COMPETITIVE BID PROCESS- RFP AND SLA
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Information Technology and Digital Banking (Elective) — CAIIB.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
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
Which regulatory body in India mandates that banks follow a competitive bid process for significant IT procurements?
The Reserve Bank of India (RBI) through its IT governance guidelines and circulars mandates that banks adopt transparent competitive bidding processes for major technology acquisitions to ensure fairness and value for money.
What is 'scope creep' risk in a banking IT RFP contract?
Uncontrolled expansion of project scope beyond original agreed deliverables
What is the difference between an RFI and an RFP in banking procurement?
An RFI (Request for Information) is a preliminary document used to gather general vendor capabilities and market intelligence, whereas an RFP is a formal solicitation for detailed technical and financial proposals for a specific requirement.
What is a Disaster Recovery SLA in the context of core banking contracts?
Agreement defining recovery time objectives for systems after a disaster event
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