IA Webinar: IFPR Implementation

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The FCA published Initial observations on how firms are implementing requirements on the internal capital adequacy and risk assessment (ICARA) process and reporting under the IFPR. It is clear that, in 2023, the FCA will have much firmer expectations on IFPR. Join the IA and its panel of speakers in discussing some of the common challenges and solutions experienced by the industry so far.

Key topics:

• Overview of ICARA and SREPs to date
• Consolidation
• Liquidity and wind-down
• Remuneration

Who should attend?

The programme should be of interest to both investment management firms and those providing services to such firms, in particular consultants, accountants and legal firms. It will appeal in particular to those engaged in Executive Management, Business Development, Investment Management, Institutional Relationship Management, Investment Operations and Administration, Finance, Risk, Compliance and Legal. It will also be relevant for specialists from organisations that support or provide services to investment management firms, such as Third Party Administrators, Consultants, Professional Services Advisers and Regulators.

Jonathan Charles, Director. Grant Thornton

Jonathan is a Director in our regulatory team and has worked in the professional and financial services sector for 15 years.

Experience
He is a Chartered Accountant and specialises in risk and regulatory advisory projects, with a particular focus on prudential assignments in the investment firm sector.

Jonathan sits on Grant Thornton’s investment management sector group and took a leading role in Grant Thornton’s MIFIDPRU delivery engagements, supporting its investment firm clients in interpreting the MIFIDPRU rules and developing approaches to the ICARA process.

He has conducted capital reporting Skilled Person work to assess compliance assisted in the design and implementation of operational risk capital frameworks at several firms.

Jonathan has conducted and managed numerous risk management and ICAAP / ICARA projects including a number of skilled person reviews which have been incepted to cover matters identified in FCA SREP activity.

Dr Awat Rahimi, Senior Manager - Regulatory Capital Risk SME. Alpha Financial Markets Consulting 

Awat has spent the past 5 years at the FCA where his main responsibility was to assess the operational risk models of the FCAs largest investment firms and to set capital accordingly during the SREP process.

Awat designed the benchmarks and assessment tools to decide the level of capital firms need to hold.

Awat led the FCAs strategic response to the pandemic by implementing a data-driven automated assessment of the financial resilience of 50k firms, allowing the regulator to risk-rank and prioritise all 50k firms it is prudentially responsible for supervising.

Prior to the FCA, Awat worked as a Quant in both the market risk department of a bank and in a fintech where he worked on a derivatives pricing engine. Before that he did his Postdoc and PhD in Astrophysics where his research focused on numerical simulations of the formation and evolution of stars and galaxies in the universe.

Giovanni Giro, Associate Director, Financial Services Advisory. BDO

Giovanni is an Associate Director in the Financial Services Advisory team and provides regulatory assurance and advisory services to clients, specifically focusing on prudential regulation and risk management.

Giovanni has worked in regulatory consulting for more than 15 years, assisting UK and overseas clients ranging from small firms to large institutions such as banks, stockbrokers, investment banks, asset managers, hedge funds, wealth managers, CFD/FX traders, investment advisers, payment service firms, e-money issuers and corporate finance boutiques.

Giovanni currently leads BDO’s prudential risk proposition for investment firms and focuses specifically on the implementation of the Investment Firms Prudential Regime (IFPR).He regularly manages projects focusing on regulatory change, risk management and prudential systems and controls. He has managed and worked on a number of Skilled Person’s reviews for banks and investment firms and has extensive experience in the interpretation and application of financial services legislation and regulatory requirements.

Alan Trotter, Chief Financial Officer, Invesco

Alan Trotter joined Invesco in June 2016 as Chief Financial Officer for Europe, the Middle East and Africa (EMEA). He has more than 20 years of experience in senior financial roles in Asset and Wealth Management, Insurance and Banking, He has worked in the UK, the US and Asia.

Before joining Invesco, Mr. Trotter was Chief Financial Officer at Alliance Trust PLC, a listed specialist asset manager, from 2010 to 2016. Previously, Mr. Trotter was Group Corporate Development Director and Central Finance Director at Legal and General Group from 2007 to 2010, and he led finance and actuarial transformation design. He was Senior Manager in group corporate finance (mergers & acquisitions) at Royal Bank of Scotland from 2001 to 2007, leading several acquisitions.

Mr. Trotter previously served as Financial Controller at new business start-up Standard Life Bank, where he also served as Finance Manager for group financial and regulatory reporting from 1996 to 2001. In addition, he was an Audit and Tax Senior at Erns! & Young from 1990 to 1996 in the UK and Hong Kong.

Mr. Trotter earned a Bachelor of Accountancy, with honors, from the University of Glasgow in 1990 and a Bachelor of Laws degree from the University of London (distance learning) in 1998. He is a member of the Institute of Chartered Accountants of Scotland, the Chartered Institute of Taxation and the Association of Corporate Treasurers. He attended the INSEAD Business School Advanced leadership Programme in Paris in 2014.

Brian Thornhill, Director, Deloitte

Brian is a Director in Deloitte’s Financial Services Risk Advisory Practice and an affiliate member of the Prudential Committee of the Investment Association. He previously served as a prudential technical specialist and operational risk lead at the FCA and its predecessor organisation the FSA.  He currently leads Deloitte’s IFPR implementation and ICAAP / ICARA transition support, including risk management framework, stress testing, liquidity, wind-down planning and recovery planning arrangements, and serves as an SME on various industry forums and working groups.