Implementing IFPR and ICARA - 21 months on
Description
Group discount: use the promotional code GROUP and receive a 20% discount on bookings of five people or more.
WHY ATTEND
The Investment Association is pleased to invite you to our 'Investment Firms Prudential Regime (IFPR) Forum' on Wednesday, 27 September.
Subject matter experts from IA member firms, both consultants and practitioners, will join the IA to discuss and share views on IFPR and ICARA, now 21 months on since the FCA implemented this Prudential Regime for MiFID investment firms on the 01 January 2022.
The IFPR was introduced to streamline prudential requirements to ensure a more appropriate and proportionate regime to investment firms’ risk profiles and business models. It was also introduced to enable better regulatory supervision regarding capital, liquidity, remuneration and other risk management rules.
To support member firms as they adapt to the new prudential standards, the IA have held various briefings and discussion forums in 2023. This event will aim to bring those discussions together, as well as reflecting on key learnings to date. We will hold industry panels and presentations with keynote speakers. You will hear from J.P. Morgan, Invesco, Alpha FMC, EY, BDO, and Deloitte, plus hear views from the FCA.
During this in-person event, we will talk you through Risk Mapping, Internal Capital and Risk Assessment (ICARA), wind down planning and include views for smaller firms.
Please note - To support our members with current matters, we will bring some key topics to the table which will be ‘live’ and finalised closer to the time.
AGENDA
Programme subject to slight change:
08:30 Registration & networking
09:00 Opening comments
Anshita will outline some key areas of focus on IFPR going forward.
Anshita Joshi, Head of Risk and Tax Unit, The Investment Association
09:15 Fireside chat with the FCA
To discuss key themes picked up by the FCA. Earlier this year the FCA published IFPR implementation observations which contained key initial FCA observations on how firms are implementing requirements on the internal capital adequacy and risk assessment (ICARA) process and reporting under the IFPR. During the chat Zainab and Simon will discuss what to expect coming down the pipeline on the FCA’s second publication later this year/early next year.
- Simon Peters, FCA Manager - Financial Resilience Department - Supervision
- Zainab Yazdansetah, Senior Policy Advisor, The Investment Association
10:00 SREPs Q&A panel
This panel will take you through first hand insight drawn from FCA feedback and a wide array of practitioner’s insights with Alan Trotter (Group CFO of Invesco and chair of the IA’s Prudential Committee) moderating the panel. The panel will discuss liquidity, risk triggers and appetite and aspects of wind-down planning. In addition to this, areas of discussion will touch upon governance and the use of models and MI; including experiences throughout consolidation and the dynamics surrounding group harms versus solo entity harms.
Moderator: Alan Trotter, Chief Financial Officer – Europe, the Middle East and Africa, Invesco
- Nick Bloxham, UK Financial Controller, J.P. Morgan Asset Management
- Brian Thornhill, Director, Deloitte
- Louis-Philippe La Rocque, Senior Manager, Consulting - Financial Services, EY
10:45 Networking break
11:15 Wind down planning – Key Considerations
Expert speakers will talk through some key areas of consideration for wind-down planning.
Giovanni Giro, Associate Director - Financial Services, BDO UK LLP
12:00 ICARA & Modelling
Join Awat Rahimi in discussing some of the key considerations behind capital planning and modelling, including areas of consideration/procedures for estimating regulatory capital.
Dr Awat Rahimi, ICARA and Regulatory Capital SME, Alpha FMC
12:30 Capital planning & future considerations
Join Rob Crawford (KPMG) , Samantha Denis (Ballie Gifford) and Liezl De Villiers (Aviva) in horizon scanning for the future, including how to consider impact of reputational risk events in financial services, ESG considerations and wider macro trends when implementing ICARAs.
- Robert Crawford, Senior Manager - Risk and Regulatory Advisory team, KPMG
- Samantha Denis, Accounting and regulatory policy lead, Baillie Gifford
- Liezl De Villiers, Head of Operational Risk, Aviva
13:15 Closing remarks
13:30 Networking lunch
SPEAKERS
Nick Bloxham, UK Financial Controller, J.P. Morgan Asset Management
Nick Bloxham is the UK Financial controller for JPMorgan Asset Management. He has been at the firm since 2008, and in the financial industry since 2005. Previous roles include legal entity controller and global equity chief financial officer for JPMorgan Asset Management.
Nick Bloxham is a Director on a number of regulated companies within JPMorgan Asset Management, including JPMorgan Funds Limited - the Authorised Corporate Director for JPMorgan’s UK open-ended fund range. In addition, he is deputy chair of the Investment Association Prudential Committee.
Mr Bloxham has an MA (Cantab) from Cambridge University and an MSc from Imperial College, London. He is a qualified Chartered Accountant (CA).
