Which step is NOT recommended by GFOA for procuring actuarial services?

Choosing the lowest priced offer without consideration is not recommended by the GFOA for procuring actuarial services because this approach can undermine the quality and suitability of the services provided. Actuarial work is complex and requires not only expertise but also a deep understanding of the specific needs of the organization. Selecting a provider solely based on cost may lead to inadequate services, missed critical considerations, and potential long-term financial ramifications.

The GFOA emphasizes the importance of thorough evaluation beyond price to ensure that the chosen actuarial service provider has the necessary qualifications, experience, and a proven track record. This holistic approach promotes better alignment of the service provider's capabilities with the requirements of the organization, ultimately leading to more effective risk management and financial planning.