Consultancy For An Advisor On Risk Based Supervisory Framework
For The Pensions Sector
REPUBLIC OF KENYA THE NATIONAL TREASURY
FINANCIAL SECTOR SUPPORT PROJECT
CONSULTANCY FOR AN ADVISOR ON RISK BASED SUPERVISORY FRAMEWORK FOR THE PENSIONS SECTOR
REQUEST FOR EXPRESSIONS OFINTEREST
Credit No: 5627 KE
Project ID No: P 151816
1. The Government of Kenya (GoK) has received financing from the World Bank towards the cost ofthe Financial Sector Support Project (FSSP) whose overall development objective is to strengthen the legal, regulatory and institutionalenvironment for improved financial stability, access to and provision of, affordable and long term financing. It is intended that part of the proceeds of this credit be applied to eligible payments under the contracts foran advisor on Risk Based Supervisory Framework for the Pensions Sector to be implemented over a period of twelve (12) months.
2. Objective of the Assignment
The objective of this assignment is to review the existing supervisory framework for thepensions sector and make comprehensive recommendations for strengthening the current risk-based supervisionframework.
3. Scope of theWork
The Consultant shall render, but not limited to, the following services:
a) Conduct a review ofpension's sector supervisorypolicies from comparable jurisdictions
b) Conduct a review ofthe current supervisorypolicy framework at the RBA, describing the core processes that the Authority employs to guide supervision of PensionSchemes
c) Conduct a comprehensive review of Risk-BasedSupervision practice at the RBA against bestinternational practice, identify gaps in the existing RBS Toolkit, and recommendimprovements to the Toolkit as appropriate
d) Review the current Risk Based Supervision (RBS)manual and practices in line with the supervisory policy and incorporate emerging regulatory issues; Recommend improvements to theToolkit
e) Develop robust interrogatives and onsiteinspection manuals to support effective implementation of RBS
f) Support supervisiondepartment in adopting therevised supervisory policy framework
g) Conduct a workshop to sensitize select pensionsector intermediaries and other relevant stakeholders on the proposed revised supervisory policyframework
h) Advise on possible Information Technology (IT)requirements to enhance the existing IT supervision capacity of the Authority
i) Recommendations on organizational capacityand structure to effectively implement the supervisory policy framework, and facilitate a more effective and efficient use ofsupervisory resources.
j) Assist the pension sector intermediariesin the determination and assessment of their risk and development of mitigation strategies;
4. The National Treasury (the Client) through its Project Implementation Unit (PIU) now invites eligibleindividual consultants to express their interest in providing the services. Interested Consultants should provide information demonstrating that they havethe requiredqualifications and relevant experience to perform the services. Consultants shouldprovide their most recent profiles showing their experience, qualifications, capabilities, references and details of pastexperience especially in the area of their expertise etc. The Consultant should have gained experience from working with aregulatory agency for Pensions or Financial Sector institution in a senior technical capacity, with at least ten (10) years'experience in the development and implementation of a Supervisory policyframework; or a multilateral agency in a technical capacityand in which his/her duties have involved advising on Pensions subsector reforms. The shortlisting criteria are; (a) At least an undergraduate qualification in accounting, bankingandfinance, Economics or Actuarial Science. A postgraduate qualificationin a relevant field will be an added advantage; (b) At least 10 (ten) years in a financial sectorregulator, multilateral agency involved in financial sector reform, financialconglomerate, audit firm or in an academic institution engaged in financial sector research; (c) At least five (5) years ofexperience in developing and implementing risk-based supervision framework in various jurisdictions; (d) Strong familiarity with current developments in regulatory, riskmanagement supervision and supervisory policy framework formulation especially with respect to pensions, preferably in IOPS memberstates; (e) Experience in implementing riskbased supervision techniques and Supervisory Policy Framework, recently completed similar assignments on pension supervision reformwill be an added advantage; (f) Experience in training in risk assessment in supervisory authorities and financialinstitutions; and(g) Experience in emerging marketjurisdictions that have implemented Supervisory Policy Framework in a financial sector regulatory regime, basicawareness of the Kenyan Financial System will be an added advantage
5. Theexpression of interestis also open to interested firms who may wish to propose individual consultants. In such cases, only theexperience and qualifications of the individuals proposed shall be taken into account in the selection process and not the firm'scorporate experience.
6. Theattention of interested Consultants is drawn to paragraph 1.9 of the World Bank's Guidelines: Selection and Employment of Consultants [under IBRD Loans and IDA Credits & Grants] by World Bank Borrowerspublished in January 2011and revised in July 2014("Consultant Guidelines"), setting forth the World Bank's policyon conflict of interest.
7. Interested eligible individuals may obtain further information at the address givenbelow during office hours between 0900 to 1700hours, Monday ? Friday inclusive,exclusive of public holidays, before the deadline for the submission of Expressions of Interest.
8. A Consultant will be selected inaccordance with Selection of Individual Consultant method set out in the Consultants Guidelines.
9. CompleteExpressions of Interest documents to be submitted in plain sealed envelopes withconsultancy reference and name clearly marked on top shouldbe delivered in person, sentby mail or by email to the address shownbelow or placed in the tender box at our offices on the 7th floor, AnniversaryTowers, North Tower
Project Implementation Unit
P.O Box 21190 ?00100
Project Implementation Unit
Attention: Procurement Specialist
7th Floor, Anniversary Towers, NorthTower.
Building No.19 Monrovia Street/UniversityWay
Telephone No: +254-20-2210271/4
10. Deadline for submission of Expressions ofInterest is Tuesday 1st November 2016 at 1600 hours Kenyan local time.
FOR: PRINCIPAL SECRETARY