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ORSA vs ORA [4]

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Bullet points include: Financial regulators typically require regulated institutions (banks, insurers, asset managers, IORPs …) to hold regulator-specified minimum levels of capital or equivalent (Pillar 1), They also expect firms to work out how much capital they ‘intrinsically’ need to face the risks to which they are exposed (‘economic’ capital) (part of Pillar 2), Institutions are expected to carry out own assessment of risks: Insurers (Solvency II): own risk and solvency assessment (ORSA), Banks and investment firms (Capital Requirements Directive): internal capital adequacy assessment process (ICAAP), Soon, pension funds (IORP II): own-risk assessment (ORA)

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