Flood Re - Independent Model Validation Delivery
Flood Re · United Kingdom
Key facts
- Closing date
- 03 Oct 2016
- Contract starts
- 01 Nov 2016
- Contract ends
- 30 Sep 2019
- Procedure
- Open procedure
- Buyer type
- Central government
Description
Flood Re is applying to the PRA to use a partial internal model (PIM) to set regulatory capital under Solvency II. Flood Re is exposed to risk from a single peril (flood) within a single territory (UK). The planned scope for the PIM is as follows. Insurance risk (premium, reserve and catastrophe risk), forward looking credit risk (in relation to expected RI recoveries) and operational risk will each be calculated using the Flood Re internal model. Market risk and credit risk relating to on balance sheet recoverables and cash at bank will be assessed using the Standard Formula. The components of the standard formula and internal model will be drawn together using the default "integration method" (the Standard Formula correlation matrices). Flood Re is looking to appoint an external partner (the "main validation partner") to provide independent PIM validation services covering a multi-year validation cycle (3 years), supporting the Risk Function with second line validation and reporting to Flood Re's Chief Risk Officer and the IMAP Steering Committee. The first phase of the validation will run from Q4 2016 to September 2017 at which point Flood Re will submit its full IMAP Application. The following two years of validation will take on a "steady-state" validation approach where by modules of the Partial Internal Model are validated in line with a defined cycle (based on materiality and shifts in Flood Re's risk profile). For the first phase of validation (up to September 2017), the main validation partner will leverage two other aspects of Model Validation and will need to liaise with the suppliers providing each: 1) Model Scope Validation - Validate the scope of the partial internal model to ensure it appropriately covers all Flood Re's material, quantifiable risks 2) UK Flood Modelling Validation - Validation of the flood risk modelling components of the Partial Internal Model The main validation partner will therefore need to draw the key themes and findings from each of the above deliverables and incorporate them into an overarching validation report, alongside completing independent validation of the areas of the model not covered by the above activity (e.g. Non-flood model components, Model Use, Governance, Documentation etc).
Categories (CPV)
- 66519310 Insurance consultancy services
Similar open tenders
Digital Marketplace
Location: Yorkshire and the HumberBuyer: Yorkshire Purchasing Organisation
Open tenderCloses 6 Nov, 20261 dayValue £800.00mSource Find a TenderYPO are looking for a Provider to be appointed onto a Framework Agreement for the provision of a Digital Marketplace. The Framework is designed to meet the needs of all public sector organisations which includes YPO’s internal requirements. This Framework is designed to meet the needs of YPO and Other Contracting Autho
Fair Value & Expected Credit Loss
Location: West MidlandsBuyer: Warwickshire County Council
Open tenderCloses 27 Nov, 202622 daysValue £160.00kSource Find a TenderWarwickshire County Council (the Council) is seeking a single provider to produce annual reports detailing the fair value and expected credit loss of relevant non-treasury investments. Where deemed material, these valuations will be included in the Council's Annual Statement of Accounts. The maximum contract value ove
The Provision of Work Planning Software Application [642]
Location: IrelandBuyer: Commission for Regulation of Utilities
Open tenderCloses 30 Nov, 202625 daysValue €210.00KSource TEDThe CRU prepares a Strategic Plan on a three-year cycle and develops annual Work Plans to support delivery of its priorities, objectives and outcomes. Progress is monitored quarterly through Work Plan review reports and monthly through Focus Area Reports for selected highpriority programmes, projects and organisational
Insurance brokerage and associated services III
Location: Yorkshire and the HumberBuyer: Yorkshire Purchasing Organisation
Open tenderCloses 14 Dec, 202639 daysValue £10.00mSource Find a TenderYPO as the lead authority, together with collaborating authorities ESPO and NEPO, are seeking to establish a compliant route to market for the provision of insurance brokerage and associated services, for use across the whole public sector. YPO is managing this procurement process in accordance with the Procurement Act
York College - Provision of EV Cars Salary Sacrifice Scheme
Location: Yorkshire and the HumberBuyer: York College
Open tenderCloses 27 Nov, 202622 daysValue £4.00mSource Find a TenderYork College wishes to appoint a single supplier to deliver a fully managed Electric Vehicle (EV) Salary Sacrifice Scheme for eligible employees. The College's objectives are to: • Support net zero and sustainability commitments. • Enhance employee benefits, wellbeing, recruitment and retention. • Provide employees wit
LEGO299 End-to-End Reporting, Budgeting, Forecasting and Financial Reporting Solution
Location: West MidlandsBuyer: The Office for Legal Complaints
Open tenderCloses 30 Nov, 202625 daysValue £100.00kSource Find a TenderA fit-for-purpose budgeting, forecasting and financial reporting solution that automates LeO's existing Finance processes, integrates with relevant source systems and can be operated by Finance following implementation.