Published date: 12 April 2021

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


Closing: 17 February 2021, 5pm

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

12 April 2021

Closing date

17 February 2021

Closing time

5pm

Contract start date

19 March 2021

Contract end date

13 August 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?

No

Contract is suitable for VCSEs?

Yes

Description

**THIS IS A CONTRACT AWARD NOTICE - THIS TENDER IS CLOSED**

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.

This was a Research Project on Scenario Analysis. 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 the 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:
• The FRC may in future decide to repeat this research in order to provide an over-time comparison. If the FRC takes up this option, it will use the same research contractor and 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**

More information

Previous notice about this procurement

Scenarios Analysis research project

  • Opportunity
  • Published 26 January 2021

Attachments

Additional text

** THIS OPPORTUNITY IS CLOSED. THIS IS A CONTRACT AWARD NOTICE**

Award information

Awarded date

16 March 2021

Contract start date

19 March 2021

Contract end date

13 August 2021

Total value of contract

£175,000

This contract was awarded to 1 supplier.

THE UNIVERSITY OF MANCHESTER

Address

Oxford Road
MANCHESTER
M13 9PL
GB

Reference

Companies House number: RC000797

Supplier is SME?

No

Supplier is VCSE?

Yes

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