Award

Scenarios Analysis research project

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

12 Apr 2021 at 13:43

Award Notice
Tender

26 Jan 2021 at 10:28

Tender Notice
Summary of the contracting process

The Financial Reporting Council (FRC) has awarded a contract for the research project titled "Scenarios Analysis research project," which falls under the category of research and development services. The procurement process utilised an open procedure and was completed on 12th April 2021, following a tender period that ended on 17th February 2021. The total contract value is £175,000, and the project will focus on scenario analysis related to climate reporting over a contract period from 19th March 2021 to 13th August 2021. The delivery will take place at the FRC’s address in London, EC2Y 5AS.

This opportunity presents significant potential for businesses in the consultancy and research sectors, particularly those specialising in climate-related reporting and analytics. Firms experienced in scenario analysis or those with expertise in corporate governance reporting will be well-suited to compete for future tenders from the FRC, especially if they can demonstrate a capacity for thorough qualitative and quantitative analysis. Additionally, voluntary community sector enterprises (VCSEs) may find opportunities through collaborative efforts in these projects.

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Notice Information

Notice Title

Scenarios Analysis research project

Notice 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 PS175,000). ** This is a summary only** Additional information: ** THIS OPPORTUNITY IS CLOSED. THIS IS A CONTRACT AWARD NOTICE**

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-bb6909fd-e6f2-4a38-86f4-99231676604d
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/ec534400-cde4-4cf1-b917-8f1906fe0f0d
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
VCSE
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£50,000 Under £100K
Lots Value
Not specified
Awards Value
£175,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
12 Apr 20214 years ago
Submission Deadline
17 Feb 2021Expired
Future Notice Date
Not specified
Award Date
16 Mar 20214 years ago
Contract Period
19 Mar 2021 - 13 Aug 2021 1-6 months
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
THE FINANCIAL REPORTING COUNCIL LIMITED
Contact Name
Head of Procurement
Contact Email
procurement@frc.org.uk
Contact Phone
020 7492 2300

Buyer Location

Locality
LONDON
Postcode
EC2Y 5AS
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Bassishaw
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

THE UNIVERSITY OF MANCHESTER

Further Information

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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