ON-0002113 - CUDIC Accounting Standby Provider
Solicitation number BC171144
Publication date
Closing date and time 2023/09/15 17:00 EDT
Description
The Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”) guarantees payment of insured deposits in the event of a failure of a BC Financial Services Authority authorized (“BCFSA”) credit union. BCFSA is responsible for administrating CUDIC and operates regulatory programs under the Financial Institutions Act (“FIA”) and the Credit Union Incorporation Act (“CUIA”) to promote financial safety and soundness of BCFSA authorized credit unions. Through its risk-based supervisory program, BCFSA monitors credit unions to identify potential problems early to allow proactive intervention. When a credit union experiences financial challenges, BCFSA follows its intervention process to rehabilitate and/or resolve the credit union. The closure of a credit union and payment to depositors from the CUDIC fund (hereafter referred to as a “payout”) is the final stage in BCFSA’s regulatory risk framework. BCFSA has developed an operational payout plan consistent with the international industry standards set out by the International Association of Deposit Insurers to provide orderly and prompt payment of deposit insurance to affected depositors and is working to continually improve the plan.
The purpose of this Request for Proposal (“RFP”) is to advise the business community of BCFSA’s intention to select two qualified proponents to establish a standby agreement with BCFSA to complement its internal staff in the continuous improvement and application of the operational payout plan. The continuous improvement and application of the operational payout plan includes:
Each contract will have a total contract value of $250,000.00 to be used for standby activities completed over the 3-year term. The budget will be drawn down through deliverables provided by the Contractors in the continuous improvement and application of the operational payout plan.
In the event of a credit union failure services will be paid on an hourly rate basis and separate from the standby fees.
Further details as to the scope of this opportunity and the requirements can be found within this RFP.
The purpose of this Request for Proposal (“RFP”) is to advise the business community of BCFSA’s intention to select two qualified proponents to establish a standby agreement with BCFSA to complement its internal staff in the continuous improvement and application of the operational payout plan. The continuous improvement and application of the operational payout plan includes:
- Securing qualified personnel in sufficient number that can be called on short notice to perform the various payout procedures at the time of failure;
- providing accounting expertise in execution and determination of deposit insurance payments;
- Supporting the creation, testing, and maintenance of payout technology;
- Researching payout best practices that could be applied to the operational payout plan;
- Performing and participating in testing, tabletop and simulation exercises; and,
- Creation and/or maintenance of policy and procedures.
Each contract will have a total contract value of $250,000.00 to be used for standby activities completed over the 3-year term. The budget will be drawn down through deliverables provided by the Contractors in the continuous improvement and application of the operational payout plan.
In the event of a credit union failure services will be paid on an hourly rate basis and separate from the standby fees.
Further details as to the scope of this opportunity and the requirements can be found within this RFP.
Contract duration
Refer to the description above for full details.
Trade agreements
-
Please refer to tender description or tender documents
Contact information
Contracting organization
- Organization
-
BC Financial Services Authority
- Contracting authority
- Peter Mountstevens
- Email
- Peter.Mountstevens@bcfsa.ca
Bidding details
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