FCA ICARA Process: Essential Guide for Compliance Professionals!

1. 5 Minute Silent Webinars

2. FCA ICARA Process: A Comprehensive Guide Navigating the FCA's regulatory landscape can be challenging. This presentation provides a detailed overview of the FCA ICARA process, designed to help you understand your responsibilities and achieve compliance.

3. Understanding the FCA's Regulatory Framework The FCA's Role ICARA's Importance The Financial Conduct Authority (FCA) is the UK's independent regulator for financial services. Their primary objective is to protect consumers and ensure market integrity. The ICARA process is a crucial part of the FCA's regulatory framework. It requires firms to assess, manage, and control their risks.

4. Defining the ICARA Process: Purpose and Objectives Purpose Objectives 1 2 ICARA (Individual Conduct, Accountability, and Responsibility Assessment) is a comprehensive process designed to assess and mitigate individual conduct risks within financial institutions. The ICARA process aims to enhance individual accountability, promote ethical conduct, and reduce the likelihood of regulatory breaches.

5. Key Components of the ICARA Process Risk Assessment Mitigation Strategies A thorough assessment of potential individual conduct risks, considering factors such as business model, regulatory requirements, and internal controls. Development and implementation of effective strategies to address identified risks, including policies, procedures, and training programs. Monitoring and Reporting Regular monitoring of the effectiveness of mitigation strategies, with timely reporting to management and the FCA as required.

6. Assessing Risks and Identifying Vulnerabilities Regulatory Violations Fraud and Misconduct Conflicts of Interest Potential breaches of FCA rules and regulations, leading to fines, sanctions, or reputational damage. Deliberate or negligent actions that result in financial losses or harm to clients, including misselling, market manipulation, or insider trading. Situations where an individual's personal interests may influence their professional judgment, potentially leading to unfair treatment of clients or market manipulation.

7. Developing Mitigation Strategies and Controls Policies and Procedures 1 Clear and comprehensive policies and procedures outlining expected conduct, ethical standards, and risk management practices. Training and Education 2 Providing regular training and education programs for employees on FCA regulations, ethical conduct, and risk awareness. Supervisory Oversight 3 Establishing effective supervisory controls to monitor employee behavior, identify potential risks, and intervene early to prevent breaches.

8. Documenting the ICARA Process and Reporting Documentation Maintaining comprehensive records of risk assessments, mitigation strategies, and monitoring activities. Reporting Providing regular reports to management and the FCA on the ICARA process, including identified risks, mitigation measures, and any breaches or incidents.

9. Maintaining Compliance and Continuous Improvement Regular Reviews Periodically review and update the ICARA process to ensure its effectiveness in mitigating individual conduct risks. 1 Feedback and Learning 2 Actively seek feedback from employees and supervisors to identify areas for improvement and enhance the effectiveness of the ICARA process. Commitment to Compliance Foster a culture of compliance by promoting ethical conduct, emphasizing accountability, and encouraging employees to report any concerns. 3

10. Next Steps To learn more about the FCA ICARA process or to discuss how we can help you achieve compliance, please contact us.

11. If you have any burning questions, please contact us

12. If you have any burning questions, please contact us