Own Risk Assessment

The ORA is a triennial assessment of how well the ESOG is working and the way potential risks are managed

The Muse ORA process is a 6-step iterative process which enables you to assess the effectiveness of your governance and how you manage risk, as well as reviewing the actual risks to your scheme.

We have first‑hand experience of undertaking ORAs, having completed them in the UK and Ireland.

The Muse approach

Our approach is to provide an independent, unbiased perspective, placing the ESOG and the ORA in the context of what you are seeking to achieve for your scheme. The ORA reporting should have a clear purpose and add tangible value to your scheme’s governance.

ORA work plan

We develop with you a plan and timetable for the ORA work so that you know who has what role and responsibilities and who provides input and when.

Some schemes have a working group to lead the work, others a Committee, or their pensions team.

ORA report

We provide an overarching dashboard on a RAG basis, supported by high-level findings against each key area of the ESOG and ORA requirements, along with a roadmap of actions. Any detailed findings and assessments are pointed to in the ORA report.

The ORA findings and actions should add value to your strategic thinking and decision making, as well as your understanding of scheme operations and risk management. Embedding the findings and actions into the business planning cycle ensures improvements are made, which will hopefully lead to demonstrable improvements in what you do and how you do it.

See case studies of some of our ORA work.