Learn how to implement in 2024 ICARA & SREP through practical examples

A self-study course that guides the learner in preparing an Internal Capital Adequacy Risk Assessment Process (ICARA), including practical examples for Risk Assessment, Stress Testing and Capital Planning, as per the regulatory framework of the Investment Firm Regulation and Directive (IFR & IFD). In addition, the course outlines key takeaways from the joint guidelines of the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) on common procedures and methodologies for the Supervisory Review and Evaluation Process (SREP).

Suited and recommended for Continuous Professional Development (CPD) units for Compliance officers, Brokerage and Dealing on Own Account officers. Furthermore, the course can be of significant value for members of the Board of Directors, responsible for the review and approval of the ICARA report.
This course includes:
  • online video recordings
  • self-study material
  • test questions
  • certification of 5 hours of CPD

Evdokia Pitsillidou

Director of Risk & Compliance, SALVUS Funds

Online self-study


5 hours of CPD



Price includes VAT

course contents

your instructor

Evdokia Pitsillidou

Director of Risk & Compliance at SALVUS Funds

Evdokia, a partner at SALVUS Funds, is actively advising and working on all matters related to licensing, regulatory compliance, and internal audit for investment firms, funds, Electronic Money Institutions (EMI) & Crypto-Asset Services Providers (CASP).

  • Member of the Global Institute of Internal Auditors (IIA)
  • Member of the Cyprus Investment Funds Association (CIFA)
  • Certified Actuarial Analyst (CAA)
  • CySEC Advanced Certified Person
  • CySEC certified Anti-Money Laundering Compliance Officer (AMLCO)

what is the ICARA course and what are the learning outcomes?

The Internal Capital Adequacy Risk Assessment Process (ICARA) self-study course has been developed by SALVUS Funds to equip professionals with the necessary knowledge and guidance for the preparation of the ICARA report. 

The course covers in detail the regulatory provisions of the ICARA, ICAAP and ILAAP, and analyzes the changes introduced with the Investment Firms Regulation and Directive (IFR and IFD). Within the course, the instructor provides proposed contents for the creation of the ICARA report, practical examples on how to perform a risk assessment analysis, stress the capital and liquidity levels of the firm. This self-paced course is designed to enrich the knowledge and expertise of professionals employed in Cyprus Investment Firms (CIF) and Crypto-Asset Services Providers (CASP) regulated by CySEC.

Professionals who undertake this course will gain competencies through practical examples to help identify areas of weakness within company policies and use their newly acquired knowledge to enhance procedural robustness, as well as be prepared if the Supervisory Review and Evaluation Process (SREP) is exercised by the regulator at any time.

The completion of this course counts towards Continuous Professional Development (CPD) annual requirements for CySEC Advanced and Basic certifications.

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