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Prudential Requirements & Risk Management Framework for EU Investment Firms

Prudential Requirements & Risk Management Framework for EU Investment Firms

Dates

  • December 2026
      to   (2 sessions)
    Delivered Online
    €190 - €350
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Highlights

  • Live Online

  • 7 CPD Units | 7 Hours

  • HRDA Subsidised

The EIMF Live Online Learning Experience

Participants will receive access to the recorded sessions of the course.

EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. Read more

Course Overview

This programme provides participants with a comprehensive understanding of the prudential requirements, governance obligations, and risk management expectations applicable to EU investment firms under the Investment Firms Regulation (IFR), Investment Firms Directive (IFD), and Cyprus Law 165(I)/2021. Participants will examine the regulatory framework governing investment firms, including firm classification, capital and liquidity requirements, governance standards, ICARA processes, stress testing methodologies, and risk management frameworks.

The programme also explores emerging regulatory developments such as DORA, MiCA, and ESG requirements. Through practical examples and regulatory guidance, participants will gain the knowledge necessary to establish effective risk management practices, ensure regulatory compliance, and strengthen their firm's resilience.

Emphasis is placed on supervisory expectations, capital planning, internal controls, and maintaining sustainable governance arrangements within investment firms.

Training Objectives

By the end of the programme participants will be able to:

  • Understand the regulatory framework established by IFR, IFD and Cyprus Law 165(I)/2021.

  • Distinguish between the different categories of investment firms and their regulatory obligations.

  • Explain the principles and requirements of the ICARA process.

  • Identify key prudential requirements relating to capital and liquidity management.

  • Develop effective risk management frameworks covering operational, market, AML, cyber and conduct risks.

  • Apply stress testing methodologies and capital planning techniques.

  • Assess governance and internal control arrangements required by regulatory authorities.

  • Understand regulatory reporting and supervisory expectations.

  • Evaluate the impact of emerging regulations including DORA, MiCA and ESG requirements.

  • Strengthen organisational resilience through effective risk governance and compliance practices

Training Outline

Legal & Regulatory Framework

  • Introduction to IFR, IFD and Law 165(I)/2021

  • EBA Roadmap and Regulatory Developments

  • Interaction with MiFID, MiCA, DORA, CRD, BRRD, AIFMD and UCITS

Classification of Investment Firms

  • Class 1A, 1B, 2 and 3 Investment Firms

  • Classification Criteria and Thresholds

  • Regulatory Implications

Prudential Requirements and Capital Framework

  • Initial Capital Requirements

  • K-Factor Methodology

  • Fixed Overhead Requirement (FOR)

  • Own Funds Requirements

Governance and Internal Control Requirements

  • Role of the Board and Senior Management

  • Responsibilities of Risk, Compliance and Finance Functions

  • Remuneration Governance

  • Internal Policies and Controls

Risk Management and Risk Appetite Framework

  • Risk Appetite and Risk Capacity

  • Quantitative and Qualitative Indicators

  • Operational, Market, AML, Conduct and Cyber Risks

ICARA – Internal Capital Adequacy and Risk Assessment

  • Legal and Regulatory Foundations

  • Harm Assessment Methodology

  • Capital and Liquidity Planning

  • Stress Testing Frameworks

  • Wind-Down Planning

  • Regulatory Submission Requirements (Form 165-03)

Emerging Regulatory Topics

  • DORA Requirements

  • MiCA Compliance and Notifications

  • ESG Risks and Disclosures

  • ICT Risk Management and Outsourcing

  • Future IFR Developments

*This is an updated version of the previous "IFR & ICARA: Navigating Prudential Requirements, Risk, and Regulatory Change" course.

Who Should Attend

This programme is particularly suitable for:

  • Risk Managers

  • Compliance Officers

  • Internal Auditors

  • Chief Financial Officers (CFOs)

  • Executive Directors

  • Non-Executive Directors

  • Risk Officers

  • Regulatory Reporting Professionals

  • Governance and Control Function Staff

  • Other Risk Takers of Investment Firms

Training Style

The programme combines expert-led presentations, practical regulatory examples, interactive discussions, case studies, and scenario-based exercises.

