ORSA Process and Report

Whereas there is a clear understanding of the ORSA definition across the market, how to reap the benefits of the process and what it means in practical terms, remains an area of ongoing development and interest for insurers.

Our experience in implementing ORSA frameworks and reports across a wide spectrum of clients provides us with a detailed understanding of how to implement practical ORSA processes with clear development plans to respond to the needs of the business and deliver practical and commercial benefits.

The ORSA process is at the centre of the incoming SII framework and represents a fundamental cultural change in the approach of insurance organisations to manage risk and capital through informed decision making. The ORSA is an added value process informing the board of directors, through regular reporting, in respect of key business events, how they impact the strategy, the capital needs of the related entities, and their view of the future. These factors ultimately inform the business planning process and the forward view of the business providing an ongoing monitoring framework linking risk, strategy, capital and decision making.