Buyer Name: THE FINANCIAL REPORTING COUNCIL LIMITED
Buyer Address: 13th Floor, Exchange Tower, 1 Harbour Exchange Square, London, UKI42, E14 9GE, United Kingdom
Contact Name: Head of Procurement
Contact Email: Procurement@frc.org.uk
Contact Telephone: +442074922300
The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality. The purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work. The FRC is seeking research on the use of artificial intelligence (AI) in actuarial work. Actuaries are increasingly integrating artificial intelligence (AI) into their workflows. There are several areas where actuaries are becoming more exposed to AI, including: •The use of AI within actuarial models and technical processes •AI models, provided by third parties, acting as a direct input to actuarial models •Changes to the information that is used as inputs to actuarial models. For example: o The underlying environment being modelled by actuaries is undergoing material transformation as organisations adopt AI and other disruptive technologies within their operations o Data is becoming less transparent as data providers are increasingly using AI to generate, process or shape data • AI tools such as large language models (LLMs) playing a growing role in supporting and enhancing actuarial analysis The aims of this project will be to provide updated evidence to enhance the FRC's understanding of: •The technical actuarial work being carried out by actuaries using AI and other disruptive technologies •Actuaries' perception of the risks and limitations they face when using AI and disruptive technologies in their work •How actuaries are considering these risks We are interested predominantly in work being carried out in the in UK, but if any relevant non-UK experience is available we would be happy for that to be included in the research. Scope The research will cover the full range of companies and organisations operating across all major actuarial sectors (Life Insurance, Pensions, General Insurance, Investment) as well as some from wider fields. The aim is to cover all types of actuarial work in all actuarial sectors and sub-sectors. Topics to be covered will include, but will not be limited to: •The extent of AI and other disruptive technologies usage by sector and by activity •Trends in the use of AI and other disruptive technologies •The variety of techniques used •Governance and quality assurance •Perceived risks to the quality of actuarial work and how these are mitigated, including but not limited to: o Explainability o Over-reliance on results o Data privacy o Bias and discrimination • Distribution of expertise of AI and other disruptive technologies across and within teams PLEASE REFER TO THE INVITATION TO TENDER FOR FULL DETAILS. IMPORTANT • Please register your interest by emailing the FRC's procurement team - procurement@frc.org.uk • The FRC will share all tender queries and answers with those that have registered. • Your tender submission must be submitted within the deadline by email to procurement@frc.org.uk
External Link: https://www.find-tender.service.gov.uk/Notice/013466-2026
Link Description: Tender notice on Find a Tender
Lot 1 Status: active
Lot 1 Has Options: Yes
Lot 1 Options: • Additional research services of the same nature.
Lot 1 Value: GBP 80,000
Lot 1 Value (Gross): GBP 96,000
Lot 1 Contract Start: 2026-04-13T00:00:00+01:00
Lot 1 Contract End: 2026-12-04T23:59:59Z
Document Description: Tender notice on Find a Tender
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"description": "The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK\u0027s Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality.\nThe purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work.\nThe FRC is seeking research on the use of artificial intelligence (AI) in actuarial work. Actuaries are increasingly integrating artificial intelligence (AI) into their workflows. There are several areas where actuaries are becoming more exposed to AI, including:\n\u2022The use of AI within actuarial models and technical processes\n\u2022AI models, provided by third parties, acting as a direct input to actuarial models \n\u2022Changes to the information that is used as inputs to actuarial models. \nFor example:\n o The underlying environment being modelled by actuaries is undergoing material transformation as organisations adopt AI and other disruptive technologies within their operations\n o\t Data is becoming less transparent as data providers are increasingly using AI to generate, process or shape data\n\u2022\tAI tools such as large language models (LLMs) playing a growing role in supporting and enhancing actuarial analysis\nThe aims of this project will be to provide updated evidence to enhance the FRC\u0027s understanding of: \n\u2022The technical actuarial work being carried out by actuaries using AI and other disruptive technologies \n\u2022Actuaries\u0027 perception of the risks and limitations they face when using AI and disruptive technologies in their work\n\u2022How actuaries are considering these risks\nWe are interested predominantly in work being carried out in the in UK, but if any relevant non-UK experience is available we would be happy for that to be included in the research.\nScope\nThe research will cover the full range of companies and organisations operating across all major actuarial sectors (Life Insurance, Pensions, General Insurance, Investment) as well as some from wider fields. The aim is to cover all types of actuarial work in all actuarial sectors and sub-sectors. \nTopics to be covered will include, but will not be limited to:\n\u2022The extent of AI and other disruptive technologies usage by sector and by activity\n\u2022Trends in the use of AI and other disruptive technologies \n\u2022The variety of techniques used\n\u2022Governance and quality assurance\n\u2022Perceived risks to the quality of actuarial work and how these are mitigated, including but not limited to: \no\tExplainability\no\tOver-reliance on results \no\tData privacy\no\tBias and discrimination\n\u2022\tDistribution of expertise of AI and other disruptive technologies across and within teams\nPLEASE REFER TO THE INVITATION TO TENDER FOR FULL DETAILS.\nIMPORTANT\n\u2022 Please register your interest by emailing the FRC\u0027s procurement team - procurement@frc.org.uk\n\u2022 The FRC will share all tender queries and answers with those that have registered.\n\u2022 Your tender submission must be submitted within the deadline by email to procurement@frc.org.uk",
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