Tracking the ORSA journey
View Deloitte’s ORSA Outlooks for insight on how the Insurance industry is changing after two years of ORSA and to learn more on Deloitte’s view of the way forward in the evolving ORSA journey.
Year 2: Assessing ORSA maturity
Canadian insurers are starting to get more familiar with ORSA. They recently completed the preparation of their second management report covering their Own Risk and Solvency Assessment (ORSA), as required by the Office of the Superintendent of Financial Institutions’ (OSFI). To learn how Canadian insurers are maturing since their first year under ORSA, Deloitte conducted a survey in late 2015. A number of industry insights have been drawn from the survey responses and are discussed in the 2016 ORSA Outlook.
Year 1: Beginning the ORSA journey
Our 2015 ORSA Outlook highlights Deloitte’s view of the insurance industry’s ORSA way forward to achieve alignment with the ORSA principles encapsulated in the OFSI ORSA Guideline as well as how ORSA can deliver tangible business benefits.
Benefiting from ORSA
Evolving the ORSA journey requires each insurer to continually assess its existing practices and processes against the principles outlined in the OSFI ORSA Guideline. As insurers continue to evolve their ORSA practices they should be reflecting on and challenging the quality of not only their ORSA processes and ORSA report, but how well ORSA is embedded in business as usual operations.
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