EIOPA has published the outcome of its November 2011 consultation on draft Guidelines for Own Risk and Solvency Assessment (ORSA). ORSA is an internal risk management tool aimed at capturing and dealing with all risks that might impact on a (re)insurance company’s solvency. ORSA processes need to be proportionate and tailored to fit the company’s structure and systems. This report by EIOPA focuses on its expectations about what ORSA should achieve rather than on how it should achieve it. Companies will need to file with national supervisors a forward-looking assessment comprising multi-year risk tendencies and developments. ORSA is a requirement of Solvency 2, so companies should start preparations for its expected entry into force in January 2014. (Source: Final Report on OSRA Consultation)