Enterprise Risk Management for ORSA Planning in Insurance Companies

Virtual Workshop

 

 

OVERVIEW

The "O" in ORSA represents the insurer's "own" assessment of their current and future risks. Insurers and/or insurance groups are required to articulate their own judgment about risk management and the adequacy of their capital position. This is meant to encourage management to anticipate potential capital needs and to take proactive steps to reduce solvency risks. ORSA is not a one-off exercise—it is a continuously evolving process and should be a component of an organization’s Enterprise Risk Management (ERM) framework.

 

UPCOMING WORKSHOPS

November 2 and November 4 | 8:00 am – 4:00 pm ET
Registration closes November 1. | Register Now

Instructor: Lorie Graham, Senior Vice President and Chief Risk Officer, American Agricultural Insurance Company

November 29 – December 1 | 11:00 am – 4:00 pm ET
Registration closes November 28. | Register Now

Instructor: Chris Mandel, President & Managing Consultant at Excellence in Risk Management, LLC

 


COURSE INFO

Registration Fees
RIMS Members: $1,860 USD | Non-members: $2,280 USD (review registration details below)

Level
Intermediate

WHAT YOU WILL LEARN

ERM is an integrated forward-looking, process-oriented approach to managing key risks and opportunities in your organization. The primary purpose of ERM in insurance companies is to provide reasonable assurance that your company can achieve its objectives. In other words “enable the business.” By the end of this workshop you will:

  • Draft an ERM governance structure.
  • Outline ERM policies and procedures.
  • Understand the steps for developing risk appetite statements.
  • Develop strategies to embed risk assessments into organizational processes.
  • Create a feedback loop mechanism for risk management effectiveness.
  • Identify mechanisms for assessing current and future risk profile, solvency and liquidity positions.
  • Apply techniques to review the effectiveness of the ERM framework.

BENEFITS

 

In this class, participants learn to orchestrate cross functional collaboration needed to compile elements and construct an annual Own Risk & Solvency Assessment (ORSA) Report. The course also includes the following topics:

  • Risk governance, data collection and reporting systems design
  • Development of risk governance practices and processes
  • Incorporation of risk practices into organizational processes
  • Project and performance management
  • Risk assessment methods and techniques
  • Data interpretation
  • Risk modification

HANDS-ON EXERCISES

Participants engage in activities and interactions designed to reinforce course concepts. RIMS professional instructional designers construct the activities so that the attendees learn from each other as well as from the experienced facilitators. Examples of exercises include:

  • Group work: gaining support, how to develop an ERM program for an authorized insurance company
  • Governance and culture, outline the governance structure of ERM across your business 
  • Group work: identify the risk process 
  • Individual exercise on how to cultivate a risk appetite management mindset


WHO SHOULD ATTEND

  • Vice presidents, managers and directors of risk management
  • Professionals tasked with identifying and/or managing risks
  • Professionals who want to gain a better understanding of ORSA report process within their organization

FORMAT

  • Online, instructor-led
  • Interactive Zoom meetings
  • Two or three sessions with 15 total hours of training
  • 10-minute breaks every hour and a 30-minute lunch
  • Group exercises, polling and chat

 

REGISTRATION FEES

November 2 and November 4, 2021

RIMS Members: $1,860 USD
Non-Members: $2,280 USD
Purchase

November 29 – December 1, 2021

RIMS Members: $1,860 USD
Non-Members: $2,280 USD
Purchase

 

For registration assistance, please contact our Client Services Team at CST@RIMS.org.

Cancellations and Refunds

RIMS reserves the right to cancel a course if conditions warrant. In the event of such a cancellation, registration fees will be refunded.

All requests for refunds or changes must be submitted in writing to RIMS at pd@RIMS.org. Registrants who cancel 15 business days or less prior to the start of the workshop can send a replacement from their company or receive credit to attend another workshop with the same duration and cost within a year of the cancelled registration. Please note if the member rate was paid for the original registration and you elect to send a replacement or transfer the credit to another employee of your organization who is not a member, an additional fee will be charged to offset the difference between the member and nonmember rate. No refunds will be issued for cancellations less than 15 days from the start of the workshop.