Participants will apply concepts through real-life investment firm situations, enhancing their understanding of prudential compliance, risk management, governance frameworks, and supervisory expectations.

CPD Recognition

This programme may be approved for up to 7 CPD units in Risk and Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

This training course may be approved as an external activity under the new ACAMS recertification category ”non-ACAMS credits” for up to 7 CPD units. Eligibility criteria and CPD Units are verified directly by the Association of Anti-Money Laundering Specialists (ACAMS). To read more about the non-ACAMS credits policies and eligibility criteria please click here.

In-house Training

For groups within the same organisation, this course may be customised to meet any specific needs and delivered in-house.

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Facilitators

  • Panayiotis Vasiliades

    Panayiotis Vasiliades

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    Panagiotis Vassiliades is a Managing Director at the Global Risk Management and Prudential department of Complyport. He provides significant expertise to investment firms, banks, AIFs/AIFMs, PIs/EMIs, and other financial institutions in the EU and the UK, supporting them with prudential regulatory compliance and risk management solutions. Panagiotis also conducts training seminars on topics including the Investment Firms Directive and Regulation, Internal Capital and Risk Assessment processes, the UK Investment Firms Prudential Regime, and other capital adequacy and risk management subjects. Panagiotis holds CySEC’s Advanced Certificate and is an Associate Member (ACSI) of the Chartered Institute for Securities & Investments. He graduated with honours from the Cyprus University of Technology with a BSc in Commerce, Finance, and Shipping, and earned an MSc in Finance (International Banking and Finance) from Durham University (UK), where he received the Best Academic Performance award.

  • Panayiotis Antoniou

    Panayiotis Antoniou

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    Panayiotis Antoniou is a Managing Director at the Global Risk Management and Prudential department of Complyport. He is a professional with 25 years experience in the Financial Sector. He is currently the managing Director of Complyport Global Risk Management and Prudential, a large Advisory Group specialising in prudential risk and Compliance matters for Banks, Investment Firms, Investment Funds and Payment Institutions. Panayiotis is a holder of CySEC’s AML and Advanced Certificates, a Certified Anti-Money Laundering Specialist (CAMS), a Chartered MCSI at the Chartered Institute of Securities and Investments (CISI), a member of the Project Management Institute (PMI). He is also a HRDA accredited trainer. Panayiotis holds a Bachelor degree in Computer Science from State University of New York, USA, a Master’s degree in Information Systems from Virginia Tech, USA as a Fulbright Scholar, a Master’s in Business Administration (MBA) and a Master’s in Public Sector Management (MPSM).

Frequently Asked Questions

  • When will I receive my invoice?

    The invoice is issued on the day the course starts.

  • What payment methods are accepted?

    Payments can be made by bank transfer, cheque, or credit card.

  • When will my certificate be issued?

    Certificates are issued within 7–10 days after the course has been completed, provided that the invoice has been paid.

  • How can I access my certificate?

    Once your certificate has been issued, you will receive an automated email from Cademy notifying you that it is available.

    Click the Get Your Certificate button in the email to download your certificate.

    You can also access it from your Cademy account:

    1. Log in to your Cademy account from https://cademy.io
    2. Click on My Account from the top-right corner.
    3. From the drop-down menu select My Courses and Bookings.
    4. Choose the relevant course.
    5. Under Participants, click the three dots located next to your name. 
    6. Select Get Certificate.
  • Where can I access the course material?

    To access the course materials, such as presentations and recordings:

    1. Log in to your Cademy account from https://cademy.io
    2. Click on My Account from the top-right corner.
    3. From the drop-down menu select My Courses and Bookings.
    4. Choose the relevant course.
    5. Under Extra Details, you will find all the available course materials.
  • What is the HRDA?

    The Human Resource Development Authority (HRDA) of Cyprus is a semi-government governmental organisation that supports the development of workforce skills through training and development initiatives. Eligible training programmes approved by the HRDA may qualify for a subsidy, reducing the participation cost for eligible organisations and individuals, subject to the HRDA's terms and conditions.

