The CISSA and GSSA Review Process Delivering value and insights to your business
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1 The CISSA and GSSA Review Process Delivering value and insights to your business Institute of Internal Auditors, Bermuda Chapter 6 th November 2014 Stephen Kelly Head of Advisory Services E: stephen.kelly@gtas.bm T: M: Lucinda Hallan Director E: lucinda.k.hallan@uk.gt.com T: +44 (0) M:+44 (0)
2 Our agenda ORSA vs CISSA context & drivers CISSA key principles ORSA key inputs CISSA in action 3 levels of maturity Be "submission-ready" Be "review-ready" Reap the real business benefits The role of the 3 rd line of defense in the CISSA process Reviewing a CISSA a basic checklist Key questions for your business Discussion 2
3 ORSA vs CISSA context and drivers Solvency II Single version of truth Equivalence Not a single lens Structure & use Use as regulatory tool Distinction between process and submission Degree of Intervention Supervisory approach 3
4 CISSA key components Include the determination of financial resources given the risk tolerance and business plans Performed, reviewed and approved by the board/senior management Documented Use test: integrated into the management process and decision making Encompass all material risks and the relationship between risk and the quantity and quality of capital 4
5 ORSA key components Business model description Application of risk appetite and tolerance Capital and liquidity contingency plans Evidence of embedding and 'use' Risk management framework and process description Forward looking assessment of overall solvency needs Independent review Stress testing and scenario analysis framework 5
6 CISSA in action 3 levels of maturity "SUBMISSION- READY" "ON-SITE READY" "REAP THE BUSINESS BENEFITS" CISSA viewed primarily as a regulatory filing CISSA viewed as a supervisory tool CISSA triggers improvements in business information and decisionmaking 6
7 Be "Submission-Ready" Focus on generating and signing off the report One filing among many "What have we done, what can we prove?" Little recognisable integration into business planning 7
8 Be "On-site Ready" Documented processes and higher CISSA profile More future-facing More frequent iteration Demonstrable influence on decision-making 8
9 Reap the business benefits Solvency self-assessment viewed as a management tool Single view integrating solvency with other metrics / lenses Full alignment between CISSA exhibits and MI dashboard Shorter more powerful outputs Integrated business planning 9
10 CISSA and the 3 rd line of defense How mature is the operating model? Highlighting key man risks in senior decision-making Making sure the right people "speak CISSA" Chasing transparency 10
11 Some questions for your business Do you have a single view of management information do you need it? What information about risk, performance and solvency would senior execs like to see as a decision-making tool do they get this currently? How does your business evidence use of solvency and riskrelated information in decision-making? Would you be ready for a more interactive supervisory stance? 11
12 Thank you any questions? Contact details Stephen Kelly Head of Advisory Services E: T: M: Lucinda Hallan Director E: T: +44 (0) M:+44 (0)
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