ORSA & ERM Assistance
Own Risk and Solvency Assessment (ORSA) is intended to be a component of an insurer’s Enterprise Risk Management (ERM) program. The goals of ORSA do not appear too complicated, as articulated in the NAIC Model Act (#505).
- To encourage ERM at insurers so that material and relevant risks are identified, assessed, monitored, prioritized, and reported on in a manner that is adequate and sufficient to support risk and capital decisions; and
- To provide group-level information on risk and capital that acts as a supplement to the information developed on an individual company basis.
As you know, simplicity is only on the surface. Neither ERM nor ORSA is easy or simple, and efforts to fit into a one-size-fits-all format are destined to fail. A cookie-cutter or template approach will not bring the results you want. To be truly useful, these corporate initiatives have to be individualized. No other company has your business or your risks—so no other company’s analysis should be the same as yours.