Financial Risk Architecture Simplification Solution & Services

Tender description

The Bank of England (“the Bank”) intends to identify an Economic Operator to provide the Financial Risk Architecture Simplification (FRAS) Solution and Services. FRAS delivers a new Financial Risk Management framework covering the Bank’s balance sheet and the UK’s foreign exchange reserves. The Bank’s a new Financial Risk Management Solution (FRMS) will favour a Commercial off the Shelf (COTS) software solution that is required to integrate seamlessly with its trading platform (OpenLink FINDUR), a number of internal source systems and in-house developed risk models to answer risk management questions and ensure trading is controlled in real-time according to applicable limits. Through this procurement process the Bank is seeking to select an Economic Operator who can provide the following services*: - Provision of technology products including software ,hardware and related services. - Solution Capability to support the following use cases a) Limits Configuration in System – ability to accurately apply limits at point of trade against a variety of different models and metrics. b) Trade Controls - visibility into real time limits usage, the ability to block trade input that would breach trade limits, and limit reserving/optimisation. c) Evaluation and Risk Modelling – ability to plumb custom built models in the risk system and distribute calculations efficiently. d) End of Day calculations- ability to aggregate data from a variety of systems and databases, call calculations and produce end of day processes. e) Risk Reporting - experience of creating real time risk dashboards, and the ability to allow users to create and customise reports. f) Analytics - visualisation tools and scenario what if capability, covering variations in market data and in portfolio composition. And has the capability to assist the Bank in: - Successful implementation and integration of the solution - Strategic planning and execution - Innovation in the delivery of the services - Adding additional services and/or removal of scope as required during the Term. *This list of services is not finalized or exclusive and is subject to refinement through the course of the procurement process. It is anticipated that a maximum of five (5) Bidders will receive the invitation to tender (ITT) following the Selection Questionnaire (SQ). Following the evaluation of the initial tender , the Contracting Authority reserves the rights to award on an initial tender or short-list three (3) highest scoring Bidders and invite to participate in negotiation (ITN) which will be followed by Invitation to submit Final Tender submissions, the highest scoring of which will be the preferred bidder. All Bidders will be required to enter into a Non-Disclosure Agreement (NDA) with the Bank prior to the SQ phase. Electronic access to the Non-Disclosure Agreement (NDA) is available at www.bankofenglandtenders.co.uk. Suppliers who wish to participate in this procurement process must submit their expressions of interest with a signed NDA at the earliest to gain access to the SQ. Keywords: Trade Controls, Financial Risk, Modelling, Risk Reporting, Limits Configuration, End of Day Calculations