This Request for Proposals (the “RFP”) is an invitation by Financial Services Regulatory Authority of Ontario (“FSRA”) to prospective proponents to submit proposals for Digital Transformation Solutions Integration, as further described in Section A of the RFP Particulars (Appendix D) (the “Deliverables”).
FSRA is a regulatory agency of the Ontario government. It was launched in 2019 to regulate certain public sector industries, thereby enhancing public confidence in these sectors. FSRA has responsibility for regulating property and casualty insurance (including auto insurance); life and health insurance; credit unions and caisses populaires; loan and trust companies; mortgage brokers; health service providers (related to auto insurance); and pension plans.
FSRA’s vision is financial safety, fairness, and choice for Ontarians. Its mission is public service through dynamic, principles-based and outcomes-focused regulation. FSRA’s values are based on honesty, impact, credibility, empathy, collaboration, and empowerment.
FSRA has initiated a digital transformation (“DT”) program to develop and execute a digitally enabled strategy that will align regulatory processes, technology, and data with FSRA’s mission to become a principles-based and outcomes-focused regulator while mitigating business and technology operational risks.
FSRA is seeking a supplier to provide:
- Design of an enterprise-wide regulatory technology solution
The solutions integrator (“SI”) supplier will create an architectural design and the design of a fully integrated suite of enterprise applications while supporting integration of sector-specific applications and integration of sector-specific requirements. In addition, the SI supplier will lead the identification and evaluation of commercial off-the-shelf technology solutions that will meet FSRA’s needs to satisfy the architectural and business requirements. The supplier will need to consider a cloud-first approach in the selection and design of technology solutions. Architectural design and technology solution options must include enterprise content management (“ECM”), customer relationship management (“CRM”), case management (“CMS”), rules engine, web and mobile portals, and analytics engine.
- Design of future-state regulatory processes
The SI supplier will deliver the design of sector-specific, future-state, technology-enabled processes, for both internal teams and regulated entities, that streamlines core business processes and incorporates organizational change management (“CM”) best practices. For example, future-state processes would look to reduce time spent on information gathering to allow for increased analysis and automate common and repeatable processes for low-risk activities.
Key processes to be included in future-state design include:
- regulatory policy;
- guidance and education;
- licensing and registration;
- filings and approvals;
- monitoring and compliance; and
- enforcement and intervention.
- Design of future-state for IT service delivery model (“ITSDM”)
The SI supplier must design the future-state model to support the ongoing operation and continuous improvement of IT services aligned with the enterprise-wide technology foundation, future-state business operating model, and ancillary and supporting infrastructure components. This model must be flexible and inclusive of the new capabilities introduced through DT program. The design must consider a cloud-first approach in the selection and design of technology solutions.
- Design of enterprise-wide data and information management platform
The SI supplier must design a data architecture that will provide an authoritative source of data for the enterprise and provision data for use in business processes, analytics, policy development and risk-based regulatory supervision at both the enterprise and sector-specific levels.
The scope includes defining data governance structures, input streams, and data access mechanisms integrated with applications and systems across FSRA’s sectors and functional areas. This includes accommodation of existing data sources through means such as, but not limited to, data migration and archiving.
Enhancements to data sources and availability will also be included in the program. The design must consider a cloud-first approach in the selection and design of technology solutions.
A comprehensive CM program is foundational to the success of the DT program and key to the achievement of all program objectives.
- CM program
The CM program will include analysis of change impacts for both internal and external stakeholders, sponsor assessments, stakeholder engagement, resistance management, communication strategies and plans, as well as implementation support. The program will also include adoption and sustainment plans for new processes, tools, and modes of engagement. Detailed engagement plans will outline how regulated entities will be involved in the program. These plans will include the methods and mechanisms for engaging these stakeholders. The plans will also include actions to address the inputs into the program.
In conjunction with FSRA’s organizational change management (“OCM”), the SI supplier must deliver a CM program that includes the components listed above.
The supplier must provide assistance and support for the implementation of the future-state processes, technology solutions and models for all components of the program. This support will include but not be limited to the development of implementation approach and plans, ensuring successful launch of future-state processes through deployment of change plans and support for the launch of the future-state IT Service Delivery model.
- Implementation assistance and support