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March 2012

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 CRMA® Spolight

This certification demonstrates The IIA's commitment to one of the basic foundations of effective auditing — risk management.  Holders of the CRMA designation can be relied upon by corporate management to lead and direct efforts to identify organizational risk exposures and mitigate them with effective audit planning and organizational controls.

The CRMA represents recognition of one's competency in evaluating organizational risk management.  It can also pave the way for opportunities in strategic management and in-depth partnerships throughout the company.

My interest in the field of risk management prompted me to obtain my CRMA. This area used to be the sole domain of internal audit departments.  We evaluated and discussed risk with management.  However, with the evolution of risk management departments in companies, it is imperative that we as auditors show that we possess the skill sets in risk management.  It is critical that we remain proficient in this area, not only for audit planning and execution of audits, but to be perceived by the CEO, CFO, and audit committee members as strategic advisors in risk.  If we do not do this, in my opinion, the future of auditing is jeopardized.

Yes, without hesitation. The evaluation of risk is key to the success of a company. Companies want to have experts in this field to manage risk.

A few of them are, but I think there must be more.  This designation is an investment in the future.  That investment is in my career and in my organization. Incorrectly managing risk is why some prominent organizations are no longer with us, and you can make the point that it contributed to the economic conditions that companies and the country are experiencing today.

The CRMA complements my existing certifications (CIA, CGAP, and CFE ) as a specialty that relates to all of them.

By having my CRMA, I am involved in the discussion with management on key business risks that they are facing.  

8. What advice do you have for others who qualify for the PER but have not yet applied?

Do not wait. Invest in yourself and market yourself to your customers. You need to demonstrate that you have the key business skills to assess risk. That is what Management is looking for, not the number of audit reports you issue.  This certification is about managing the future of your company so it remains viable and meets your stakeholders’ expectations. It is about bringing Internal Audit out of the back office and into the forefront as advisors risk management is embedded in our principles of Internal Auditing. Don’t transfer this responsibility to the risk department. Maybe you share it with them, but don’t divorce yourself from it. Get your CRMA!

9.  What degree do you hold?

I have a BS in Accounting with a minor in Economics and I am a CIA.

10.   What length of experience do you have in the area of risk management assurance?

I have 33 years of risk management assurance and audit planning experience.

Mike J. Fucilli, CIA, CGAP, CRMA, CFE,  Fucilli has over 30 years of auditing experience in the private and public sectors with such organizations as Manufacturers Hanover Trust, ITT and NJ Transit and is currently the auditor general at the Metropolitan Transportation Authority in New York City. Fucilli is responsible for an audit staff of 85 professionals and is a staff instructor for Pace University where he teaches the IIA Learning System for the Certified Internal Auditor exam. He has been a speaker on various occasions for the Institute of Internal Auditors and the MIS Training Institute on such topics as risk assessment, quality assurance and performance auditing. Fucilli is also on the Institute of Internal Auditors’ North American Board and The IIA’s Global Board. He is also on the board of IIA–New York Chapter.