AAIC's Chief Risk Officer and Senior Manager
of Insurance Services, Lorie Graham,
participated on a joint project team representing the ERM Committees of the Property Casualty Insurers Association of America (PCI) and RIMS-the risk management society
TM
. This group authored a white paper to share a practitioner's view on the outcomes and benefits of an Own Risk and Solvency Assessment (ORSA).
A robust ERM program is essential as our industry navigates the complexity and speed of emerging exposures. This paper, "Communicating the Value of Enterprise Risk Management - The Benefits of Developing an Own Risk and Solvency Assessment Report," describes how insurers have benefited from completing an ORSA and how the process can provide insights to strengthen and communicate the value of ERM. The ORSA process can also uncover:
- Areas where ERM processes have not been developed, matured, and implemented;
- Existing ERM processes that do not follow best practices;
- Risks that have not yet been identified or evaluated;
- Opportunities to integrate ERM with other processes in the organization.
White Paper Contributors:
Jana Utter, Centene Corporation
Lorie Graham, American Agricultural Insurance Company
David Holland, Ally Insurance
Layne Kertamus, WCF Insurance
Lori Krumberger, American Family Mutual Insurance Company
Bill Mech, GuideOne Insurance
Kyle Van Hoeven, Westfield Group
Bill Wilkins, Safety National Casualty Corporation
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