Regulatory Alerts2024-04-24
Isle of Man Financial Services Authority Guidance Note on Internal Capital Adequacy Assessment Process (ICAAP)
The Isle of Man Financial Services Authority issues this guidance to regulate Internal Capital Adequacy Assessment Processes for locally incorporated deposit takers. The document mandates that banks establish and maintain a forward-looking ICAAP to identify, measure, and hold sufficient capital against all material risks, including those not fully covered by Pillar 1 requirements. It further requires boards to oversee comprehensive risk assessments, stress testing, and recovery planning to ensure ongoing compliance with minimum capital ratios and overall financial stability.
Share