The Society of Actuaries' Committee on Finance Research (CFR) is seeking proposals for research projects that will produce information, data, theoretical models and/or empirical tools useful to actuaries practicing in investment and other finance-related areas.

The specific subject matter, methods, and presentation of results are intentionally undefined in this RFP, with the hope that many unique and valuable projects will be proposed. Examples of finance research projects supported by the Society of Actuaries in the past can be found at http://www.soa.org/research/research-projects/finance-investment/default.aspx. In addition, researchers will find other research projects of interest to the CFR under Risk Management, Pension, etc. at http://www.soa.org/research/research-projects/default.aspx. The guiding principle above, of being (immediately) useful to practicing actuaries, should be borne in mind.

Project Oversight
The Committee on Finance Research will convene a project oversight group for each project that is selected for sponsorship. The project oversight group will oversee the progress of the project. This oversight group may include members of the Committee on Finance Research, Society of Actuaries' staff, and/or others who are knowledgeable and interested in the subject matter of the proposal.

Funding
Projects will be funded or partially funded by the Committee on Finance Research. The Section will commit funds on a project-by-project basis, depending on the perceived value of a project to the membership as determined during the selection process (described below). Larger budget projects may require joint funding with other groups within the SOA and/or other organizations. This may lengthen the decision time for awarding of such projects.

 
Schedule
Proposals are welcome any time and will be reviewed for funding consideration by the Committee on Finance Research at its next meeting after receipt of the proposal. It is not uncommon for the CFR to request additional details on a proposal for subsequent discussion and evaluation.

To facilitate the evaluation of proposals, the following information should be submitted:

1. Statement of Purpose–a discussion of the expected research output and content. For example, if the work product is to be a report, include an outline of the report as well as a description of what will be addressed in each section. If the work product is to be a computer tool, include a description of the anticipated software and hardware requirements, expected user interface (for example, Excel or Access), and the anticipated output. This section should put into context the earlier relevant work done by others, and how the current proposal extends this work.
2. Data–sources to be used, how obtained, etc.
3. Expected Use–expectation of how the research can be used by practicing actuaries and ideas for the form and distribution of the work. This section must also include a discussion about the value of this project to the members of the Investment Section.
4. Methods–an outline of the development of the research process. This section of the proposal should include a presentation of the steps that will be undertaken to complete the project and the interim steps that will be taken to ensure the quality of the work product to be delivered.
5. Limitations–any potential limitations of the applicability of the research.
6. Schedule–A schedule for completion of the research, identifying key dates or time frames for research completion and interim report submissions. Note that while longer–term projects will not be excluded from consideration if they will provide a unique benefit to the membership, the Committee on Finance Research does have a preference for shorter–term projects with implementations of one year or less.
7. Cost–Cost estimates for each work step identified in Section V (D), including charges for professional time and any other expenses (such as administrative assistance, data, computer or phone charges, travel expenses, and the like). Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included.

 

A guarantee as to total cost must be given and will be considered in the evaluation of the proposal. However, while cost will be a factor in the evaluation of the proposal, it will not necessarily be the decisive factor.

This section should also include a description of billing practices and a proposed payment schedule related to interim deliverables. This proposed payment schedule should withhold some reasonable portion of the total proposed budget until the final work product is delivered.

8. Researchers–RFPs may be responded to by more than one person, company or institution in a team arrangement. In this section, provide resumes(s) of the professional(s) who will be working on the project, and a description of how the background, education and experience of the researchers bear on qualifications to undertake the work described.

 

If more than one professional is involved, the roles and responsibilities of each participant in the research is to be clearly indicated. The project team should include one or more professionals who will serve a peer review/quality control function. In addition, a single individual should be designated as the lead researcher and primary contact authorized to speak on behalf of all proposers as well as for the firm or institution on whose behalf the proposal is submitted.

The Committee on Finance Research of the Society of Actuaries is responsible for proposal review and evaluation of proposals and the selection of projects to be sponsored. Input from other knowledgeable individuals also may be sought, but the Committee on Finance Research will make the final decision.

The projects to be sponsored, if any, will be selected based on their perceived value to the membership as determined by the CFR. In determining "value," the Committee will consider factors such as cost, usefulness, and uniqueness.

Any questions regarding this RFP should be directed to:

• Steven Siegel, SOA Research Actuary
• Society of Actuaries
• 475 N. Martingale Road, Suite 600
• Schaumburg, IL 60173–2226
• ph: 847.706.3578
• f: 847.273.8578

If you intend to submit a proposal, please send written notification to:

• Steven Siegel, SOA Research Actuary
• Society of Actuaries
• 475 N. Martingale Road, Suite 600
• Schaumburg, IL 60173–2226
• ph: 847.706.3578
• f: 847.273.8578

Please both e–mail and send a copy of the proposal to:

• Barbara Scott, SOA Research Administrator
• Society of Actuaries
• 475 N. Martingale Road, Suite 600
• Schaumburg, IL 60173–2226
• ph: 847.706.3592
• f: 847.273.8592

Note: Proposals are considered confidential and proprietary.

The Committee on Finance Research reserves the right to not award any contracts for the work described in this RFP, without reason. The Society of Actuaries also reserves the right to modify the project as is deemed advisable, before sponsorship is awarded.

The Society of Actuaries intends to copyright and publish the results of this work. The research will be considered work–for–hire and all rights thereto belong to the Society of Actuaries. However, appropriate credit will be given to the professionals who produced the work.