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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Advanced Certificate in Operational Risk Management 
SAQA QUAL ID QUALIFICATION TITLE
125657  Advanced Certificate in Operational Risk Management 
ORIGINATOR
Novia One Group (Pty) Ltd 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Advanced Certificate  Field 03 - Business, Commerce and Management Studies  Generic Management 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  120  Not Applicable  NQF Level 06  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Registered  EXCO 0639/26  2026-04-16  2029-04-16 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2030-04-16   2033-04-16  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
The Advanced Certificate in Operational Risk Management is designed to provide learners with the foundations for a successful and fruitful career in their respective industries. The qualification has been constructed to meet the skills demand identified within the business environment, thus maximising relevance for learners. The qualification aims to develop an informed understanding of how organisations can identify potential threats to their operations and implement measures to mitigate them. This reduces the likelihood of financial losses and enhances operational efficiency and cost-effectiveness.

This qualification addresses critical skills shortages, enabling a higher education offering for knowledgeable, qualified entrants to the market. The qualification aims to ensure adequate preparation of technical skills by integrating specialised, focused, niche learning through workplace-integrated learning. A qualified learner will be able to manage operational risk across various industries. This qualification covers the fundamentals of operational risk management, governance arrangements, key operational risk tools, requirements for managing operational risk capital, and the impact of regulation on operational risk. Furthermore, learners will learn to conduct risk assessments and identify and analyse emerging risks. They will also understand risk information, data management, and disruptive technologies. Lastly, learners will understand operational resilience and crisis management and analyse trends and developments in operational resilience.

In addition, the qualification requires learners to communicate verbally and produce written text during learning and assessment tasks and when addressing workplace-based case studies, which builds problem-solving and critical thinking skills. Learners will gather, evaluate, and utilise information from a range of information sources employed in their industries and publications relevant to their field of study and level of work. Opportunities for self-evaluation, as well as guidelines and tools to take appropriate action to manage one's learning and promote others' learning, are offered throughout the qualification. Collaboration with and responsibility for team members' work is integrated into the curriculum where applicable.

Upon completion of this qualification, qualifying learners will be able to:
  • Explain operational risk management principles.
  • Demonstrate an understanding of effective risk governance and apply risk pricing.
  • Demonstrate an understanding of the regulatory landscape and its impact on operational risk management.
  • Demonstrate the ability to conduct risk assessments and to identify and analyse emerging risks.

    Rationale:
    Many industries in South Africa, including banking, finance, mining, healthcare, and telecommunications, are exposed to various operational risks. Understanding these risks is crucial for professionals aiming to contribute effectively to these sectors. The demand for qualifying learners with skills in operational risk management is high across different industries, offering diverse and lucrative career paths. Moreover, regulatory bodies in South Africa often require organisations to implement robust risk management practices. Knowledge of operational risk management ensures compliance with these regulations, making qualifying learners valuable assets to potential employers.

    This qualification will equip South African learners with the practical skills, theoretical knowledge, and ethical principles that are not only necessary but also highly valuable in today's diverse industries. This qualification prepares learners to contribute to organisational success and effectively address the complexities of modern business challenges.

    The qualification was developed in response to a need identified in consultation with various business industries and based on a gap identified in suitable higher education qualifications at this level. The qualification will accommodate a cross-section of learners with widely divergent learning needs and experiences, including the following categories of targeted learners:
  • School leaver who wishes to enter a junior position in the financial services sector.
  • A person who has achieved another qualification in an applied area of practice or a non-vocational area and who seeks a more operational risk-oriented qualification.
  • An employed person wishing to enhance, develop, or formalise their skills and knowledge with a qualification in this area.

    The qualification can serve as a bridging qualification for learners wishing to advance their studies in a cognate diploma or degree course or further their specialist knowledge in other management fields. This qualification will provide learners with an opportunity to articulate to a bachelor's degree. The qualification aims to develop an informed understanding of how organisations can identify potential threats to their operations and implement measures to mitigate them. This reduces the likelihood of financial losses, enhances operational efficiency and cost-effectiveness, and contributes to economic growth. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Recognition of Prior Learning (RPL):
    The Academic Head, in consultation with the Head of Institution, will determine whether the applicant is eligible for RPL in relation to the two options for granting RPL.

