The Bank of England (BoE) is preparing to deploy a risk assessment IT system by the end of 2012 in order to identify risks in the financial sector.

The new system is expect to cost near £2.5 million and would provide BoE with scores categorising companies operating in the finance sector.

Those accepting the tender will be reviewed by both the BoE and FSA with the winner receiving a three year contract with the option of extension.