The ORSA is a model reporting requirement in the US from the NAIC to enhance awareness and understanding of significant risks, their interdependencies and impact on capital. One of the keys of the ORSA is that an insurer be able to demonstrate not only that current capital needs are met, but also that future capital needs will be met over a set period of time.
The ORSA has a number of components, including:
Compliance with the ORSA requires a great deal of coordination and information sharing across multiple risk disciplines and functional areas. Analyzing the massive amount of data becomes even more difficult when you consider that each of the disciplines and functions likely have their own process, systems and methods and that these systems likely have outputs that vary or might prove incompatible to achieve results. To achieve the ultimate success of an ORSA, an insurer must be able to demonstrate a smooth integration of the process and outputs within the business.
Wolters Kluwer’s ORSA solution provides a centralized framework that helps insurers not only achieve a smooth integration of the outputs from varied risk disciplines and business functions, but also integrates the tools necessary to report and monitor data needed to compile the ORSA. By bringing content, technology and expertise together, we help organizations capture all risk management processes within their organization in order to provide the most compelling evidence for external concerns and internal strategic decision-making.