Tuesday, 25 October 2011

PwC, Central Bank of Ireland - ORSA Briefing

For anyone who just cant wait for the ORSA public consultation next month, PwC and the Central Bank of Ireland have clubbed together to publish this presentation on ORSA (given last week).

From the CBoI section I would flag;
  • Firms already have "some" of the components of ORSA in place - in a country where the Financial Condition Report is alive and kicking, you might expect more confidence than that!
  • Most of the rest of CBoI's presentation very plain vanilla - concerning if you are looking for firm guidance.
  • Not sure how the Q&A went - if anyone attended, I'd love to know!
From the altogether more monied PwC, I would flag;
  • Nice process maps that should visualise the suite of work that will ultimately comprise of an end-to-end ORSA process, including the reporting which spews out of the back end.
  • A decent attempt at prescribing an ORSA Report structure (of course, if you have seen one punt from the consultancy firms at an "ORSA Report", you have seen them all, buit this does elaborate on each section).
Useful for anything you can extract from it, most concerning perhaps is the divergence in certainty and standard of presentation between the big 4 consultant and the regulator.

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