Objectives

The primary objective of this tender is to appoint a qualified and experienced service provider to conduct an enterprise-wide financial crime risk assessment for the Industrial Development Corporation (IDC). The assessment aims to identify, evaluate, and mitigate risks related to money laundering, terrorist financing, fraud, bribery, corruption, and other financial crimes across all business units, departments, and subsidiaries.

Scope

The scope of work includes:

• Providing a comprehensive enterprise-wide financial crime risk assessment.
• Reviewing existing controls, policies, procedures, and governance frameworks related to financial crimes.
• Assessing products, geographic exposure, and delivery channels.
• Developing and presenting findings, review, and prioritized recommendations.
• Conducting up to five meetings to present findings.

Technical Requirements

The technical requirements for the service provider include:

• Relevant experience in conducting enterprise-wide financial crimes risk assessments, with at least two references from similar projects in the past three years.
• A detailed methodology demonstrating understanding of project objectives and deliverables.
• A comprehensive project plan outlining key activities, timelines, and milestones to complete the assessment within three months.
• Qualifications and skills of key personnel involved, highlighting relevant expertise and experience.
• Compliance with all mandatory functional/technical requirements specified in the RFP.
• Provision of a detailed risk assessment report, including risk ratings, gap analysis, control effectiveness, and prioritized recommendations.

Skills Requirements

The skills and qualifications required from the service provider’s team include:

• Relevant qualifications and expertise in financial crime risk management and assessments.
• Experience in conducting enterprise-wide assessments covering AML/CFT, fraud, sanctions, and anti-bribery/corruption.
• Proven ability to review and evaluate controls, policies, and governance frameworks.
• Strong project management skills to deliver within the stipulated three-month period.
• Effective communication skills for presenting findings and recommendations in up to five meetings.