The ORA under IORP II: From EU Landscape to Board Conclusions

Einleitung/Dauer

This web session provides a structured and practical walkthrough of the Own Risk Assessment (ORA) under IORP II.

We begin with a concise overview of the European pension landscape and supervisory expectations, followed by a clear comparison between ORA and ORSA.

The core of the session focuses on the practical building blocks of a robust ORA:

• linking strategy to risk identification
• assessing risk appetite and risk-bearing capacity
• applying scenario analysis, stress testing and reverse stress testing
• defining management actions and trigger frameworks
• formulating defensible board conclusions

The emphasis throughout is on practical implementation and producing ORA outcomes that are coherent, defensible and aligned with board responsibility.

Preliminary Programme
Thursday, 5 November 2026
09:30–10:30  Overview of Occupational Pension Funds in the EU
• Diversity of IORPs across Member States
• Supervisory landscape and proportionality
• Governance expectations under IORP II
10:30–10:45  Break
10:45–12:15  ORA vs. ORSA
• Legal framework comparison (IORP II vs. Solvency II)
• Governance-driven vs. capital-driven models
• Supervisory implications

Friday, 6 November 2026
09:30–10:30  The Building Blocks of the ORA
• Strategy as starting point
• Risk identification
• Risk appetite vs. risk profile
• Risk-bearing capacity
10:30–10:45  Break
10:45–12:15  Scenario Analysis, Governance & Conclusions
• Scenario analysis
• Stress testing
• Reverse stress testing
• Management actions and trigger frameworks
• Effectiveness of risk management
• Board responsibility
• Formulating ORA conclusions

All the above times are given in CET (Central European Time).

Vorgehensweise und Ziele

Participants will:

• Understand the European occupational pension landscape
• Comprehend supervisory expectations under IORP II
• Distinguish clearly between ORA and ORSA
• Analyse the interaction between strategy, risk appetite and risk-bearing capacity
• Apply scenario analysis, stress testing and reverse stress testing in an ORA context
• Identify appropriate management actions and trigger mechanisms
• Formulate robust and defensible ORA conclusions

The session combines regulatory context, conceptual clarity and practical implementation experience.

Teilnehmer

This web session is suitable for:

• Pension fund board members
• Risk managers
• Actuaries
• Compliance officers
• Supervisory board members
• Consultants advising IORPs

A general understanding of pension fund governance and risk management is recommended.

Technical Requirements
Please check with your IT department if your firewall and computer settings support web session participation (the programme Zoom will be used for this online training). Please also make sure to join the web session with a stable internet connection.

Dozierende

Kees van Heugten
Kees van Heugten is a mathematician and actuary with extensive experience in enterprise risk management. Following the introduction of Solvency II, he supported insurance companies in implementing and further developing the ORSA framework. Building on this experience, he assisted pension funds in developing and strengthening their Own Risk Assessment (ORA), including large Dutch funds such as ABP and PME. He dedicated his thesis to the ORA framework and graduated cum laude, earning the CERA designation.

Sprache/Kurztitel

The language of the web session will be English.

CPD Credits
For this web session, the following CPD credits are available under the CPD scheme of the relevant national actuarial association:

• Austria: 5 points
• Belgium:  5 points
• Bulgaria:  8 points
• Croatia: individual accreditation
• Czechia:  5 hours
• Denmark: 6 credits
• Estonia:  5 hours
• Finland: 4.5 points
• France:  30 points
• Germany:  6 hours
• Greece: 7 points
• Hungary:  5 hours
• Iceland: 5 credits
• Ireland: 5 hoursItaly: individual accreditation
• Latvia: 5 hours
• Lithuania: 5 hours
• Netherlands:  approx. 5 points (individual accreditation)
• Norway: 5 points
• Poland: 5 hours
• Portugal: 5 hours
• Serbia: 5 hoursSlovakia:  individual accreditation
• Slovenia:  individual accreditation
• Spain: CAC: 5 hours, IAE: 5 hours
• Switzerland:  individual accreditation
• USA: SOA (Section B): up to 6.0 hours

No responsibility is taken for the accuracy of this information.