Objectives

The primary objective of this tender is to commission an independent review of the Own Risk and Solvency Assessment (ORSA) maturity for the ECIC over a three-year period. The review aims to evaluate the effectiveness, maturity, and regulatory compliance of the ORSA process, ensuring it aligns with governance standards, supports strategic planning, and adequately manages all material risks faced by the organization. The review will also assess the reliability of technical provisions and solvency capital calculations, providing assurance to the board and supporting ongoing risk management and capital adequacy strategies.

Scope

The scope encompasses:

• Assessment of the ORSA policy, governance, and risk management processes related to ORSA.
• Evaluation of the maturity and effectiveness of processes for identifying, monitoring, and managing emerging risks.
• Review of ORSA outcomes and their influence on resilience planning, business continuity, and long-term sustainability.
• Assessment of capital management activities, including capital adequacy under stressed and future scenarios.
• Independent validation and assurance of the ORSA process, including presentations to the Risk Committee and Board over three years.
• Due diligence/site inspections as deemed necessary by ECIC.
• Evaluation of proposals through phased assessments, including compliance, functional evaluation, preference points, and objective criteria.

Technical Requirements

The technical requirements include:

• Provision of a comprehensive ORSA review aligned with the Governance and Operational Standards for Insurers (GOI 3.1).
• Assessment of the effectiveness and maturity of ORSA policies, governance, risk management, and capital management processes.
• Evaluation of ORSA outcomes and their integration into strategic decision-making and resilience planning.
• Independent validation and assurance report to the ECIC Board and Risk Committee, including presentations (virtual or in person) over the three-year period.
• Compliance with applicable regulatory standards and standards specified in the bidding documents.
• Provision of detailed findings, recommendations, and supporting documentation substantiating claims for specific goals.

Skills Requirements

The successful bidder must demonstrate:

• Professional Membership & Experience: Membership in relevant professional bodies, with proven experience in risk management, ORSA, and insurance industry assessments.
• Relevant Engagements: At least three contactable references for similar engagements in risk management and ORSA within the last 24 months.
• Team Expertise: A team with demonstrated expertise in implementing and reviewing ORSA and governance standards, including CVs with relevant qualifications (e.g., actuarial, risk management).
• Methodology & Approach: Clear, articulated approach and methodology for conducting the review, including milestones and success factors.
• Independent Validation: Ability to provide independent, objective assurance and validation of the ORSA process, aligned with regulatory standards.
• Presentation & Reporting Skills: Capacity to prepare comprehensive reports and deliver presentations to senior management, Risk Committee, and Board, both virtually and in person.