Own Risk and Solvency Assessment (ORSA) Programs
Stay ahead in the insurance industry by mastering the essentials of Own Risk and Solvency Assessment (ORSA) programs. This 2 CPE-credit course offers in-depth training for professionals aiming to build a robust understanding of risk management frameworks, compliance strategies, and ORSA implementation. Gain the skills and knowledge to enhance your organization’s solvency and financial resilience.
Why Join the ORSA Programs Training?
1. Master ORSA Regulatory Requirements - Get a clear understanding of the ORSA Model Act and compliance expectations set by the National Association of Insurance Commissioners (NAIC). Grasp the role of ORSA in risk management and how to integrate its principles into day-to-day operations.
2. Build a Strong Risk Management Framework - Learn proven methods to develop and implement a comprehensive risk management strategy. Enhance your ability to assess solvency and address risks that can impact financial stability.
3. Gain Professional Recognition - Earn 2 NASBA-certified CPE credits while advancing your career in insurance compliance and risk management.
What You’ll Learn
This two-hour training session is designed to offer actionable insights through interactive discussions and expert guidance on managing ORSA programs.
Key Topics Include:
1. ORSA Compliance Overview
- Understand the significance of ORSA for insurance companies and the specific regulatory requirements outlined by the NAIC.
2. Components of an Effective ORSA Program
- Learn how to establish a risk management framework, conduct scenario analysis and stress testing, and ensure capital adequacy assessment.
- Master strategies for documenting and reporting risk findings.
3. ORSA Implementation and Maintenance
- Discover the steps for integrating ORSA with enterprise risk management (ERM) and other internal processes.
- Get practical advice on overcoming challenges and maintaining compliance in an evolving regulatory setting.
4. Insights into the ORSA Summary Report
- Explore the key elements of the ORSA Summary Report and its importance in providing transparency to stakeholders and regulators.
5. Best Practices for ORSA Programs
- Learn how to apply industry best practices to build a resilient, effective ORSA program tailored to your organization’s needs.
Course Details
- Schedule: Occurs every eight weeks on Tuesdays from 10 a.m.–12 p.m. CST.
- Delivery Format: Group-live sessions for interactive learning.
- Fee: $140 per attendee.
- Custom Options: Private training is available for groups of two or more.
No prerequisites are required, making this course accessible to professionals at an intermediate or advanced level in the insurance industry.
Who Should Attend?
This course is perfect for:
- Risk Managers and Compliance Officers looking to master ORSA frameworks and reporting.
- Insurance Professionals tasked with maintaining regulatory compliance.
- Internal Control Specialists and ERM Leaders seeking to integrate ORSA with broader risk practices.
Whether you're new to ORSA or refining your expertise, this training provides the tools to manage solvency and risk effectively.
Why ORSA Is Critical for Insurance Companies
The ORSA model is essential for maintaining financial stability and regulatory compliance in the insurance sector. By implementing effective ORSA practices, companies can:
- Identify and Mitigate Risks: Proactively address risks that could affect solvency and operations.
- Improve Decision-Making: Use scenario analysis and capital adequacy assessments to guide strategic planning.
- Streamline Compliance: Meet NAIC requirements while building trust with regulators and stakeholders.
Take Your Risk Management to the Next Level
Join the ORSA Programs Training to gain the knowledge and skills you need to develop a strong, compliant risk management framework. This program empowers insurance professionals with practical strategies to meet regulatory demands and foster organizational stability.
Register today to secure your spot, earn 2 CPE credits, and lead your organization towards exceptional risk management and compliance!
Details on Event Presentation
Offered every eight weeks on Tuesdays at 10:00 a.m. to 12:00 noon Central Time in two CPE-Credit event.
We can schedule private events on your timetable for two or more attendees.
CPE Event Highlights
The Risk Management and Own Risk and Solvency Assessment (ORSA) Model Act is a regulatory framework developed by the National Association of Insurance Commissioners (NAIC) to promote effective risk management practices in the insurance industry. The purpose of the ORSA model is to help insurers identify, assess, and manage risks that may affect their solvency and financial condition.
The following content is within this CPE training event:
1. Risk Management Framework: ORSA requires insurers to establish and maintain a comprehensive risk management framework that identifies, assesses, and manages the insurer's risks.
2. Internal Control System: The insurer has to implement an effective internal control system that supports the risk management framework.
3. Own Risk and Solvency Assessment (ORSA): ORSA requires insurers to conduct an ORSA that evaluates the adequacy of the insurer's risk management practices and the sufficiency of its capital resources. The program should be integrated into the insurer's business planning and budgeting processes.
4. Board and Senior Management Oversight: The board of directors and senior management of the insurer are actively involved in the risk management and ORSA processes.
5. Reporting and Disclosure: ORSA requires insurers to provide regular reports to their board of directors and regulators on their risk management practices, internal control system, and ORSA.
Learning Objectives
The Learning Objectives include:
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Understand the regulatory requirements for ORSA programs.
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Gain an in-depth understanding of the key components of ORSA programs, including risk management frameworks, scenario analysis and stress testing, capital adequacy assessment, documentation and reporting, and integration with other processes.
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Learn about the steps involved in developing and implementing an ORSA program. This includes the resources needed, the common challenges and how to overcome them, and the importance of effective risk management.
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Gain an understanding of the best practices for developing and implementing an ORSA program.
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Learn about the role of the board of directors and senior management in the ORSA program.
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Develop an understanding of the ORSA Summary Report.
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Gain an understanding of the relationship between ORSA and enterprise risk management (ERM) programs.
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Learn about the challenges and opportunities of ORSA compliance for insurance companies, including how ORSA compliance can improve risk management and financial stability.
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Key Issues on the Agenda
I. Introduction
- Brief overview of ORSA
- Importance of ORSA for insurance companies
- Key objectives of this CPE event
II. Background on ORSA
- Regulatory requirements for ORSA
- The NAIC ORSA Guidance
- Role of ORSA in the Solvency II framework
III. Components of ORSA
- Risk management framework
- Scenario analysis and stress testing
- Capital adequacy assessment
- Documentation and reporting
- Integration with other processes
IV. ORSA Programs
- Annual steps in an ORSA program
- Resources needed for ORSA
- Common challenges
V. ORSA Summary Report
- Purpose of the ORSA Summary Report
- Key elements of the report
VI. ORSA, Enterprise Risk Management (ERM) and MAR
- Relationship between ORSA, ERM and MAR
- Benefits of integrating programs
VII. ORSA Best Practices
- Best practices for developing and implementing an ORSA program
VIII. Conclusion
NASBA Program Disclosure
Program Level of Understanding: Intermediate to Advanced
Prerequisites: None
Advance Preparation: None
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour.Summary of the Subject Matter
This CPE event concerning Own Risk and Solvency Assessment (ORSA) programs will provide an in-depth understanding of the key components of ORSA programs and their importance for insurance companies. Participants will learn about the regulatory requirements for ORSA, best practices for developing and implementing an ORSA program, and the challenges and opportunities of ORSA compliance. The program will also cover the ORSA Summary Report, the role of the board of directors and senior management in the ORSA program, and the potential consequences of non-compliance with ORSA regulations.