My conversations with carrier CEOs, CFOs, and CROs about enterprise risk management and ORSA–Own Risk and Solvency Assessment—tend to go down the path of strict compliance and a sense of begrudging reluctance.

After we dig into the topic, I realize that they feel overwhelmed and resigned to the level of effort and time involved in the actual creation of the report for the regulators. They miss the “O” in ORSA—the idea that they own the information, the assessment, and the report. They also fail to appreciate the benefits of assessing their strategic, enterprise, and operational risks to determine potential implications to capital resources. Eureka!