The selection of an outsourced service provider requires a robust selection process but also the comprehensive engagement of stakeholders.
Our client, a UK-based tier 1 investment bank, wanted to reduce costs and improve their regulatory compliance by outsourcing the assurance of their trade and transaction reporting function to an external vendor.
The client required experience and knowledge in creating and managing a vendor selection process. They also needed the additional resources to supplement their team for the analysis and discussions throughout the process
We worked with the client to document and present the optimal target operating model, which involved the outsourcing of the function.
Once agreed, we ran the vendor selection process, including the Request for Information (RFI) and Request for Proposal (RFP) stages. This involved the research and selection of a ‘long list’ of potential vendors and the subsequent reappraisal of vendors until the most suitable service provider was identified.
This method relied on our in-depth analysis of vendors’ offerings, followed by a rigorous selection process in the RFI and RFP stages, through to implementation planning.
With our collaborative approach coupled with the experience held within our team, we were able to help select a strategic operating model and a long-term service provider for our client. This had immediate and far-reaching benefits. Firstly, it improved the understanding of the long-term strategy by the client’s team, and secondly, it obtained buy-in from key stakeholders to the business case for outsourcing and with the choice of vendor.
Note: This case study was first published by Catalyst prior to the Sionic merger