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Creating an Effective ICAAP - a practical Guide for BIPRU and IFPRU Firms

07 Nov 2019, London

9:30am to 4:30pm

Outline & Objectives

The ICAAP should be a risk management tool used by the firm/group to inform business decisions; it should not be treated purely as a compliance exercise” 

The ICAAP document is required by a large swathe of the investment firm population and the FCA has decided to use its powers more aggressively to review the ICAAP and the process that underpins its creation at a firm.

Making use of a running CASE STUDY throughout, this programme is designed to equip delegates with an understanding of the relevant rules and practical requirements and how to pull them together to create an effective ICAAP that is more than just a “box-ticking” exercise. The course will also help delegates understand what to expect from an FCA SREP and how to manage the process effectively.

Attending will help you:

  1. Understand the central role of the ICAAP in the Board’s strategic thinking and risk management activity
  2. Review the regulatory requirements applicable to the content
  3. Examine the practical problems in creating an ICAAP and how to overcome them
  4. Develop strategies for risk assessment
  5. Appreciate the role of stress testing
  6. Construct an appropriate winding-up plan and guidance
  7. Prepare for a SREP

Who will benefit

This practical course is specifically designed for Compliance, Operational Risk and Internal Audit professionals in FCA regulated investment firms subject to the demands of the production, maintenance and review of an ICAAP document under BIPRU and IFPRU.

It will also be of value to senior Finance and Chief Operating Officers who are involved in the production of the ICAAP and need to understand its’ place in the control and governance framework.

Please note: this programme is focused on the practical needs of investment firms rather than regulated banks and, although many of the comments and techniques are transferable, the course does not cover the specifics relating to deposit-takers and lenders.

Training Approach

This workshop uses a combination of trainer input, knowledge sharing with interactive syndicate work and case studies. Group size is capped to facilitate sharing of experience amongst the delegates.


Course Presenter

Gary has 25 years of compliance experience in the UK and overseas, including spells with the Personal Investment Authority, Henderson Global Investors, Brevan Howard Asset Management, Religare Capital Markets and as a Managing Partner of a boutique financial services firm. He has run his own regulatory and governance consultancy, Tetractys Partners LLP since September 2013. He has extensive asset management, hedge fund and investment banking experience in addition to a broad and deep understanding of corporate governance. Gary is a regular conference speaker and author of technical articles on compliance-related topics. He sits on the regulatory advisory group of the Journal of Securities Operations and Custody. Gary holds Masters degrees from Oxford and London Universities and an MBA from the Open University Business School, is a former director of Cayman and Luxembourg domiciled hedge funds, as well as regulated companies in the UK and South Africa. Gary has been an FSA/FCA registered person in Controlled Functions 10 and/or 11 since 2001. He brings a combination of compliance and commercial experience, in terms of both practical implementation and Board level oversight, to the training he delivers.

Course Programme

Session Aim Content
Central place of the ICAAP To consider the role the ICAAP plays in linking together multiple aspects of the governance process within firms and how this is intended to be demonstrably at the heart of the senior management decision-making process
  • What is the full scope of the requirements?
  • What this means for firms
  • Why firms get it wrong
Regulatory requirements To understand the full extent of the applicable regulatory requirements and how these “plug in” to other key aspects of the Rulebook, including GABRIEL reporting
  • Exploring the full scope of the regulatory requirements
  • What firms often miss
  • Why so many ICAAPs fall short of the requirements
Overcoming practical problems To be able to navigate effectively a number of the practical problems that can emerge when constructing an ICAAP
  • Real-life examples and how these were overcome
Strategies for risk assessment To understand the various approaches to risk assessment and how these affect the creation of the ICAAP
  • The role of compliance, operational risk and internal audit
  • Linking risk scoring to fundamental financials
  • Moving from “best guess” to empirical evidence
The role of stress testing To examine the role stress testing plays in the ICAAP, strategic decision-making and liquidity management
  • The purpose of stress testing
  • What might constitute meaningful stress tests?
  • The role of mitigation plans
  • The link to the winding-up plan
The winding up plan and guidance
To understand the requirements of the WDP and how this can apply in practice to a firm
  • What is the purpose of the WDPG?
  • Key requirements and applying these in practice
  • Constructing a credible winding-up plan
Preparing for the SREP To know what the FCA looks for in the SREP and how firms can be best prepared to manage the process effectively
  • Purpose of the SREP?
  • What form does the review take?
  • Timescales and records
  • What is the FCA looking to find?

This course can be delivered in-house at a time and location to suit your business and tailored to suit your people and organisation. We can also create bespoke training when something very specific is needed.Please contact us to discuss your requirements in more detail and at no obligation.

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