OJEU eTendering Project
|Purchase Category:||Financial Services|
The client required a service which combined custody, investment accounting, reporting, and performance measurement services.
The contract size was well in excess of EU procurement thresholds so the tender would have to be compliant with OJEU tendering rules. The client wanted to use eTendering software for transparency, regulatory compliance and process efficiencies.
Thomas Murray was selected to conduct the review on the basis of its proven industry expertise. The fact that Thomas Murray uses SupplierSelect eTendering software meant that complying with EU procurement guidelines could be as simple as checking the right boxes when setting up the project.
Using SupplierSelect to evaluate and select a global custodian, 7 custodian banks were evaluated via a questionnaire with over 500 questions. The basis for this questionnaire was Thomas Murray's own custody RFP template. Additional questions were added to this template to reflect the client's particular needs.
The tender notification was posted to the Official Journal of the European Union (OJEU), with links to SupplierSelect for automated vendor registration. The SupplierSelect project was flagged as "public", meaning that any vendor was permitted to respond. Project settings were configured to ensure that vendor responses to the eTender were hidden until the project deadline passed. Question and section weights where made available to the suppliers via the "Expose Weightings to Respondents" setting. All communication with the vendors was managed through SupplierSelect's integrated message board. Finally, in common with all SupplierSelect projects, every significant action by the contracting authority or the vendors was tracked in the Event Log audit trail.
Results: a contract award was made to a new supplier a 75% reduction in fees paid a significant improvement in contractual responsibilities assumed by the service provider OJEU compliance with a full audit trail in case of a supplier challenge