Get your ORSA Summary Report process ready for tip-off
Although it's only in its inaugural year, your ORSA Summary Report process is building steam and will become increasingly relevant in the coming years. Developing a solid strategy around this process is crucial to your business. Here's your playbook for getting your ORSA Summary Report ready for game time.
In the recent white paper, Top 10 ORSA Pitfalls and How To Avoid Them, Jeff Fitch, President of Fitch Consulting Incorporated and former Chief Risk Officer of Aviva USA, explores the top 10 pitfalls insurance companies face with ORSA and how to avoid them.
To get your ORSA process ready for tip-off, remember these 10 plays:
- Align ORSA participants with the expectations of the board and leadership
- Be open and transparent in the ORSA Summary Report
- Only follow industry best practices if they're good for your business
- Lay out a detailed project plan with management
- Don't reinvent the wheel—take a look at your current process
- Look for opportunities to automate your process where you can
- Incorporate stress and scenario testing as part of organizational capital adequacy processes
- The ORSA Summary Report is a team effort
- There's no need to take your Summary Report on alone
- Be forward looking
Want a visual? View the infographic.