Published date: 26 January 2021

This notice was replaced on 12 April 2021

This notice does not contain the most up-to-date information about this procurement. The most recent notice is:

Awarded contract (published 12 April 2021)

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

£40,000 to £50,000

Procurement reference

FRC2021- 014

Published date

26 January 2021

Closing date

17 February 2021

Closing time

5pm

Contract start date

1 March 2021

Contract end date

30 July 2021

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 sets the UK Corporate Governance and UK Stewardship Codes; sets UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality. The FRC works in the public interest. Our work is aimed at investors and others who rely on company reports, audit and high-quality risk management.


Scenario analysis is an important part of climate-related reporting, with the Taskforce on Climate-related Financial Disclosures (TCFD) having given it a core role in their 2017 Recommendations. In June 2020 the Climate Financial Risk Forum published a scenario analysis guide for the financial sector and, most recently, in December 2020, the TCFD published extensive scenario analysis guidance for non-financial companies.

The objective of this research is to learn more about the processes through which companies are producing their scenario analyses, and how these processes are linked to the outcomes. In doing this, the research will address the following four areas of enquiry:

1. Process: Which teams, departments and functions are involved in conducting the scenario analysis? How, and at which stage(s)?
2. Approach: What assumptions, models, approach(es) are used?
3. Governance: Which internal governance committees are involved in overseeing the process and approving the output?
4. Outcomes: How do the process, approach and governance of scenario analysis impact on (a) the way its findings are used internally by a company, and (b) the extent, and quality, of reporting of findings to external stakeholders?
Where possible the enquiry should focus on the use of scenario analysis in companies' climate-related reporting. However, given its relatively early stage of development in climate-related reporting, and the more established application of scenario analysis in other elements of strategic/directors' reports, the project will also use the latter as source material. This will enable the research to achieve a sufficiently broad sample of companies from which robust and relevant findings can be drawn.

Note:
• Should the FRC decide in future years to repeat this research in order to provide an over-time comparison, we would like the option of using the same research contractor. If you bid for this project you should please confirm your willingness to do this. If the FRC takes up this option, it will do so before the end of 2025 (and the total expenditure will be capped at no more than £175,000).


** This is a summary only, please see the PDF download below for full details **

More information

Attachments

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

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About the buyer

Contact name

Head of Procurement

Address

8th Floor,125 London Wall
LONDON
EC2Y5AS
England

Telephone

020 7492 2475

Email

procurement@frc.org.uk