CISI Risk in Financial Services 2026: 100 Questions, 70 to Pass

CISI Risk in Financial Services

It’s one two-hour exam of 100 multiple-choice questions, and passing it earns the Level 3 Award in Risk in Financial Services from the Chartered Institute for Securities & Investment (CISI). Add a CISI regulatory exam and you hold the Level 3 Certificate instead. CISI Risk in Financial Services covers the risk management framework, corporate governance and risk oversight, plus operational, credit, market, investment and liquidity risk.

70 of 100Pass mark in CISI’s Version 12 sample paper

Level 3Ofqual level, Award and Certificate

10 August 2028Last exam on syllabus Version 12

Updated October 2026 · Written from official sources, listed at the bottom of this page

Award or Certificate in Risk in Financial Services

Qualification	Exams	Hours	Credits
Level 3 Award	Risk in Financial Services	102	10
Level 3 Certificate	Risk in Financial Services and a CISI regulatory exam	183	18

If you’ve already passed a regulatory paper another way, such as through the Investment Operations Certificate (IOC), you’re exempt from it for the Certificate. CISI’s Diploma in Investment Compliance factsheet gives the exam a 70% pass mark.

Who is CISI Risk in Financial Services for?

CISI names risk and compliance teams, branch managers, corporate lawyers, finance officers, senior managers and current or would-be non-executive directors. You can take it on its own, as a technical unit of the IOC, or as one of the option units of the Diploma in Investment Compliance.

The Certificate lets you join CISI as an Associate. The Award on its own gives Affiliate membership only.

The Investment Operations Certificate →The Diploma in Investment Compliance →