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ICAAP Document Contents: Governance

ICAAP Documents Contents: Governance

What is should be included in the ICAAP Document about the Governance of the Firm?


The ICAAP Document or ICAAP Report should describe the governance of the firm - in essence the role of the Board in overseeing a firm’s risk culture and providing appropriate challenge to management.

In addition, the ICAAP that the Board approves must be linked to the firm's business strategy and appetite for risk. At the end of the day, it will be the extent to which the firm's ICAAP has been subject to appropriate challenge that will steer the FCA's thoughts on this issue come review.

In larger firms, the FCA will be looking for evidence of a stress testing framework that has involved all key business leaders and risk owners in designing stress tests and evaluating the results.

In smaller firms, they will need to demonstrate that they also have an equivalent and appropriate process.

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