    RPL for access:
  • Applicants who do not meet the academic requirements for entry into the qualification's first year, i.e., they do not have a National Senior Certificate (NSC) or cognate qualification with the appropriate exemption, may be considered for the RPL route.
  • Learners older than 23 years and with at least three years of relevant work experience will be eligible for RPL. The applicant's previously acquired knowledge and work experience relevant to the field of study will be evaluated against the entry requirements of the qualification.

    RPL for exemption from modules:
  • Applicants who have gained knowledge and skills closely related to the learning outcomes of specific qualification modules may be eligible for RPL for exemption from one or more modules, but not more than 50% of the modules.
  • Eligibility will be determined by assessing prior learning achievements against the learning outcomes and assessment criteria of the module/s.

    Entry Requirements:
  • Higher Certificate in Business Management in Risk Management, NQF Level 5.
    Or
  • Higher Certificate in Business Management, NQF Level 5.
    Or
  • Higher Certificate in Business Management in Operational Management, NQF Level 5. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    This qualification consists of the following compulsory modules at National Qualifications Framework, Level 6 totalling 120 Credits.

    Compulsory Modules, NQF Level 6, 120 Credits:
  • Introduction to Risk Management Frameworks and Operational Risk Management, 15 Credits.
  • Risk Governance and Risk Management Framework, 20 Credits.
  • Compliance and Regulatory Environment, 15 Credits.
  • Risk Assessment and Emerging Risks, 20 Credits
  • Risk Information, Data Management, and Disruptive Technologies, 15 Credits.
  • Operational Risk Capital, 20 Credits.
  • Operational Resilience and Crisis Management, 15 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Explain operational risk management principles.
    2. Demonstrate an understanding of effective risk governance and apply risk pricing.
    3. Demonstrate an understanding of the regulatory landscape and its impact on operational risk management.
    4. Demonstrate the ability to conduct risk assessments and to identify and analyse emerging risks.
    5. Demonstrate an understanding of risk information, data management, and disruptive technologies.
    6. Demonstrate an understanding of operational risk capital, insurance mitigation strategies, and third-party risk management.
    7. Demonstrate the ability to explain operational resilience and crisis management and analyse trends and developments in operational resilience. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • Explain the evolution of risk management and key frameworks.
  • Define and explain the scope and importance of operational risk management.
  • Analyse the impact of ESG factors on operational risk.
  • Develop strategies to manage climate risk within operational risk management.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • Design governance structures and define roles in risk management.
  • Develop and implement a risk-aware culture within an organisation.
  • Analyse and adapt governance practices to future trends.
  • Define risk capacity and appetite and develop related policies.
  • Apply principles of risk pricing in operational risk management

    Associated Assessment Criteria for Exit Level Outcome 3:
  • Identify and manage compliance risks within an organisation.
  • Develop and implement an effective compliance risk framework.
  • Analyse the regulatory landscape and key compliance requirements.
  • Apply best practices to maintain compliance with regulatory standards.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • Conduct comprehensive risk assessments using appropriate methodologies.
  • Assess risks associated with new and expanded products/services.
  • Identify and analyse emerging risks, including technological advancements and cyber.

    Associated Assessment Criteria for Exit Level Outcome 5:
  • Develop and understand risk profiles and align them with organisational goals.
  • Differentiate between expected and unexpected losses and manage them effectively.
  • Develop and integrate Key Risk Indicators (KRIs) into the risk management framework.
  • Discuss tools and techniques for effective risk reporting and communication.
  • Discuss data management and analytics for identifying trends and patterns in risk.
  • Apply AI, machine learning, and other disruptive technologies to manage operational risk.

