Operational Risk Modelling Contract (UK)
this agreement for the provision of the Services (as defined below) including any schedules;
in relation to either party, any information (whether or not stated to be confidential or marked as such) which that party discloses to the other, or which the other party obtains from any information disclosed to it by that party, either orally or in writing or by any other means, under or in connection with this Agreement;
all documents, items, plans, products, goods and materials supplied by the Supplier, including any methodologies, ideas, designs, computer programs, data, disks, tapes, and reports, in whatever form, which are developed, created, written, prepared, devised or discovered by the Supplier or its agents, sub-contractors, consultants and employees in relation to the Services;
the date on which the Agreement is signed by all parties;
any equipment, systems, tools, cabling, items, materials or facilities requested or used directly or indirectly in the supply of the Services, by the Supplier or its sub-contractors;
Intellectual Property Rights
any invention, patent, utility model right, copyright and related right, registered design, unregistered design right, trade mark, trade name, internet domain name, design right, design, service mark, database rights, topography rights, rights in get-up, rights in goodwill or to sue for passing off and any other rights of a similar nature or other industrial or intellectual property rights owned or used by the Supplier in any part of the world whether or not any of the same is registered (or capable of registration), including applications and the right to apply for and be granted, extensions or renewals of, and rights to claim priority from, such rights and all equivalent or similar rights or protections which subsist now or will subsist in the future;
the services which are set out and described in Schedule 1 of this Agreement, together with any other services which the Supplier provides or agrees to provide to the Customer through the change control procedure set out below (Change Control);
the charges for the Services, which are set out in Schedule 2 of this Agreement;
the description or specification for the Services as set out in Schedule 1 of this Agreement or as otherwise agreed between the parties through Change Control;
any day other than a Saturday, Sunday or public holiday in England and Wales.
as specified in Schedule 1.
The parties have signed this Agreement on the date(s) below:
John Willoughby for and on behalf of elanev Limited
for and on behalf of
The service will be provided remotely via email until a future online facility is made available.
The quantitative estimates within the elanev approach are used to parameterize a frequency and a severity distribution for each key risk scenario. The distributions used and the methods for parameterising them are based on techniques common to these models. Similarly, the use of Monte-Carlo simulation to combine the frequency and severity distributions to identify a loss profile for each of the key risks are also commonly used techniques.
The model outputs include:
The diversified loss utilises user specified correlations between the key risk scenarios and industry standard copula models. A confidence level can be selected over a one-year time horizon to which undiversified losses, diversified losses and fully diversified losses can be calculated.
The following distributions will be offered:
The frequency distribution is parameterized using the business expert-based estimate of the expected loss frequency for each scenario. The severity distribution is parameterized using scenario-based estimates of the severity of loss at two frequency values. There is an additional option to specify one of these two points as the median, mode or mean of the severity distribution.
The copula model is parameterised using the correlations identified between the risk scenarios. Each output report will be based on the following structure;
The customer has agreed to pay the supplier the lump sum of £17,000 for eight months service following the date of signature.
Payment terms are 30 days from the date of signature.
The model can be run as many times as required during the live period.
The fee for access to the model is £17,000 plus VAT, regardless of how frequently the model is run during this period.
During this live period the customer may repeat the analysis as many times as required.
This commercial arrangement assumes that the customer is willing to provide a credential for the services of the supplier.
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Signed by Steven Preston
Signed On: January 31, 2018
If you have questions about the contents of this document, you can email the document owner.
Document Name: Operational Risk Modelling Contract (UK)
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