An Own Risk and Solvency Assessment (ORSA), is an internal process undertaken by an insurer or insurance group to assess the adequacy of its risk management and current and prospective solvency positions under normal and severe stress scenarios. Globally, ORSA regimes are now in force or under development in most of the significant insurance markets worldwide. In Europe, the ORSA is part of Solvency II as a key component of Pillar 2.
Bogie Ozdemir, Vice President at Sun Life Financial where he is developing enterprise ORSA, provides a straightforward approach to the understanding, management, and implementation of this requirement. You will learn how to build a practical implementation plan, utilise existing resources and capabilities to support your ORSA, and learn how to manage the business impact and benefits of ORSA implementation.
The lack of prescriptive guidance around ORSA brings with it its own set of challenges. Aimed at ensuring insurers have a sound understanding of their individual risk profile, and have the appropriate measures in place to address them, ORSA requires insurers to undergo a rigorous self-assessment and align capital requirements accordingly.
This guide will provide you with this prescriptive guidance with chapters including:
|Publication date||26 May 2015|
|Size||155mm x 235mm|
1. ORSA Background, Regulatory Requirements and Overview
2. End-to-end ORSA Process and Integration with ERM and Finance Processes
3. Estimation of Available Capital under ORSA
4. Estimation of Risk (or Economic) Capital under ORSA (Part 1)
5. Estimation of Risk (or Economic) Capital under ORSA (Part 2)
6. Target Solvency Ratio and Risk Appetite
7. Forecasting, Stress Testing and Reporting
8. Use Test, Strategic Impact and Application of ORSA
9. Production Model and Governance
10. Organizational Changes to Support ORSA