ORSA Implementation for Canadian Insurers 2014

The Office of the Superintendent of Financial Institutions (OSFI) guidelines for the implementation of the Own Risk and Solvency Assessment (ORSA) is currently a major priority for insurance companies in Canada.

As of January 1 2014, the OSFI maintain the expectation that insurance companies should be adopting the relevant processes and practices throughout 2014 with a view to submitting an ORSA report at some point during the year.

Specifically, insurers will need to implement various processes in the areas of risk identification, risk assessment, risk related to capital, board oversight and senior management responsibility, monitoring and reporting as well as internal controls. Underpinning the ORSA is close interaction with the OSFI in order to ensure regulatory expectations are met.

This workshop will provide a practical approach led by the renowned Bogie Ozdemir (Vice President, Risk Modelling and Governance, Sun Life Financial) delegates will gain practical knowledge about how to implement ORSA.

Learning Outcomes:

- Gain a thorough understanding of the OSFI regulatory requirements
- Learn how to build a practical implementation plan
- Utilising existing resources and capabilities to support ORSA implementation
- How to build new capabilities
- Learn how to manage the business impact/benefits of ORSA implementation
- Gain knowledge of how to supplement the framework

Relevant for job functions in:

ORSA/ICAAP, Economic Capital, Regulatory Capital, Internal Audit, Model Validation, Enterprise risk, Operational Risk, Quantitative Analysis, Chief Risk Officer, Head of Compliance, Capital Planning