The Own Risk and Solvency Assessment (ORSA) has evolved from a relatively unknown requirement to a present reality, and companies continue to adapt their plans to comply with the mandate.
While the ORSA may not have initially come together as many predicted, the planning process has provided tangible benefits. Gaps have been identified, action plans developed, and processes improved. Risk identification, monitoring, and mitigation for many insurance companies have become more prominent and transparent than ever before.
The inaugural year of the ORSA process and its accompanying Summary Report presented significant challenges and opportunities for insurance companies. Although based on an organization's ERM framework, ORSA was a totally new regulatory requirement that demanded a substantial investment of resources and time—and indeed still does.
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