(1) Vendor needs to provide enterprise risk placement and management program development consulting services to the government authority located in Providence, RI.
- Conduct a comprehensive "stem to stern" evaluation of the State's risk management and insurance landscape. The State-wide evaluation shall include stakeholder interviews and surveys, articulation of drivers, triggers, consequences, and clearly define risk ratings' impact and likelihood.
- Identify acceptable risk appetite and tolerance levels for the State.
- Conduct an existing conditions evaluation
- Provide advice and recommendations for a risk/insurance framework/system and the associated processes and procedures.
- Recommendations must be accompanied by supporting case studies and/or objective examples.
- Consultant should work to align risk management approaches across branches of government, Agencies, departments and functions: including developing a consistent framework that would include reporting templates, reviewing, and assessing the effectiveness of current policies and processes, and recommending updates (or new) policies and processes to assist with evaluating and managing risks; recommending materiality thresholds1; and developing meaningful and actionable metrics for measuring success.
- Develop a tracking list and risk pyramid to consolidate and prioritize the key organizational risks based on the risk assessments, typical industry risks, and strategic plan risks2.
- Assist the State in developing a risk classification that can be used across the organization to provide a common understanding of the universe of risks.3
- Develop an enterprise-wide risk monitoring framework tailored for the various agencies, departments, boards, etc.
- Develop models and procedures for measuring risk exposure and assist with developing a periodic re-assessment process so that any new operational and strategic risks are identified and mitigated as part of the overall risk monitoring process.
- Establish an operation manual with policies, procedures, measures, and tools to specifically manage operational risk.
(2) All the questions must be submitted no later than April 13, 2023
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