[Infographic] Gain a competitive advantage with ORSA

[Infographic] Gain a competitive advantage with ORSA
February 19, 2015

"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:

  1. Manual and time-consuming reporting processes
    Wrangling unstructured data opens the door for inconsistencies and errors.

  2. Stopping when statuses are met
    Statutes are not one size fits all and may not be enough to avoid regulatory action.

  3. Developing your ORSA report in a vacuum
    Collaborate with stakeholders who actually handle the data you need.

  4. Putting your ORSA in a silo
    The risk of insufficient capital can come from anywhere, making a shortsighted approach dangerous.

  5. 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.

Mike Sellberg

About the author

Mike Sellberg is Executive Vice President and Chief Product Officer at Workiva. He is the former EVP and CTO at iMed Studios and the former Divisional General Manager at Engineering Animation, Inc.