The EU Solvency II Directive lays down explicit governance requirements, including for the risk management system of insurers and reinsurers. Solvency II is the new risk-based regulatory framework for insurers taking effect on 1 January 2016. The Own Risk and Solvency Assessment (ORSA) is regarded as the heart of the Solvency II framework. The regularly performed ORSA integrates business planning, risk management and capital management activities. There is an important role for Internal Audit, as its core task is to give assurance about governance, the risk management system and internal control. Through this practical guide, we explain how Internal Audit can take up this role. However, the implementation of this guide must always be tailored to the individual insurance firm.
Download the Practical Guide The Internal Audit Function and the Own Risk and Solvency Assessment (ORSA)