Dr Awat Rahimi, ICARA and Regulatory Capital SME, Alpha FMC
Dr Awat Rahimi is the Head of Prudential Risk at Alpha FMC. Prior to joining Alpha in November 2022, he served at the FCA for 5 years, within the Prudential Specialists Department. He was instrumental in constructing the benchmarks that the regulator uses to ascertain the level of capital firms need to retain. In addition to assessing ICARAs and ICAAPs, Dr Rahimi's responsibilities encompassed operational risk modelling and spearheading the FCA's new prudential data strategy for firms under FCA prudential supervision.
Robert Crawford, Senior Manager - Risk and Regulatory Advisory team, KPMG
Rob is a Senior Manager in KPMG’s Risk and Regulatory Advisory team with over nine years’ experience of asset managers on risk matters, specialising in prudential regulation. Rob works with clients ranging from global asset managers through to smaller boutique firms. This includes advising firms on prudential regulatory change, the ICARA, wind-down planning, SREP preparation, supporting on transactions, entity rationalisation/optimisation and risk management frameworks.
Alan Trotter, Chief Financial Officer – Europe, the Middle East and Africa, 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.
Louis-Philippe La Rocque, Senior Manager, Consulting - Financial Services, Ernst & Young LLP
Louis-Philippe is a senior manager with a focus on prudential regulation for investment management firms in EY’s Risk and Regulation practice. He has over 10 years experience in financial services as a professional advisor and regulator. Prior to joining EY Louis-Philippe worked as a prudential specialist at the Financial Conduct Authority (FCA) focusing on investment management firms.
He has experience supporting firms with various aspects of prudential regulation, including topics such as capital, liquidity, consolidation and wind-down planning. Over the past 24 months, Louis-Philippe and the team at EY have supported numerous firms with the implementation of all aspects of the Investment Firm Prudential Regime (IFPR) in the UK.
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.
Anshita Joshi, Head of Risk and Tax Unit, The Investment Association
Anshita Joshi is the Head of Risk and Tax at the Investment Association, where she leads the development and execution of the IA's agenda on UK, EU, and international risk and tax policy matters impacting the investment management industry. Anshita is an industry professional with over 18 years of experience in the investment management sector. Prior to joining the IA, she was a senior manager in PwC's asset management team.
Samantha Denis, Accounting and regulatory policy lead, Baillie Gifford
Samantha joined Baillie Gifford in 2004 as an accountant within the Finance department and was involved in financial and regulatory reporting for the group. In 2019, she took on a more specialist role in the regulatory space as Prudential Policy manager, this role was expanded earlier this year to include accounting and regulatory policy.
Her role entails working closely with the financial reporting team and business risk team to lead the implementation of new regulatory policies across the Baillie Gifford group.
Core activities are researching current and future regulatory requirements that will impact our entities, drafting policies and rule interpretations and providing training as required.
She is also involved in the ICARA process covering internal assessments, wind down planning, recovery action plans and stress testing.
Prior to working at Baillie Gifford, Samantha worked at Deutsche Bank, Jersey as an accountant within Financial Control and Royal Bank of Canada, Jersey in both their Fund Administration and Finance departments.
She is ACCA qualified and has a BA(Hons) degree in European Studies.
Giovanni Giro, Associate Director, Financial Services Advisory, BDO UK LLP
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. He is an experienced trainer and a regular speaker at seminars, webinars, client events and workshops.
Liezl De Villiers, Head of Operational Risk, Aviva
Liezl de Villiers Getz is the Head of Operational Risk at Aviva Investors. She is responsible for setting the operational risk approach and providing strategic direction on risk, control and capital management across the global asset management business. She manages several technical risk areas which includes incidents management; framework, policy and methodologies; risk appetite statements and culture; monitoring and deep dives; emerging risk and capital (ICARA); as well as model governance.
She previously worked at KPMG as a risk, control and capital consultant; external auditor as well as a financial engineering group manager.
She holds a Bachelor in Accounting Honours degree from the University of Stellenbosch, is a qualified Chartered Accountant registered with the South African Institute of Chartered Accountants and is a member of the Institute of Operational Risk.
Zainab Yazdansetah, Senior Policy Advisor, The Investment Association
Zainab Yazdansetah joined the IA in October 2022 as a Senior Policy advisor for SMCR, FSCS levies and later inherited the IA’s Prudential Portfolio focussed on IFPR. She has 8.5 years of experience working for the FCA with some of her positions including conduct focussed work within the Cross-Firm team in Wholesale Banking (Sell Side) Supervision and Senior Case Officer in Retail Banking Authorisations, dealing and leading on some of the most complex retail banking propositions.
