DEADLINE: 15TH NOVEMBER, 2024
AFRICAN REINSURANCE CORPORATION (AFRICA RE)
REQUEST FOR PROPOSAL (RFP) FOR THE PROVISION OF ENTERPRISE RISK MANAGEMENT (ERM) CONSULTANCY SERVICES FOR THE REVIEW AND ENHANCEMENT OF THE ERM FRAMEWORK AND ITS ASSOCIATED PROCESSES
OBJECTIVES
The objectives of this project are:
A. Enhance Risk Management Effectiveness: Elevate the Corporation’s ERM practices by identifying and addressing gaps in the current framework, ensuring that risk management processes are both comprehensive and aligned with global best practices.
B. Foster a Risk-Aware Culture: Embed a culture of risk-consciousness and proactive risk management within the Corporation, its operating locations and its subsidiaries, where ERM is integral to operational and strategic activities as well as informs decision-making at all levels.
C. Align with Strategic Goals: Ensure that the revised ERM framework and risk management ecosystem directly supports the Corporation’s strategic objectives, enhancing its ability to manage operational, financial, and strategic risks effectively.
D. Improve Governance and Oversight: Strengthen the governance structures that support ERM, enhancing the Corporation’s capacity to manage risk at both the operational and strategic levels.
E. Adapt Governance and Oversight: On the basis of the Corporation’s special status as a supranational institution, without legal regulatory compliance in some markets, and with specific governance features, define an appropriate and fit-for-purpose risk management governance structure with clearly defined organs, responsibilities and functionaries within the context of the Corporation’s supranational status and statutory governance mechanism.
F. Achieve International Standards Compliance: Benchmark and align the Corporation’s ERM practices and related documentation with leading international standards, including those set by COSO and relevant rating agencies, to maintain its competitive standing, risk responsiveness and organisational resilience, and without breaching its supranational entity status and statutory governance structure.
G. Sustain Continuous Improvement: Establish a foundation for ongoing enhancement of the Corporation’s risk management practices, ensuring they remain agile and responsive to emerging risks.
H. Promote Organisational Integration: Harmonise risk management initiatives across the Corporation, creating a cohesive and unified ERM framework that is consistently applied throughout the organisation. Develop measures, procedures and activities to ensure that risk management is embedded in routine decision making across the Corporation and its operating entities and locations.
I. Develop Policies and Procedures: Review and develop required enterprise risk management policy and procedural documents for use across the Corporation.
PROPOSAL SUBMISSION
The following guidelines are recommended for the submission of all proposals.
A. General Guidelines
a. The proposal can be submitted by email or in hard copies or both.
b. The proposals to be submitted as hard copies must be in a sealed envelope and marked as “Provision of Enterprise Risk Management (ERM) Consultancy Services” while those to be submitted by email should have the subject read “Submission – Provision of Enterprise Risk Management (ERM) Consultancy Services”.
c. Proposals should be received by Africa Re no later than 15 November 2024.
d. Any proposal received by Africa Re after the submission deadline will not be considered.
e. Hard copy submission address:
The Chairman of the Tenders Committee
African Reinsurance Corporation
Plot 1679 Karimu Kotun Street Victoria Island PMB 12765 Lagos, Nigeria
f. Email submission address: tender@africa-re.com
Please download full RFP below for more information
Downloads
- RFP – Provision of Enterprise Risk Management (ERM) Consultancy Services for the Review and Enhancement of the ERM Framework
- Download PDF English 779 KB
