ORX Scenarios Community Discussions: Roles and responsibilities in scenario workshopping and validation of low-likelihood scenarios

The main focus of the July Scenarios Working Group sessions was roles and responsibilities in scenario workshopping, with discussions aiming to gather information on the range of industry practice and the challenges currently facing the community in this area.

One of the sessions also tackled a subscriber question on handling low likelihood scenarios, and how to exacerbate scenario assumptions and validate resulting quantification outputs by comparing severity estimates for a scenario associated with different likelihoods.

In this blog, we summarise the key discussion points, current challenges facing the industry, and common themes and approaches highlighted across each topic.