ON-000-2348 - Direct Award: CUDIC Crisis Preparedness

BC Financial Services Authority (BCFSA)
Notice of Intent ON-0002348 to award contract 

For more information contact:

Peter Mountstevens
Manager, Procurement

BC Financial Services Authority
600-750 West Pender Street
Vancouver, British Columbia
V6C 2T8
 
Summary Details:

BC Financial Services Authority hereby gives notice of its intent to directly award a contract to Mr. Dean Cosman (the Contractor) to provide the following services;

Advisory services to advance a more comprehensive BCFSA crisis preparedness framework (recovery and resolution) for the Financial Institutions Sector as supported by the Senior Executive Team and the BCFSA Board. The advisory services, in the form of strategic advice, will guide the development and/or enhancement of BCFSA’s crisis preparedness readiness, including:

Governance model, including terms of reference and definition of roles and responsibilities of BCFSA (including Executive and BCFSA Board) and external stakeholders (e.g., regulatory peers, safety-net partners, government representatives).

Tools, including review of existing regulatory and legislative tools in place, identification, development, and implementation of new legislative and operational tools.

Documentation, including scenario planning, resolution playbook development informed by scenario planning, and supporting process documentation.

Training Program, including the planning of and implementation of a multi-year BCFSA program focused on crisis preparedness tabletop exercises (including Executive and Board) and crisis simulation exercises.BCFSA believes the Contractor is uniquely positioned to provide the necessary advisory services for the following reasons;

Providing the strategic advice on the structure of the overall CUDIC Risk Framework (which is an integral component of BCFSA’s crisis preparedness framework.)

Accumulating over 30 years of experience in the financial services industry with expertise in all aspects of deposit insurance and resolution readiness, including holding key executive roles within Canada Deposit Insurance Corporation (CDIC).

Establishing CDIC’s Centre of Excellence for crisis simulation implementing a comprehensive testing program across all aspects of CDIC’s resolution readiness, a critical function for CDIC to test and improve its level of preparedness to respond to financial institution failures.    

Successfully leading CDIC’s response to the potential failure of a multi-billion-dollar financial institution under an extremely short timeframe. 

Co-facilitating BCFSA / CUDIC’s 2023 payout tabletop exercise culminating in a number of recommendations to improve BCFSA / CUDIC’s preparedness to respond to a credit union failure.

Co-facilitating a BC inter-agency crisis preparedness tabletop exercise in June 2024 which led to the creation of the inter-agency crisis preparedness working group.Notice is hereby given by BC Financial Services Authority (BCFSA), of its intent to award a twelve (12) month contract to Mr. Dean Cosman to ensure the successful completion of the proposed services.  

Vendors wishing to object to this decision should contact Peter Mountstevens, Manager, Procurement, BC Financial Services Authority by email: Peter.Mountstevens@bcfsa.ca on or before 2:00pm local time (PST) on April 22, 2025, detailing specific reasons for their objections, proof of their capability and proven record for supplying comparable services. A Vendor's proof of ability to offer services resulting in the same or better solutions in the same time frame at lower cost will be the key criterion with regard to the consideration of Vendor objections.