    Associated Assessment Criteria for Exit Level Outcome 6:
  • Understand concepts and requirements for operational risk capital.
  • Develop insurance mitigation strategies for operational risks.
  • Identify, assess, and manage third-party risks effectively
    Associated Assessment Criteria for Exit Level Outcome 7:
  • Define and develop strategies to build and maintain operational resilience.
  • Analyse recent trends and developments in operational resilience.
  • Explain the implementation of effective operational resilience processes and continuous improvement strategies.
  • Explain how to prepare and manage operational risk incidents with comprehensive crisis management and BCP.

    INTEGRATED ASSESSMENT
    The institution's learning philosophy, primarily constructivist and experiential, is at the core of our values and mission. It also has an element of connectivism, further enhancing our commitment to innovative and effective learning.

    The institution embraces the Assessment for learning' principle, viewing assessment as an essential part of the learning process, including diagnostic, formative, and summative assessment opportunities. The institution also follows a continuous assessment strategy by assessing learners' ongoing process with respect to the attainment of the outcomes of a module. It also regularly communicates with learners to provide timely, constructive feedback on learning achieved during the formative process. Authentic assessments are implemented as a best practice principle, basing assessments on real-life requirements to increase learners' engagement and promote the assessment of meaningful, complex, real-world problems and tasks.

    The principles of fairness and validity of assessments are applied to prevent unfair advantage or hindrance to learning. This is ensured by providing assessments on the correct NQF level and a range of assessment instruments to assess knowledge and skill application. Furthermore, the institution's assessments are carefully planned to ensure coherence among teaching practices, learning outcomes, learning content, and assessment within a module to ensure constructive alignment.

    Assessments:
    Diagnostic assessments:
    A diagnostic assessment is applied at the start of each module to determine learners' current knowledge and skills prior to beginning instruction so that appropriate planning can be made. Diagnostic assessments may be informal or standardised. Informal diagnostic assessments broadly measure what the learner or the class understands. Diagnostic assessments are not weighted.

    Formative assessments:
    Learners will be required to submit two formative assessments. Formative assessment will be conducted online and consist of multiple-choice and true/false questions. Marked electronically through automated systems, providing immediate feedback to learners. Formative assessment will consist of short case studies with application-based questions. Learners can submit the completed assessment online via the LMS system. The lecturer and the assessor will make the assessment using a detailed memorandum. Both formative assessments contribute 15% each to the module's final mark (Formative in total 30 %).

    Summative assessments (70%):
    Learners will be required to submit one summative assessment. The summative assessment is an application-based Portfolio of Evidence (POE) assessment. It consists of various short to long questions that require the learner to apply their knowledge within a work-related or similar context. Some questions will also test knowledge and understanding, but the main purpose is to assess applied competence. The assessment will be assessed via a detailed memorandum and assessment rubric. Learners pass a continuous assessment module if they obtain a weighted final mark of at least 50%. 
    		•

    INTERNATIONAL COMPARABILITY 
    This qualification was compared with similar qualifications from Canada and the United Kingdom.

    Country: Canada
    Provider: University of Toronto (UT)
    Qualification title: Certificate in risk management

    Entry requirements:
  • Learner must have three years from the start date of learner's first course to complete the certificate. Prior Learning Assessment (PLA) may be granted for one course.

    Purpose/rationale:
    A certificate will give learners the knowledge and skills they need to identify, assess, and limit risks. Whatever sector learners work in - insurance, finance, accounting or audit - completing this program will bring learners one step closer to their Canadian Risk Management (CRM)

    Qualification Outcomes:
  • Understand the nature, purpose, and steps involved in risk management.
  • Know how to assess and treat risk.
  • Analyze and treat exposures to accidental and business losses.
  • Apply the techniques professionals use to offset the negative consequences of risk events.
  • See how risk-financing decisions are made.

    Qualification structure:
    Modules:
  • Foundations of Risk Management, comparable to Introduction to Risk Management Frameworks and Operational Risk Management.
  • Risk Control, comparable to Risk Governance and Risk Management Framework.
  • Risk Financing.

