Request for Proposals–Current State of Enterprise Risk Management for Health Insurers, Self-Insured Plans and Health Finance Professionals
- Background and Purpose
The goal of enterprise risk management is to provide a framework for risk management through the identification, assessment, monitoring, and response to risks impacting an organization. Enterprise risk management may integrate a variety of organizational functions including strategic planning, operations management, and internal control. Ultimately, enterprise risk management is motivated by the benefits and value it can bring to an organization and in turn, the organization's stakeholders.
In recent years, a rapidly growing number of organizations have embraced enterprise risk management and instituted a dedicated program with extensive resources supporting it. With this in mind, the Society of Actuaries' Health Section is interested in exploring the extent to which enterprise risk management has been adopted by health insurers, self-insured plans and the involvement of health finance professionals.
- Research Objectives
The Society of Actuaries' Health Section is seeking researchers to evaluate and gauge the current state of enterprise risk management practice as applied to health insurers, self–insured plans, and health finance professionals. In developing the report, researchers would review and evaluate source material that has been written about enterprise risk management practices applied to the health environment. The report is envisioned to contain the following sections:
- Summary of Source Material: A summary of articles and papers that have been written about enterprise risk management and health. This section would include specific guidance on how the material could be obtained by practitioners interested in reading the full sources.
- Critique of Source Material: An evaluation of the source material in terms of completeness, relevance, and information gaps.
- Identification of Current Best Practices: A description of current best practices (or lack thereof) based on a critical reading of the source material. Background information for this section may also include discussions with authors and other knowledgeable practitioners.
- Recommendations for Future Work: Based on an examination of the source material and current practices, this section would provide suggestions for areas of further involvement or research in this area.
The report would then benefit both health practitioners interested in a grounding of the issues related to enterprise risk management and those looking to implement it for their organizations.
- Proposal
To facilitate the evaluation of proposals, the following information should be submitted:
- Resumes of the authors, including any graduate student(s) expected to participate, indicating how their background, education, and experience bear on their qualifications to undertake the research. If more than one author is involved for each report, a single individual should be designated as the lead researcher and primary contact. The person submitting the proposal must be authorized to speak on behalf of all the authors as well as for the firm or institution on whose behalf the proposal is submitted.
- An outline of the approach to be used. Details should be given regarding the manner in which appropriate published material will be identified and evaluated, search techniques to be used, collateral material to be consulted, and possible limitations of the review and analysis.
- Cost estimates for the research, including computer time, salaries, report preparation, research costs, etc. Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included. Any guarantees as to total cost should be given and will be considered in the evaluation of the proposal. While cost will be a factor in the evaluation of the proposal, it will not necessarily be the decisive factor.
- A schedule for completion of the research, identifying key dates or time frames for research completion and report submission.
- Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.
- Selection Process
The SOA's Health Section Council is responsible for the selection of the proposal to be funded. Input from other knowledgeable individuals may also be sought, but the SOA's Health Section Council will make the final decision. The SOA's Research Actuary will provide staff actuarial support. A Project Oversight Group (POG) will be appointed to oversee the project upon selection of the proposal.
- Questions
Any questions regarding this RFP should be directed to:
Steven Siegel, SOA Research Actuary at ssiegel@soa.org
ph: 847.706.3578
f: 847.273.8578
- Notification of Intention to Submit Proposal
If you intend to submit a proposal, please e–mail written notification by October 15, 2008 to:
Barbara Scott, Research Administrator, bscott@soa.org
Society of Actuaries
475 N. Martingale Road, Suite 600
Schaumburg, IL 60173–2226
ph: 847.706.3592
f: 847.273.8592
- Submission of Proposal
Please e–mail a copy of the proposal to Barbara Scott at bscott@soa.org.
Proposals must be received no later than November 1, 2008. It is anticipated that all authors who have submitted proposals will be informed of the status of their proposal no later than December 1, 2008.
Note: Proposals are considered confidential and proprietary.
- Conditions
The SOA reserves the right to not award a contract for this research. Reasons for not awarding a contract could include, but are not limited to, a lack of acceptable proposals or a finding that insufficient funds are available. The SOA also reserves the right to redirect the project as is deemed advisable.
The SOA intends to copyright and publish the results of this research. The research will be considered work–for–hire and all rights thereto belong to the SOA. However, appropriate credit will be given to the researcher(s).