Published date: 23 June 2022
This notice was replaced on 26 September 2022
This notice does not contain the most up-to-date information about this procurement. The most recent notice is:
Awarded contract (published 26 September 2022)
Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.
Contract summary
Industry
Research and development services and related consultancy services - 73000000
Location of contract
EC2Y 5AS
Value of contract
£42,000 to £50,000
Procurement reference
FRC2022-0142
Published date
23 June 2022
Closing date
15 August 2022
Closing time
12pm
Contract start date
26 September 2022
Contract end date
24 April 2023
Contract type
Service contract
Procedure type
Open procedure (below threshold)
Any interested supplier may submit a tender in response to an opportunity notice.
This procedure can be used for procurements below the relevant contract value threshold.
Contract is suitable for SMEs?
Yes
Contract is suitable for VCSEs?
Yes
Description
The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit, and high-quality risk management.
The use of Artificial Intelligence (AI) and Machine Learning (ML) is growing in actuarial modelling. The Institute and Faculty of Actuaries (IFoA), the UK's professional association for actuaries, has been encouraging education and training in these techniques among its members and recently launched a data science certification
The objective of this research is to learn more about the role of AI/ML in UK actuarial modelling practices across pensions, life insurance, general insurance, and wider fields (e.g., banking and investment). It will also compare the extent of AI/ML deployment by the actuarial profession with that of other similar professions. The overall purpose of the research is to improve our understanding of new risks that AI/ML might bring to the quality of actuarial work. To do this, the research will address the following four areas of enquiry:
1. Areas of use: Which actuarial departments are involved in using AI and ML techniques in their work?
2. Approach: What approach(es) and technique(s) are used? How are they selected?
3. Governance: What is the governance process around the use of AI and ML techniques as compared to the governance process around the more traditional techniques?
4. Output: How do the areas of use, approach and governance of AI and ML impact on
a. the way outputs are used internally by a company, and
b. the uncertainty around the actuarial modelling results using AI/ML, as compared to the uncertainty around results from the more traditional approaches?
FURTHER INFORMATION
Full details are available in the attached Invitation to Tender (ITT) document.
More information
Attachments
-
- 01 ITT Final.pdf
- Technical specifications
-
- 02 Tender Response Final.docx
- Bidding documents
Additional text
-
Notes: -
• Download and review the documents
• Observe the timelines and tender process
• Register your interest in this opportunity by email to procurement@frc.org.uk
• You will need to register your interest in this opportunity to receive the Q&A responses.
About the buyer
Contact name
Head of Procurement
Address
8Th Floor,125 London Wall
LONDON
EC2Y5AS
England
Telephone
020 7492 2300
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