Online RFP Reviews

Thomas Murray's On-line RFP (SupplierSelect) offers clients a more efficient and streamlined RFP process than had previously been available. It cuts the duration of the RFP process significantly whilst increasing accuracy and reducing respondent workload. Using tried and tested methodologies, SupplierSelect has since reviewed over €3.1 trillion of assets, providing clients with a unique and powerful service. Thomas Murray's SupplierSelect is the RFP system of choice for many custodians in the market allowing them to respond to several large questionnaires simply and efficiently.

The Thomas Murray RFP Approach

• Tried and tested questions based on core requirements.
• Highly structured.
• Generates comprehensive databases for evaluation.
• Closed questions, which provide focused responses.
• Facilitates comparative analysis.
• Respondents are able to provide information via textual, numerical or fixed response choices and are able to upload supporting documents.
• Closed questions, but with expandable narrative text boxes.
• Foundation for SLA and Contract Terms.

RFP Scoring Functionality

• Closed questions facilitate scoring.
• Banks responses are consolidated for each question allowing for simple comparative analysis and scoring.
• Client view provides easy access to response audit.

RFP Scoring and Weighting Methodology

Each question in the RFP is scored out of 10, using the following guidelines:

10 - Meets or exceeds all requirements, without qualification
8 - Meets all requirements, but with some minor qualifications*
5 - Meets basic minimum requirements, but with some qualifications
2 - Does not meet all requirements, but specific enhancements are planned
0 - Fails to meet requirements
(* For example, a custodian may provide contractual settlement in all but a handful of minor markets)

• Specific scores do not necessarily equate to their actual response to 'Yes/No' type questions. Due consideration is always given to the relevance of qualifications. Qualifications which clarify stated responses are always regarded positively.
• Thomas Murray assigns a weighting to each question from 1 to 5, with some exceptional questions receiving a weighting of 10.
• Clients have the ability to assign their own weightings to questions.

Presentation of Findings

• Precise report shows bank responses, Thomas Murray analysis & recommendations.
• Output gives clear direction as to potential next steps, strengths & weaknesses of each provider and proposed actions.
• Once findings are agreed a short-list can be prepared.
• Star Chamber questions clarify responses from short listed providers.
• Star Chamber meetings generate Due Diligence plans and frameworks from bank responses.

RFP responses can be linked to due diligence findings, legal commitments and day-to-day operations/service monitoring.