Keyword Analysis & Research: feedback statement icaap


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Frequently Asked Questions

What is an ICAAP and how does it work?

An ICAAP involves an integrated approach to risk management and capital management, based around assessing the level of, and appetite for, risk in the regulated institution and ensuring that the level and quality of capital is appropriate to that risk profile.

What do we take into consideration when assessing a firm’s ICAAP?

This sets out the factors that we take into consideration to assess a firm’s ICAAP, including the setting of form-specific capital requirements and the PRA buffer. This SS should be read in conjunction with the Statement of Policy ‘The PRA’s methodologies for setting Pillar 2 capital’.

Do I need an independent comprehensive review of the ICAAP?

An independent comprehensive review of the ICAAP is required over a reasonable timeframe. GPS 110 states “A review must be conducted at least every three years. ” The reviewer does not need to be someone external to the insurer however does need to be “appropriately qualified” and “operationally independent of the conduct of capital management.

What is the SREP and how does it affect ICAAP?

The SREP is that part of the Pillar 2 assessment undertaken by the PRA. The supervisory statement points out some of the factors that the PRA will take into consideration when reviewing an ICAAP as part of the SREP and setting Individual Capital Guidance and the Capital Planning Buffer.


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