MAS Notice 126 on Enterprise Risk Management (ERM) was released in April 2013. Included within this was the introduction of an Own Risk and Solvency Assessment (ORSA) for insurers in Singapore. Insurers have since been busy assessing the requirements and enhancing their ERM activities.
The ORSA presents one of the newest prudential regulatory challenges globally, including in Singapore. It will require Boards to be fully involved in developing a top-down process which links together risk, capital and strategic planning to determine the current and future regulatory and own capital requirements of their firm.
Own Risk and Solvency Assessment – putting an ORSA into practice will touch on its concept and objectives as well as ORSA’s components you are required to have in place.
Download Own Risk and Solvency Assessment (PDF, 1.18MB)