Maximizing Internal Audit’s impact - ORSA process
In April 2024, the European Parliament has adopted the review of Solvency II Directive text, which is set to come into force in 2026, aimed to make the insurance industry more resilient.
In this amended version of Solvency II, the role of ORSA as a key risk management tool has been expanded with the requirement to integrate the following: Sustainability and ESG issues, Macroprudential perspective, Systemic risk, Liquidity management considerations, among others.
Given these updates, we believe it is the right moment for the Internal Audit Function, as the third line of defense, to consider a comprehensive review of the ORSA process, so that it contributes even more to build an effective Risk Management framework that supports informed decision-making at the board and executive levels.
To learn more, please see our detailed article about how to maximize the impact of Internal Audit Function when reviewing the ORSA process:
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Mathieu Brizard Partner - Internal audit - Luxembourg
Mostafa Benghazala Partner - Insurance and Financial Services - Luxembourg
Issaka Doullaye Ousseini Head of Actuarial Services - Luxembourg
