Wipe off all the heat sink paste and bolt the ICM to mounting plate metal to metal. I see no reason to use paste if both aluminum mounting surfaces are clean. Aluminum is an excellent conductor of heat without any paste.
I'm no electronics expert but when I look at the wiring diagram for the ICM (below) I see it having a chassis ground. The heat sink paste might be insulating the ICM from the mounting plate that grounds it. I might be wrong about that but I would remove the paste and see what happens.