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COMPETITIVE BID PROCESS- RFP AND SLA
What is the primary purpose of a Request for Proposal (RFP) in a bank's IT procurement process?
An RFP is a formal document issued by a bank to invite vendors to submit detailed proposals for supplying technology solutions or services, enabling competitive evaluation based on technical and commercial criteria.
What is a Request for Information (RFI) used for in bank IT procurement?
To gather market intelligence before issuing a formal RFP
What does SLA stand for in the context of banking IT contracts?
SLA stands for Service Level Agreement, a contractual document that defines the expected performance standards, availability metrics, and responsibilities between a bank and its technology service provider.
What is meant by 'benchmarking' in the context of SLA performance metrics?
Comparing actual service performance against predefined standards or industry norms
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