QUOTATION REQUEST
Ensuring the sustainable and effective operation of the universal health insurance system requires modern financial reporting and reliable risk assessment and management mechanisms.
To this end, the Universal Health Insurance Fund announces a quotation request for the procurement of consulting services for the implementation of International Financial Reporting Standards (IFRS) and the development of an Own Risk and Solvency Assessment (ORSA) framework.
The procurement aims to develop financial reporting and risk management systems aligned with international standards, thereby strengthening the Fund’s mechanisms for assessing financial stability, forecasting risks, and making well-founded decisions.
The quotation request covers two main areas.
1. Consulting services for the implementation and development of International Financial Reporting Standards (IFRS).
The assignment envisages establishing a practical financial reporting system, including the development of reporting models and accounting policies; a methodology for insurance claims reserving (Claims Reserving/IBNR); the tools required to implement the system; and an appropriate chart of accounts for integration into the accounting software system.
2. Consulting services for the development of Own Risk and Solvency Assessment (ORSA) and risk management systems.
The assignment envisages developing a forward-looking framework for risk management and financial stability assessment, including defining risk appetite, establishing stress-testing mechanisms, conducting a pilot ORSA assessment, and developing reports for presentation to the Fund’s Board of Trustees.
These initiatives are important components of the Fund’s institutional development, aimed at improving the transparency of financial processes, ensuring consistency in risk management, and developing the tools necessary for long-term financial sustainability.
We invite organizations with relevant expertise and capabilities to participate in the open tender.
Detailed information on the quotation request terms, participation requirements, and application submission procedure is available via the link - https://armeps.am/epps/cft/listContractDocuments.do?resourceId=12543091