Aug 24, 2021
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin Smulison today is Lorie Graham, Senior Vice President and Chief Risk Officer at AmericanAg and Vice Chair of the RIMS Strategic & Enterprise Risk Management Council (SERMC). Lorie will be presenting at the upcoming 2021 RIMS ERM Conference and leading the upcoming virtual workshops for ORSA and the Enterprise Risk Management for ORSA and Planning and Insurance Companies.
In this episode, Lorie discusses the basics of ORSA (Own Risk and Solvency Assessment), the internal value that it can offer an organization, and how you can effectively leverage its information for your company. ORSA is a critical risk reporting process. If you want to present critical information to the board in an impactful way, solid ORSA reporting is a must.
Don’t miss out on this exciting dialogue with ERM Leaders!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:12] About the RIMS buyer’s guide.
[:47] About today’s episode with Lorie Graham.
[:55] Register now for the upcoming RIMS ERM Conference!
[1:05] Upcoming RIMS current virtual offerings.
[2:10] More about today’s episode with Lorie Graham.
[2:42] Justin welcomes Lorie to RIMScast!
[2:50] Lorie defines ORSA — what it is and what it can do.
[3:33] What are the purposes and goals of ORSA?
[4:52] What entities are required to conduct an ORSA?
[5:40] The many benefits of conducting an ORSA beyond regulatory requirements.
[9:07] Lorie shares a high-level overview of what is included in an ORSA report.
[10:46] How to determine your company’s readiness for ORSA.
[11:47] Lorie reflects on the daunting task that was her first ORSA and what she learned from the experience.
[13:08] Upcoming RIMS ORSA workshops will offer step-by-step guidance for preparing a 50-plus-page ORSA report.
[14:52] Justin thanks Lori Graham for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Executive Report: “Rethinking the Impact of Disruption on Enterprise Risk Management Tools and Processes”
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS Canada Conference 2021: Register for early bird rates!
NEW FOR MEMBERS! RIMS Mobile App
Dr. Shanna McClain’s July 29th, 2021 Address — RIMS Webinar
Upcoming Webinars:
August 26, 2021 | “Increased Dependencies on Third Parties: Addressing Cloud, Vendor, and Business Partner Relationships and Risk” | Sponsored by HITRUST
September 21, 2021 | “10 Essential Steps to Rethinking Risk Assessment” | Sponsored by OneTrust GRC
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
ORSA Workshop — Register now for Sept. 22‒23rd or Nov. 17‒18th.
Enterprise Risk Management for ORSA Planning in Insurance Companies — Register now for Oct. 4‒6th.
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Advocacy Talk with Florida Insurance Commissioner David Altmaier”
“The State of ERM with Carol Fox, Former RIMS VP of Strategic Initiatives”
“Risk Quantification and Constructive Criticism with James Lam”
“The Future of ERM with ERM Conference 2020 Keynote Speaker, Dr. Andrea Bonime-Blanc”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
On RIMS.org: Strategic & Enterprise Risk Center
ERM Q&A Interview: Lorie Graham
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
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Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Tweetables (For Social Media Use):
“A lot of people think that they do ORSA because it is a regulatory requirement, and it is for some insurers, but most importantly, it gives you insights about your organization.” — Lorie Graham
“ORSA helps you manage your risk both strategically and technically. Risk is aligned with strategy, and the ORSA process gives you a technical framework to look at those things.” — Lorie Graham
“ORSA provides a tool for your organization to look at and act more proactively about risk.” — Lorie Graham
“I always value ORSA as an internal value for our organization, and not just a regulatory requirement.” — Lorie Graham
“When that first ORSA was done and I could see all of the workings of the organization in one place for risk management, it was an amazing report. The output was definitely worth the effort.” — Lorie Graham