[Infographic] Gain a competitive advantage with ORSA
"Developing a sound plan for dealing with the [ORSA] requirement is good strategy, good planning, and just good business," says Jeff Fitch, President of Fitch Consulting Incorporated and former Chief Risk Officer of Aviva USA.
We've outlined the most common pitfalls in the ORSA process. Avoid these common mistakes, and provide a competitive advantage to your company:
- Manual and time-consuming reporting processes
Wrangling unstructured data opens the door for inconsistencies and errors.
- Stopping when statuses are met
Statutes are not one size fits all and may not be enough to avoid regulatory action.
- Developing your ORSA report in a vacuum
Collaborate with stakeholders who actually handle the data you need.
- Putting your ORSA in a silo
The risk of insufficient capital can come from anywhere, making a shortsighted approach dangerous.
- Only reporting past results
Historical data should only serve to help make educated predictions about the future.
This is just the tip of the iceberg. Get the full list of 10 common pitfalls in the ORSA process in this infographic.