Published date: 26 September 2022

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 15 August 2022, 12pm

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

26 September 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

***THIS IS A CONTRACT AWARD NOTICE***

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?

***AWARD NOTICE***

More information

Previous notice about this procurement

Research Services - Artificial Intelligence (AI) and Machine Learning (ML) in Actuarial Modelling in the UK

  • Opportunity
  • Published 23 June 2022

Attachments

Additional text

THIS IS A CONTRACT AWARD NOTICE.
THIS TENDER HAS BEEN COMPLETED.

Award information

Awarded date

26 September 2022

Contract start date

26 September 2022

Contract end date

24 April 2023

Total value of contract

£50,000

This contract was awarded to 1 supplier.

Government Actuary Department

Address

Finlaison House,15-17 Furnival Street
LONDON
EC4A 1AB
GB

Reference

No reference - other

Value of contract

£50,000

Supplier is SME?

No

Supplier is VCSE?

No

About the buyer

Contact name

Head of Procurement

Address

8th Floor,125 London Wall
LONDON
EC2Y5AS
England

Telephone

020 7492 2300

Email

procurement@frc.org.uk

Website

www.frc.org.uk