate; the Certified Insurance Risk & Strategy Professional (CIRSP™) credential is earned only by passing the RiskMathics Certificate Institute exam.

Executive program

Insurance Risk & Strategy Executive Program (name to be confirmed)

To be confirmed · the blueprint estimates 250 to 300 h of preparation for Level I

Covers the nine Level I domains with cases and mock exams; it is the format that covers the full exam syllabus. Calendar and price to be confirmed.

  • Coverage of the nine Level I domains, with the weight each will carry in the exam
  • Mock exams built with the exam recipe and with Bloom levels 1, 2 and 3
  • Cases from insurers, surety companies and pension insurers under LISF and CUSF, Solvency II, NAIC and SUSEP
  • Feedback by domain to guide the weeks before the exam

Program in design. The first exam sitting is planned for 2029; the program calendar will be published ahead of it, with enough lead time to cover the full syllabus.

Certification exam

Certification exam

It is built, audited and administered by the RiskMathics Certificate Institute as an independent third party. It may be taken with or without having completed the preparation program. The first sitting, for Level I, is planned for 2029. The blueprint sets psychometric standards for reliability, item discrimination and differential item functioning across languages; ISO/IEC 17024 accreditation is a blueprint target and is not presented as obtained.

Items120 per form · multiple choice
FormsThree equivalent forms; at least 61.7 % from the certification's own item bank and up to 38.3 % inherited from the Institute's common modules (Solvency II and the insurance regime, risk appetite and governance, model governance and AI, climate risk)
Durationto be confirmed; the blueprint proposes 4 hours
DeliveryOnline and proctored, in line with the Institute's standard; details to be confirmed
Passing scoreto be confirmed; the cut score is set by the modified Angoff method with a panel of industry practitioners
Languageto be confirmed; the blueprint contemplates Spanish, English and Portuguese
Level IIContemplated in the blueprint with case questions and a capstone project with oral defense; format and date to be confirmed
DatesFirst sitting in 2029; the calendar is published with enrollment

If the candidate does not pass

Attemptsto be confirmed
Wait between attemptsto be confirmed
Retake feeto be confirmed
Levels already passedto be confirmed

The Certification Board is defining the failure and retake policy: how many attempts each window allows, the minimum wait between them, the fee for sitting the exam again and what happens to levels already passed. It is published here as soon as it is approved; in the meantime, the figures may be requested at growth@riskmathics.com. Exam governance →

123

Items are written at levels 1, 2 and 3 of Bloom's taxonomy: remember, understand and apply. Each form follows a fixed recipe by domain and by level, so that two candidates face the same demand; the mix by domain is published with the final blueprint. Bloom's Taxonomy →

CIRSP

09 — MOCK EXAMS

Mock exams

Mock exams reproduce the exam recipe: the same distribution by domain and by Bloom level, the same length and the same item type. They are not a review; they are a rehearsal under real conditions.

They are built from the Institute's item bank at Bloom levels 1, 2 and 3 and administered under the same exposure control as the exam. Results are reported by domain: the candidate knows whether the problem lies in IFRS 17, in the investment regime or in underwriting, and where to concentrate the weeks that remain.

  • Format and length identical to one exam form: 120 items
  • Feedback by domain and by Bloom level
  • Included in the preparation program; availability for candidates who sit the exam without the program is to be confirmed

CIRSP

10 — PATH

Learning path

  1. Phase 1

    Fundamentals and actuarial languageTo be confirmed

    Lines of business, market, distribution and reinsurance; the actuarial concepts a non-actuary needs to read a reserve report and a combined ratio.

  2. Phase 2

    Balance sheet and regulationTo be confirmed

    IFRS 17, the Solvency II balance sheet, LISF and CUSF, NAIC and SUSEP, and the jurisdictional module that applies to the candidate.

  3. Phase 3

    Running the riskTo be confirmed

    Underwriting and claims, investment of reserves and matching, enterprise risk management with ORSA and stress testing, including catastrophe and climate risk.

  4. Phase 4

    Frontier and conductTo be confirmed

    InsurTech, artificial intelligence in underwriting and claims, model governance, parametric and embedded insurance; ethics, anti-money-laundering and market conduct.

  5. Phase 5

    Mock exams and certification exam2029 · date to be confirmed

    A rehearsal with the exam recipe, feedback by domain, and the RiskMathics Certificate Institute exam at its first sitting.

Investment

11

Program and exam, priced separately

Preparation programTo be confirmedProgram in design · RiskMathics Financial Institute · calendar and price to be published
Certification examUSD 1,500+ VAT · may be taken without completing the program · first sitting planned for 2029

Fees in US dollars plus the tax applicable in the country of billing. Program and exam are contracted separately; neither figure includes the other.

CIRSP

12 — FAQ

Frequently asked questions

When can the exam be taken?

The first Level I sitting is planned for 2029. While the certification is in development there is no open enrollment; anyone who wishes to receive the calendar, the call for candidates and notice of the program opening may request information at growth@riskmathics.com.

Does it carry regulatory recognition?

No. Certified Insurance Risk & Strategy Professional (CIRSP™) certifies knowledge and competence; it is not endorsed by any regulator. The Institute's designation under Annex 8.4.2 of the Single Insurance and Surety Circular (CUSF) refers to the derivatives certification for insurers, surety companies and pension insurers, and this certification does not inherit it.

Does it replace an actuarial designation?

No, and it does not try to. Actuarial designations (SOA, CAS, IFoA, CONAC registration) certify the ability to calculate and sign; this certification certifies the ability to lead the risk and strategy function with that calculation on the table. It is designed for the majority of the industry that is not actuarial, and also for actuaries seeking business and regulatory context.

How does it differ from Derivatives Certification · Insurers (CNSF)?

They are two different certifications. The derivatives certification is active, is designated under Annex 8.4.2 of the CUSF and certifies staff who trade, measure, monitor or record derivatives at insurers. This certification covers the full risk and strategy function — solvency, IFRS 17, underwriting, claims, investments, enterprise risk management, InsurTech and ethics — and carries no regulatory recognition.

How many levels does it have?

The blueprint contemplates two. Level I, Practitioner: nine domains and 120 items per form. Level II, Executive: eight domains, case questions and a capstone project with oral defense, aimed at chief risk officers, chief actuaries, board members and InsurTech executives. The 2029 sitting is Level I; the Level II calendar is to be confirmed.

Can the exam be taken without completing the program?

Yes. The exam is administered by the RiskMathics Certificate Institute as an independent third party and is open to anyone who meets the eligibility requirements, which are published with the call for candidates. The preparation program is the recommended route because it covers the full syllabus and includes mock exams, but it is not a condition.

Certified Insurance Risk & Strategy Professional (CIRSP™)

Lead an insurer's risk function without a decade of actuarial exams.