Special Projects
The Complyport Special Projects team helps firms on an ad hoc basis with individual compliance projects, regardless of size or complexity. In the past projects have included:
- Internal Capital Adequacy Assessment Process;
- Individual Liquidity Adequacy Standards;
- Skilled Persons Reports;
- FSA ARROW visit preparation; or
- Significant Influence Functions/Approved Person FSA Interview Preparation.
Internal Capital Adequacy Assessment Process (ICAAP)
The purpose of the ICAAP is to inform a firm's executive committee of the ongoing assessment of the firm's risks, how the firm intends to mitigate those risks and how much current and future capital is necessary having considered other mitigating factors. The ICAAP document is to demonstrate to the FSA the firm's internal capital adequacy assessment process and the adequacy of their capital base.
Complyport will assist your firm in:
- Providing a risk matrix to identify material risks faced by a firm. Complyport will assist in the development of a risk matrix to ensure that the various risks and controls are properly recorded by the firm and that it is consistent with the firm's Risk Appetite. Complyport will then help identify the Material Risks that the firm faces and where appropriate the necessary additional capital required to meet those risks should they be realised;
- Ensuring that your financial figures are suitably presented in the report and that the stress tests and scenario analyses are adequate for the ICAAP; and
- Documenting the findings in the ICAAP report. Complyport will supply the firm with a draft ICAAP document based upon our findings, our knowledge of your firm and our discussions with the business managers from the firm: you would then be able to amend this to incorporate any further information prior to its approval by the firm's executive committee.
Individual Liquidity Adequacy Standards (ILAS)
BIPRU 12 requires a firm to consider liquidity risk, its tolerance to liquidity risk, the systems and procedures to enable appropriate assessment and approval of these and consideration of the matters that could impact on its liquidity risk and adequacy. The impact of the identified risks are then quantified through rigorous stress testing and consideration of contingent funding plans that may be necessary to cover periods of liquidity strain.
Complyport will assist you in:
- ensuring that your financial figures are suitably presented in the report and that the stress tests and scenario analyses are adequate for the liquidity assessment; and
- documenting the findings in the liquidity assessment. Complyport will supply the firm with a draft liquidity assessment based upon our findings, our knowledge of your firm and our discussions with the business managers from the firm: you would then be able to amend this to incorporate any further information prior to its approval by the firm's executive committee.
Skilled Persons Reports
(FSMA Section 166 Reports)
If the FSA enforces a Section 166 Report on your firm, we have the experience and resources to prepare such a report in a time-efficient manner for submission to the FSA.
FSA ARROW Visit Preparation
Ahead of a proposed FSA ARROW visit we can undertake a complete review of your compliance arrangements as well as training and preparing staff for the FSA's visit.
Significant Influence Functions Interview Preparation
In light of the FSA's enhanced supervisory regime we can ensure any member of staff called into interview with the FSA is fully briefed and prepared to ensure they gain their approved person status.
