The Challenge
EQuest Consulting was required to develop a Request for Proposal (RFP) for the implementation of an Analytics Engine to meet the bank’s reporting requirements for the Basel II Accord. The initial challenge was to have the RFP ready within 5 weeks, even though the requirements and scope were still yet to be defined. This meant developing a plan which enabled fleshing out the detailed functional and technical requirements, socialising these and obtaining agreement across a range of stakeholders within a matter of weeks.
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How EQuest Consulting Met the Challenge
Working with the client we developed a planned approach which covered:
- Using vendor workshops as a tool to help draw out the key requirements
- Developing a workshop assessment process to gather specific stakeholder requirements
- Defining the functional requirements
- Defining the overall scope of the solution
- Simplifying and building a new standard RFP template.
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The Benefits
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The client achieved the desired outcome of a clearly scoped solution with detailed functional and technical requirements.
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Impact on Stakeholder time was minimised by being efficient and limiting the number of workshops and reviews on completed requirements.
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On time completion of the RFP meant that other parts of the overall Basel II programme were not impacted.
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Positive vendor feedback on the improved RFP documentation, which set a new standard in the content and structure of RFP documents.
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