In the remaining year before Solvency II comes into effect, Neil Cantle explains how to prepare for the Own Risk and Solvency Assessment part of the new regulatory regime
Many of the architects of Solvency II have described the Own Risk and Solvency Assessment (ORSA) as being at the heart of the new regulatory framework, and we are now in the final year of trial runs. Rooted in articles 41, 44, 45 and 246 of the directive, the ORSA provides the central context for managing risk. This ‘risk’ is not that of failing to meet regulatory capital requirements (emphasised in the draft Level 3 guidance). Rather, it relates to the uncertainties associated with delivering company goals and ensuring they are understood and managed with appropriate resources, so the risk profile of the firm remains within the risk appetite set by the board.
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05 FEBRUARY 2015 | NEIL CANTLE
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