Award

Risk and Audit System Replacement Project

FCA

This public procurement record has 1 release in its history.

Award

16 Oct 2024 at 16:22

Summary of the contracting process

The Financial Conduct Authority (FCA) has successfully completed the procurement process for the "Risk and Audit System Replacement Project". The project involved sourcing a new risk management solution and a replacement for Internal Audit's use of the Pentana system, both necessitated by the end of current contracts in March and June 2025 respectively. The procurement falls under the IT software package category and follows an open procedure (above threshold). The awarded contract, valued at £565,550, commenced on 23rd September 2024 and will run through to 22nd September 2029. The primary location for this contract is London, United Kingdom (postal code E20 1JN).

This tender offers significant opportunities for businesses specialising in IT software solutions, particularly those capable of delivering integrated risk management and audit systems. The extended contract term of three years, with the possibility of two additional one-year extensions, presents sustained engagement prospects for the winning supplier, CoreStream. While this tender was not deemed suitable for SMEs or VCSEs, it opens growth avenues for larger IT firms looking to secure long-term contracts with prominent financial regulatory bodies like the FCA. Business growth can be achieved by demonstrating expertise in delivering bespoke software solutions that meet stringent regulatory and operational requirements.

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Notice Title

Risk and Audit System Replacement Project

Notice Description

The FCA need to procure a new risk management solution as the current contract with the incumbent supplier will come to an end in Mar 25. In parallel to this, Internal Audit's use of the Pentana system will also come to a close in June 25 (also due to end of contract lifetime), and the Risk and Audit System replacement project has been stood up to source a new contract that satisfies both areas, along with a system fit for purpose for both areas. The contract term requirement would be a 3+1+1 year contract.

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-17c9adb4-68bc-4d15-b35e-a2bc9c299fec
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/403b54af-336a-4fbb-8db4-3b7f3c202431
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Goods
Procurement Method
Open
Procurement Method Details
Open procedure (above threshold)
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems


CPV Codes

48517000 - IT software package

Notice Value(s)

Tender Value
£565,550 £500K-£1M
Lots Value
Not specified
Awards Value
£565,550 £500K-£1M
Contracts Value
Not specified

Notice Dates

Publication Date
16 Oct 20241 years ago
Submission Deadline
4 Mar 2024Expired
Future Notice Date
Not specified
Award Date
22 Sep 20241 years ago
Contract Period
22 Sep 2024 - 22 Sep 2029 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Contracting Authority (Buyer)

Main Buyer
FCA
Contact Name
FCA Procurement
Contact Email
fcaprocurement@fca.org.uk
Contact Phone
0800 111 6768

Buyer Location

Locality
LONDON
Postcode
E20 1JN
Post Town
East London
Country
England

Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI41 Hackney and Newham
Delivery Location
TLI London

Local Authority
Newham
Electoral Ward
Stratford Olympic Park
Westminster Constituency
Stratford and Bow

Supplier Information

Number of Suppliers
1
Supplier Name

CORESTREAM

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts.

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