ORSA
ORSA (Own Risk and Solvency Assessment) is a process that insurance companies use to evaluate their risks and financial health. Think of it as a company's self-check of how well they can handle potential problems and whether they have enough money set aside. It's like a comprehensive health check-up, but for insurance companies. Regulators require this assessment to make sure insurance companies are stable and can pay claims when needed. Similar terms you might see are "Risk Self-Assessment" or "Solvency Evaluation." This is an important part of modern insurance company management and is required by most insurance regulators worldwide.
Examples in Resumes
Led the development and implementation of ORSA reporting process for a major insurance carrier
Contributed to annual ORSA assessments and presented findings to senior management
Developed risk metrics and monitoring tools for ORSA compliance
Typical job title: "Risk Management Professionals"
Also try searching for:
Where to Find Risk Management Professionals
Professional Organizations
Online Communities
Job Resources
Example Interview Questions
Senior Level Questions
Q: How would you implement an ORSA process in a company that has never had one?
Expected Answer: A senior candidate should discuss creating a structured approach, involving key stakeholders, establishing risk assessment frameworks, and ensuring regulatory compliance while considering company size and complexity.
Q: How do you communicate ORSA findings to non-technical stakeholders?
Expected Answer: Should demonstrate ability to translate complex risk assessments into clear business implications, experience presenting to boards, and skills in creating actionable recommendations.
Mid Level Questions
Q: What are the key components of an ORSA report?
Expected Answer: Should explain the main sections including risk assessment, capital adequacy, and future solvency projections in simple terms, showing understanding of how these pieces fit together.
Q: How do you identify and assess emerging risks in ORSA?
Expected Answer: Should discuss methods for monitoring industry trends, using data analysis, and incorporating new risks into existing assessment frameworks.
Junior Level Questions
Q: What is the purpose of ORSA?
Expected Answer: Should explain that ORSA helps insurance companies evaluate their risks and financial strength, ensuring they can meet obligations to policyholders.
Q: How often should ORSA be performed and why?
Expected Answer: Should know that ORSA is typically an annual requirement but may be needed more frequently if significant changes occur in the business environment.
Experience Level Indicators
Junior (0-2 years)
- Basic understanding of risk assessment processes
- Familiarity with insurance regulations
- Data collection and analysis
- Report writing and documentation
Mid (2-5 years)
- Risk assessment methodology implementation
- Regulatory reporting
- Stakeholder communication
- Risk monitoring and analysis
Senior (5+ years)
- Strategic risk management
- ORSA program development and oversight
- Senior management presentation skills
- Regulatory relationship management
Red Flags to Watch For
- No knowledge of insurance industry regulations
- Lack of experience with risk assessment methodologies
- Poor understanding of financial statements and analysis
- No experience with regulatory reporting
- Unable to explain complex concepts in simple terms
Related Terms
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