Step III - Preparation and Issue of the RFP
An RFP would be created and released on SupplierSelect to each agreed provider who will be asked to respond within the predetermined timeframe (usually three to four weeks).
The online RFP consolidates all responses within a day of receiving the completed RFPs. If a supplier has previously responded to an RFP, they can choose to import any part of the response into the current RFP. This time-saving functionality instantly populates a questionnaire with responses that can be altered to reflect the requirements of the new mandate.
Specific steps include:
(i) Issuer's Profile
Uploaded onto the site is a document profiling of your organisation, aimed at providing candidates with sufficient background information to enable them to submit a completed questionnaire, including a fee proposal. The information would cover the description of your institution, scope of business to be included in the review, the overall size of assets and key buying criteria and hurdles.
(ii) Definition of service standards
Service standards would form an integral part of the final agreements between you and future suppliers. Representations made by service providers in their responses to the RFP should be embedded in the final agreements. Consequently, it is vital that the service standards you require are clearly defined at this initial step.
(iii) Definition of issuer specific questions
The client will have access to Thomas Murray structured and comprehensive questionnaires as the basis for the RFP process. Any additional questions can be included easily in the questionnaire. Our previous experience shows that a highly structured and closed set of questions greatly facilitates an accurate analysis of the responses, and also helps the respondents to describe their capabilities.
(iv) Sign-off of the final RFP
Clients have access to a draft RFP (questionnaires, your profile and requirements) and account details for access to the website prior to release to the market.
(v) Submission of the RFP requests to selected Service Providers
The final RFP will be issued to the selected Service Providers. The inclusion of the issuer's profile and your service standards will allow each service provider to consider the proposition in order to made an informed decision in choosing to respond to the RFP.
Step IV - Analysis of RFP Responses
An analysis of the service providers is carried out by Thomas Murray.
On submission of the RFP responses, each answer would be analysed and s part of the analysis, we would confirm and/or recommend:
- Key hurdles that all respondents must meet in order to be considered in the final analysis;
- Appropriate weightings for each of the main areas of the RFP, so that those suppliers included in the final analysis can be scored and judged in a consistent way; and
-
Compare and contrast responses received to allow you to quickly see how the services can be compared.
You would be provided with access to each response to the RFP. Access to a discrete zone on the site allowing you to download and print sections of the responses.
Should you wish to analyse the responses yourself or monitor your service providers on an ongoing basis without Thomas Murray's involvement you could still utilise SupplierSelect to support your process.
Step V - Due Diligence
This step focuses on ensuring that the service levels offered in the RFP process can actually be supplied. Thomas Murray can provide comprehensive support to ensure that the principal tasks are properly completed. The overall aim is to conduct an on the ground review of the preferred candidates.
Due diligence on preferred candidates includes a one to two days on-site visit and concentrates on the following:
- Credentials - confirmation of data.
- Operations - core services and people.
- Systems - systems and reporting.
- Hand-over - resourcing and feasibility.
- Verifications - Telephone references to clients of candidates.
This is an intensive exercise, aimed at ensuring that the candidates can deliver what they say they can at an operational level. It is also an opportunity for the candidates to find out more about your requirements. Some issues may still require physical confirmation (e.g. formal confirmation from the provider of RFP changes, copies of reports). By the end of the exercise, you should be in a position to select preferred candidates.
|
