The Thailand Office of Insurance Commission held a briefing for life and non-life insurers on its approach to further developing Enterprise Risk Management (ERM) and Own Risk and Solvency Assessment (ORSA) practices, positioning the work as an effort to align risk management standards more closely with international practice and improve the supervisory value of ERM-ORSA outputs. Building on improvements to ERM-ORSA report quality introduced since 2020, the Office’s review of submissions identified further scope for development so reports provide deeper insight into firms’ risks and capital, particularly through clearer articulation of risk appetite and risk tolerance and stronger linkage to organisational strategy. The Office also highlighted plans to change the reporting submission format from PDF to a more analysis-ready format, developed alongside its inspection function, to reduce processing time and support more accurate and consistent review of ERM-ORSA reports against international standards. Insurers were encouraged to record key information, including key risk indicators and stress test results, in a structured format that can be analysed systematically.
Thailand Office of Insurance Commission 2025-03-19
Thailand Office of Insurance Commission outlines enhanced ERM and ORSA reporting expectations and shift away from PDF submissions
The Thailand Office of Insurance Commission briefed insurers on enhancing Enterprise Risk Management (ERM) and Own Risk and Solvency Assessment (ORSA) to align with international standards. The review identified areas for improvement in report quality, emphasizing clearer articulation of risk appetite and stronger links to organizational strategy. Plans include changing the reporting format to facilitate systematic analysis and improve supervisory efficiency.