    Similarities:
  • University of Toronto (UT) and South Africa (SA) qualifications aim to develop core risk management knowledge and skills, with a focus on identifying, assessing, and mitigating risks in organisational contexts.
  • UT and SA qualifications share comparable modules such as Foundations of Risk Management and Risk Control.
  • Both qualifications will prepare learners to be able to identify, analyse, and assess risks within organisational settings.

    Differences:
  • SA qualification requires a related NQF Level 5 Higher Certificate; the UT qualification has no formal academic entry requirements.
  • The SA qualification is a one-year full 120-credit academic qualification with multiple modules, while the UT qualification has three modules, completed at the learner's pace within a 3-year maximum window.

    Country: United Kingdom (UK)
    Institution: Institute of Risk Management
    Qualification title: International Certificate in Enterprise Risk Management
    Level 5

    Entry requirements:
  • Although the IRM does not have any specific formal entry requirements, it ensures that learners have sufficient capability at the right level to undertake the learning and assessment.
  • The IRM may consider learners' prior learning when considering acceptance to IRM qualifications. See the IRM Recognition of Prior Learning Policy.

    Purpose/rationale:
    IRM qualifications are aimed at practising or aspiring managers and leaders who are in decision-making roles or working as risk management practitioners. The qualifications provide learners with a broad knowledge and practical skills in risk management, which can be immediately applied in the workplace. IRM qualifications provide a holistic, flexible, and module-based approach which is assessed by using either multiple choice questions in the certificates, and written assignments for the diplomas.

    Qualification structure:
    Modules:
  • Principles of Risk and Risk Management, comparable to Introduction to Risk Management Frameworks and Operational Risk Management.
  • Practice of Risk Management.

    Assessments:
    Formative assessments are available to learners at the end of each unit to encourage learning. It provides generic feedback to learners on their level of attainment. Learners are encouraged to engage with the formative self-assessments in the Moodle lessons and use these tools to determine their level of attainment to move on to the next unit.

    Formative assessments are where learners can engage in self-assessment and feedback to assess the progression of learning and understanding.

    MCQ summative assessments for Module 1 are constructed from questions in a question bank. The question bank includes questions on all areas of Module 1 syllabus hence ensuring that the learning outcomes can be assessed.

    Qualification Outcomes:
  • Recognise the origins and understand the key concepts of risk management.
  • Compare and contrast the main risk management standards, such as ISO, COSO, and the Orange Book.
  • Develop effective risk management approaches utilising risk principles, frameworks, and processes.
  • Identify, analyse, and prioritise risks to align with organisational and strategic objectives.
  • Evaluate and select the appropriate controls to effectively manage, monitor, and report on organisational risks.

    Similarities:
  • United Kingdom (UK) and South Africa (SA) qualifications aim to develop practical and theoretical competence in risk management and prepare learners to identify, analyse, and manage risks across organisations.
  • UK and SA qualifications share comparable module such as Principles of Risk and Risk Management.
  • Both qualifications use formative and summative assessments to support learner progress, and use summative assessments structured to evaluate understanding of the full syllabus.
  • Both qualifications allow for Recognition of Prior Learning (RPL) considerations.

    Differences:
  • SA qualification requires learners who have completed an NQF Level 5 qualification in the relevant field of study, while the UK qualification does not have specific entry requirements for the qualification. 
    		•

    ARTICULATION OPTIONS 
    This qualification provides the following articulation options:
    Horizontal Articulation:
  • Advanced Certificate in Business Management in Risk Management, NQF Level 6.
  • Advanced Occupational Certificate: Data Security Practitioner, NQF Level 6.

    Vertical Articulation:
  • Bachelor of Commerce in Business Management, NQF Level 7.

    Diagonal Articulation:
  • National Occupational Certificate: Entrepreneurial Business Manager, NQF Level 4. 
    		•

    MODERATION OPTIONS 
    N/A. 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A. 

    NOTES 
    N/A. 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Novia One Group (Pty) Ltd 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.