Step I - Review of Service Requirements
Investors/investment managers should accurately determine overall and local requirements for each jurisdiction (if applicable). A separate set of requirements will need to be defined for different types of service providers (i.e. custodians, alternative investors).
This should ensure that a clear statement of requirements is specified, and that the key buying criteria for services are properly reflected in the Request For Proposal (RFP) and subsequent Service Level Agreements (SLA)/Contracts.
Step II - Initial Screening and Evaluation of Options
Having determined the key buying requirements, Thomas Murray will help to select a list of providers for inclusion in the RFP process. Rather than issuing the RFP to an extensive list of providers, consideration will be given to shortening the list using key selection hurdles where appropriate. This could include:
- Credentials (size, credit rating, client mix)
- Commitment to business
- Client service presence
- Regulatory / jurisdictional requirements
- Other factors known to your group
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