The guys at Willis Re have released a slim guide on ORSA, which aims to decipher the Public Consultation document released by EIOPA in November for the benefit of its friends and neighbours. It doesn't go as far as highlighting differences between pre and post lobbying on the content (as I did back in Nov) but you may find it useful as a generic circular to Board members if they are insufficiently briefed at this point.
Wouldn't say I was enamoured with the definition of risk profile on p3 (which doesn't seem to fit with the Level 1 text definition), and it takes an approach of explaining why overall solvency needs differs from SCR by assuming that the reader is using the standard formula. At the same time, they highlight the onward benefits of demonstrating effective ERM for analysts and ratings agencies
They propose a framework for ORSA provision based on Risk Profile, Prospective Solvency and Governance/ERM, which conceptually won't be alien to anyone in the field, though the way they propose underlying content for each module seems a touch random.
Sloppy reference to RTS rather than RSR at the back aside, this is a useful aide-memoire if you are already deep in your activity, and not the worst starting position if you are starting late!
An online repository for Solvency II, ERM and Corporate Governance material and comment from the Principal of Governance Matters, an independent Risk Consultancy firm based on the Isle of Man.
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