Recommended Approach: Structured Finance Request for Proposals (RFP) / Requests for Information (RFI)

The types of structured finance transactions supported by TAO Solutions software include:

• Clearly define your project requirements: Understand and clearly articulate your project objectives, scope, deliverables, and any specific requirements or constraints. This enables TAO to better understand the requirements and accurately determine project economics, timelines and resourcing needs.

• Develop an RFP document: Create a comprehensive RFP document that includes all relevant information about your structured finance project. This document should outline the company background, project objectives, scope of requirements, evaluation criteria, submission guidelines and contractual requirements. We recommend including a clear timeline for the RFP process that allows for a minimum 6 weeks to provide a detailed vendor response.

• Create a short-list upfront of vendors to participate in the RFP process: It is widely recognised that the Structured Finance software industry has a limited number of vendors that can deliver a cost effective, turn-key solution.   We recommend that complete a preliminary due diligence assessment to identify potential vendors who are capable of fulfilling your project requirements in your required jurisdiction. Consider factors such as their subject matter expertise, industry experience, customer base, track record of success, financial stability and reputation.  Thereafter, a shortlist will be created to avoid the need to expend resources unnecessarily.

• RFP process management: Maintain a flexible and open dialogue with vendors to support questions and clarifications of project requirements.  Establish a process for managing, submitting and responding to questions, ensuring fairness and transparency.  This should include product demonstrations to determine the status of the vendor to provide a turn-key solution and the level of development work required.

• Evaluate the proposals: The evaluation committee will review and score the received proposals. Common evaluation criteria include technical expertise, experience, cost, proposed approach, timeline, and references. Develop a scoring system to compare and rank the proposals objectively.

• Shortlist two vendors: Based on the evaluation scores, create a shortlist of two vendors that meet your project requirements.

• Complete the vendor due diligence process: Shortlisted vendors should be assessed to confirm ability to deliver and address RFP-related company specific requirements.

• Conduct Demonstrations and Q&A Sessions: Arrange demonstrations and question-and-answer sessions with the shortlisted solution providers to gain a deeper understanding of their software capabilities, user experience, and customization possibilities.

• Negotiate with the preferred vendor: Once you have completed your evaluation, engage in negotiations with the preferred vendor. Discuss the terms and conditions, pricing, deliverables, and any other relevant aspects. Aim to reach a mutually beneficial terms of arrangement.

• Begin contract negotiations: Work with the selected vendor to finalize the contract terms and conditions. The Statement of Work (“SOW”) in relation to the implementation effort will also need to be completed.  Ensure that all aspects are clearly defined and agreed upon.
  

Finally, remember to ensure effective communication, transparency, and fairness throughout the RFP process. This is enable a successful outcome for all parties.

Please note that this guide serves as a general framework, and it may be necessary to adapt the process to suit your specific needs and requirements.