Tender

Financial Risk Architecture Simplification Solution & Services

BANK OF ENGLAND

This public procurement record has 1 release in its history.

Tender

05 Aug 2019 at 14:10

Tender Notice
Summary of the contracting process

The Bank of England is currently undertaking a procurement process for a project titled "Financial Risk Architecture Simplification Solution & Services," classified under the software package and information systems industry category. This selective tender process, which follows a negotiated procedure, is currently in the planning stage and will conclude its submission period on 4th September 2019. The scope of the contract includes technology products and relevant services to support various financial risk management capabilities, with a contract value of £3,000,000. The service delivery is expected to take place in the South East region of the United Kingdom, commencing on 30th April 2020 and lasting until 29th April 2025.

This tender presents an excellent opportunity for businesses in the IT services, software development, and consultancy sectors. Companies that specialise in software solutions, risk analytics, and technology implementation would find themselves well-suited to compete for this contract. With participation limited to a maximum of five bidders who will be invited to submit their proposals following an initial selection process, smaller and medium-sized enterprises (SMEs) are encouraged to engage, particularly those that can demonstrate innovative capabilities and experience in similar projects. Bidders must ensure they submit their expressions of interest alongside a signed Non-Disclosure Agreement to participate.

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Notice Information

Notice Title

Financial Risk Architecture Simplification Solution & Services

Notice Description

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. Additional information: 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.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-f4299460-95b2-4ff3-9023-25a5825d46ae
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/12e0c598-feef-4ee0-b6e0-a840e9b16fdc
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Negotiated procedure
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems

72 - IT services: consulting, software development, Internet and support

CPV Codes

48000000 - Software package and information systems

72000000 - IT services: consulting, software development, Internet and support

72110000 - Hardware selection consultancy services

72200000 - Software programming and consultancy services

72267000 - Software maintenance and repair services

Notice Value(s)

Tender Value
£3,000,000 £1M-£10M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
5 Aug 20196 years ago
Submission Deadline
4 Sep 2019Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
29 Apr 2020 - 29 Apr 2025 Over 5 years
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
BANK OF ENGLAND
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
EC2R 8AH
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
TLJ South East (England)
Local Authority
City of London
Electoral Ward
Walbrook
Westminster Constituency
Cities of London and Westminster

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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