RMORSA: Facing the challenge with IBM’s enterprise risk framework

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In the US, the National Association of Insurance Commissioners (NAIC) voted in September 2012 to adopt the Risk Management and Own Risk Solvency Assessment (RMORSA) Model Act. This act requires most US insurers, as of 1 January 2015, to conduct an own risk and solvency assessment (Orsa) and submit an Orsa summary report to their state insurance commissioner. An integral component of these Orsa guidelines is the requirement that insurers adopt a comprehensive risk management framework to be embedded in their firm’s business operations, with insurance companies having to increase their risk analysis and forecasting capabilities with respect to the amount of risk capital held.

IBM’s enterprise risk management (ERM) framework can help insurers successfully meet the challenges of RMORSA. The solution uses award-winning risk and portfolio analytics and IBM’s experience with helping leading European and global insurance companies meet the challenges of Solvency II.1 As a result, the IBM® ERM framework provides robust risk modeling capability to address the RMORSA requirements, while providing firms with advanced functions and potential for competitive advantage that extend beyond regulatory compliance.

In 2012, IBM had two-thirds of the insurance companies that make up the European Chief Risk Officers Forum as clients for its Economic Capital and Solvency II solution.

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