Own Risk and Solvency Assessment (ORSA) Programs
Own Risk and Solvency Assessment (ORSA) programs are a key regulatory requirement in the insurance industry. The purpose of the ORSA program is to help insurers identify, assess, and manage their risks in a comprehensive and integrated manner. The National Association of Insurance Commissioners (NAIC) has developed guidance on the ORSA program, including the ORSA Summary Report, which provides an overview of the ORSA program and its results.
This CPE webinar training event will provide an understanding of the ORSA program and its requirements:
- Overview of the ORSA Compliance
- Background on the ORSA Law
- Components of the ORSA Program
- Program Implementation and Maintenance
- Best Practices for the ORSA Program
This CCS CPE training program will provide participants with an understanding of the ORSA program and its requirements. Participants will learn about the regulatory requirements for ORSA, the importance of ORSA for insurance companies, and the key components of the ORSA program.
They will also gain an understanding of best practices for developing and implementing an ORSA program. The training program will help participants to apply the knowledge and skills learned to their work and ensure compliance with ORSA regulations.
This course is designed for professionals experienced in working with internal controls and ERM programs.
Each attendee will receive 2 Auditing CPE Hours (YB). A certificate of completion will be provided.
Details on Event Presentation
The sessions will be as follows:
Fridays – 10:00 a.m. to 12:00 noon.
We can schedule private events on your timetable for two or more attendees.
CPE Event Highlights
The Risk Management and Own Risk and Solvency Assessment (ORSA) Model Act is a regulatory framework developed by the National Association of Insurance Commissioners (NAIC) to promote effective risk management practices in the insurance industry. The purpose of the ORSA model is to help insurers identify, assess, and manage risks that may affect their solvency and financial condition.
The following content is within this CPE training event:
1. Risk Management Framework: ORSA requires insurers to establish and maintain a comprehensive risk management framework that identifies, assesses, and manages the insurer's risks.
2. Internal Control System: The insurer has to implement an effective internal control system that supports the risk management framework.
3. Own Risk and Solvency Assessment (ORSA): ORSA requires insurers to conduct an ORSA that evaluates the adequacy of the insurer's risk management practices and the sufficiency of its capital resources. The program should be integrated into the insurer's business planning and budgeting processes.
4. Board and Senior Management Oversight: The board of directors and senior management of the insurer are actively involved in the risk management and ORSA processes.
5. Reporting and Disclosure: ORSA requires insurers to provide regular reports to their board of directors and regulators on their risk management practices, internal control system, and ORSA.
The Learning Objectives include:
Understand the regulatory requirements for ORSA programs.
Gain an in-depth understanding of the key components of ORSA programs, including risk management frameworks, scenario analysis and stress testing, capital adequacy assessment, documentation and reporting, and integration with other processes.
Learn about the steps involved in developing and implementing an ORSA program. This includes the resources needed, the common challenges and how to overcome them, and the importance of effective risk management.
Gain an understanding of the best practices for developing and implementing an ORSA program.
Learn about the role of the board of directors and senior management in the ORSA program.
Develop an understanding of the ORSA Summary Report.
Gain an understanding of the relationship between ORSA and enterprise risk management (ERM) programs.
Learn about the challenges and opportunities of ORSA compliance for insurance companies, including how ORSA compliance can improve risk management and financial stability.
Key Issues on the Agenda
- Brief overview of ORSA
- Importance of ORSA for insurance companies
- Key objectives of this CPE event
II. Background on ORSA
- Regulatory requirements for ORSA
- The NAIC ORSA Guidance
- Role of ORSA in the Solvency II framework
III. Components of ORSA
- Risk management framework
- Scenario analysis and stress testing
- Capital adequacy assessment
- Documentation and reporting
- Integration with other processes
IV. ORSA Programs
- Annual steps in an ORSA program
- Resources needed for ORSA
- Common challenges
V. ORSA Summary Report
- Purpose of the ORSA Summary Report
- Key elements of the report
VI. ORSA, Enterprise Risk Management (ERM) and MAR
- Relationship between ORSA, ERM and MAR
- Benefits of integrating programs
VII. ORSA Best Practices
- Best practices for developing and implementing an ORSA program
NASBA Program Disclosure
Program Level of Understanding: Intermediate to Advanced
Advance Preparation: None
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour.
Summary of the Subject Matter
This CPE event concerning Own Risk and Solvency Assessment (ORSA) programs will provide an in-depth understanding of the key components of ORSA programs and their importance for insurance companies. Participants will learn about the regulatory requirements for ORSA, best practices for developing and implementing an ORSA program, and the challenges and opportunities of ORSA compliance. The program will also cover the ORSA Summary Report, the role of the board of directors and senior management in the ORSA program, and the potential consequences of non-compliance with ORSA regulations.