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ORSA vs ORA [16]

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Bullet points include: For insurers, actuaries may work in: Actuarial function: contributing to undertaking’s risk management process. Risk management function: coordinating ORSA process. AAE has developed ESAP 3 (“Actuarial practice in relation to the ORSA process under Solvency II”), covering e.g.: Design and performance of ORSA process. Establishing a structured approach to uncertainty. Deviation from Solvency II balance sheet approach and methodology. ORSA consideration period. Consistency with the undertaking’s risk management approach. Qualitative and quantitative risk assessment (including projections). Also some relevant IAA Standards and Notes, e.g. ISAP 6

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