  • Who is eligible for the HRDA subsidy?

    The HRDA subsidy is available to:

    • Companies registered in Cyprus that are applying for their employees.
    • Unemployed individuals who meet the eligibility requirements (see the FAQ below for required documents).
    • Self-employed individuals registered as self-employed in their ERMIS profile.

    To receive the subsidy, eligible persons must attend at least 75% of the course. 

  • What is ERMIS?

    ERMIS is the online platform of the Human Resource Development Authority (HRDA) of Cyprus, used for managing training programme registrations, participant details, subsidy applications, and attendance records. All participants attending HRDA-approved courses must have an ERMIS profile and use the platform’s attendance register to check in and check out during each course session. https://ermis.anad.org.cy/

  • What is the process for attending an HRDA-approved course?

    To attend an HRDA-approved course, you must:

    1. Register for the course through the EIMF website.
    2. Create the necessary ERMIS profile(s).
    3. Register for the course through ERMIS.
    4. Complete any additional HRDA requirements if you are applying for the subsidy as an unemployed or self-employed individual.
    5. Log onto ERMIS and check in through the relevant attendance register when you join the course session and check out when you leave each course session.

    See the FAQs below for detailed instructions.

  • Is an ERMIS profile required?

    Yes. ALL participants attending HRDA-approved courses must have an ERMIS profile, whether applying for the subsidy or not.

    • Companies applying for the HRDA subsidy for their employees:
    1. The company must have an ERMIS profile as a Legal Entity.
    2. The company must have their Employer role approved on the ERMIS system.
    3. Each participating employee, as well as a company authorised person and the company’s director, must have an ERMIS profile as a Natural Person
    4. The employees' and representatives’ profiles must be linked to the company's ERMIS profile.
    • All Individuals: 
    1. Must have an ERMIS profile as a Natural Person.

    You can create or access your ERMIS profile here: https://ermis.anad.org.cy/

  • How do I register for an HRDA-approved course through ERMIS?

    After booking your course through the EIMF website, you must also register through ERMIS, provided that the required profile(s) have already been created.

    • If you are registering as an individual:

    You must register through your personal ERMIS profile.

    • If a company is applying for the HRDA subsidy for its employees:
    1. Registration must be completed through the company’s ERMIS profile.
    2. The company profile used for registration must match the payroll company where each participant is employed.

    For example: If your organisation includes multiple companies, make sure each participant is registered under the correct company profile.

    Around one week before the course starts (or immediately after booking if you register less than one week before the course), we will email you the HRDA course details and instructions on how to complete your ERMIS registration.

  • What documents do unemployed individuals need to apply for the HRDA subsidy?

    When registering for the course through ERMIS, you must upload both of the following documents obtained from the Public Employment Service:

    1. A referral for participation in HRDA Multicompany courses (Παραπεμπτικό για Πολυεπιχειρησιακά Προγράμματα της ΑνΑΔ).
    2. An ES19 form confirming that you were unemployed from at least the course start date.
  • What do self-employed individuals need to do to apply for the HRDA subsidy?

    You must update your ERMIS profile:

    1. Log in to your ERMIS profile and select the Self-employed role from the available roles.
    2. Complete and submit the request.
    3. Once your request has been approved, you can register for courses and apply for the HRDA subsidy as a self-employed individual.

    When submitting your request, you must upload one of the following:

    1. A confirmation letter from the Social Insurance Services confirming acceptance of your registration as a self-employed person.
    2. A Confirmation letter from the Social Insurance Services confirming your self-employed status.
    3. Proof of payment of Social Insurance contributions for the most recent quarter (available through SISnet). 
  • Is the check-in and check-out process in ERMIS mandatory?

    Yes. All participants must log onto the ERMIS system and check onto the attendance register when they join a course session and check out when they leave a course session, as HRDA records attendance.

    To receive the subsidy, eligible persons must attend at least 75% of the course. Check-ins and check-outs reflect actual attendance.