With the adoption of the RMORSA Model Act by the NAIC, your organization has a brief window in which to establish a satisfactory ERM framework.
Why should you hit the gas pedal on an ERM initiative now?
The ORSA Guidance Manual explicitly states that insurers with appropriately developed ERM frameworks “may not require the same scope or depth of review” as organizations with less defined processes.
To find out what an appropriately developed ERM framework looks like, download this eBook. We’ll outline an approach to ORSA compliance that prioritizes your limited resources, and examine proven strategies of successful organizations with a number of case studies.
Download this eBook to learn how this is possible:
- Risk Culture & Governance – The tone from the top, what boards of directors expect from ERM.
- Risk Identification & Prioritization – Taking a root cause approach that maximizes the value of your risk assessments.
- Risk Appetite and Tolerance Statement – Using assessment scores to develop your tolerance levels, and then align that risk appetite with day-to-day activities.
- Risk Monitoring, Controls, Action Plans – Testing versus metrics, how to select Key Risk Indicators (KRIs), and correctly orient mitigation activities.
- Risk Reporting and Communication – Demonstrating your program’s value with mature risk reporting. Define the top 10 risks to strategic goals put in place by the board.