Source: https://tendernation.io/opportunities/01a13bef-be2a-7186-a82c-6c76dc648f32/flood-re-independent-model-validation-delivery closed GB open procedure Suitable for SMEs # Flood Re - Independent Model Validation Delivery [Flood Re](https://tendernation.io/buyers/flood-re) Estimated value Not stated Published 8 Sept 2016 Deadline Closed 3 Oct 2016 ## Who can bid - Buyer says suitable for SMEs The buyer ticked “suitable for SMEs” on the notice. Anyone can still bid. - Buyer says suitable for VCSEs The buyer ticked “suitable for voluntary, community and social enterprises” on the notice. - Open procedure Anyone can submit a full tender; there is no shortlisting stage. [More contracts for small businesses and VCSEs](https://tendernation.io/opportunities/for-small-businesses) ## About this tender 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). Read full description ## CPV classification Insurance consultancy services Source Contracts Finder (UK) [View official notice](https://www.contractsfinder.service.gov.uk/notice/270381be-adca-11e6-9901-0019b9f3037b) Never miss a tender like this again Get AI summaries, deadline alerts and a bid pipeline for tenders matched to your business. Free to start. 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