ORSA vs ORA [10]

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Bullet points include: Aims to ensure that insurers identify and assess all risks that they are (or could be) exposed to, maintain sufficient capital to face these risks, and develop and better use risk management techniques in monitoring and managing these risks. Is a process for an overall and holistic risk understanding, viewed from the management and/or supervisory body. Provides a comprehensive picture of the firm’s risks. Gives the supervisor insight into the level of quality of the management’s and Board’s risk  understanding. Links the risk picture with the firm’s risk management system and internal control system. Captures risks before they are quantifiable. Is a process that should include unquantifiable knowledge about risks (so should not focus just on risks that are quantifiable)

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