Zoptiks LLC. St Kitts & Nevis Saint Kitts And Nevis
2 weeks ago
THE BANK OF NEVIS LIMITED
Request for Proposal:
Co-sourced IT Audit
The Bank of Nevis Limited (BON/the Bank) is requesting proposals from qualified, reputable consulting firms/consultants with expertise in the auditing of Information Technology (IT) systems to conduct a comprehensive co-sourced review of the Bank’s IT Department.
The Bank of Nevis Limited is an indigenous bank located in St. Kitts and Nevis. The Bank commenced operations on 9 December 1985 with the purpose of providing banking services to the local community with the following objectives:
• Job creation
• Development of Business and Industry
• Improvement in the housing stock
• Mobilization of Savings – Local and Foreign
BON offers comprehensive banking services including a variety of deposit accounts with attractive rates of interest, credit and debit cards and loans. Other services include Automated Teller Machine (ATM) services, online banking, brokerage... services, merchant services and foreign exchange purchases and sales.
It was the first bank to list its shares on the Eastern Caribbean Securities Exchange (ECSE) in October 2001. It is also a licensed Broker Dealer/Intermediary of the ECSE thereby facilitating the buying and selling of shares listed on the ECSE.
BON has been at the forefront of development providing funding for tourism projects, affordable housing, education, small business development and corporate expansion. It is not only concerned with the economic development of the island but is committed to building a better St. Kitts and Nevis through its social corporate responsibility initiatives in areas of education, sports, culture and health. The Bank’s motto, “Improving the Quality of Life” embodies the ongoing
contribution that the Bank makes to the overall development of the island and the entire Federation.
In December 2019, The Bank of Nevis Limited, as part of a consortium group of indigenous banks in the Eastern Caribbean Currency Union (ECCU), entered into an agreement with Royal Bank of Canada (RBC) to purchase regional businesses operating under RBC Royal Bank Holdings (EC) Limited in Nevis, St. Kitts, Antigua, Montserrat, St. Lucia, Dominica, Grenada and St. Vincent and the Grenadines. The acquisition was completed on 1 April 2021 with BON acquiring the RBC/RBTT operations in St. Kitts and Nevis.
BACKGROUND TO PROJECT
The Bank of Nevis Limited Internal Audit Department’s 2022/2023 approved Internal Audit Plan includes a comprehensive review of the Bank’s IT department/infrastructure. Currently, the department is not equipped with IT Auditors and therefore requires the expertise of outside resources. The requirement for a comprehensive IT Audit was also highlighted by the Eastern Caribbean Central Bank (ECCB).
This review is even more critical with the recent acquisition of RBC/RBTT, as prior to the acquisition, The Bank of Nevis Limited operated as a single branch entity from one location. With the purchase of RBC/RBTT, the Bank has expanded IT requirements which now includes the St Kitts branches as well as that acquired in Nevis.
GOALS AND OBJECTIVES
Upon completion of the audit, it is expected that the staff of The Bank of Nevis’ Internal Audit Department would have received training in IT Auditing which would assist with the follow-up of management actions to remediate identified deficiencies as well as to verify remediation of same.
SCOPE OF SERVICES AND DELIVERABLES
1. Undertake a comprehensive review of the IT Department’s operations as well as the current infrastructure identifying any gaps associated with but not limited to processes, conformance with standards, Business Continuity (BCP) and other IT requirements as assessed to be necessary. Submit a comprehensive report of the findings and recommendations to include an executive summary, details of the scope of the review, limitations, supporting and reference documents.
2. Train the Bank’s Internal Auditors on the process of IT Auditing and submit training modules for future use by the Bank’s Internal Auditors.
3. Utilize the Internal Audit staff during the engagement.
4. The proposed time for commencement of the audit is between April and June 2023.
The Bank of Nevis Limited will provide the consulting firm with all relevant information and documents pertaining to the IT department and its operations. BON will arrange the necessary meetings (virtual or in-person) with the consulting firm as well as ensure the availability of Internal Audit staff.
The eligible consulting firm must possess the necessary capacity and expertise to complete the assignment at the desired quality levels. Accordingly, the firm should have at least ten (10) years relevant practical experience in IT auditing for financial institutions.
The duration of the engagement will be agreed between Internal Audit and the consulting firm/consultants before the signing of the agreement between The Bank of Nevis Limited and the consulting firm/consultants.
THE PROPOSAL FORMAT AND REQUIREMENTS
In response to the Request for Proposal, the proposal should include the following:
• Introduction of your company, to include the company’s profile, type of company, licenses and registration status
• Proposal A detailed written presentation on the Proposer’s ability to provide the services outlined above – “Scope of Services and Deliverables”.
• The proposal should identify key tasks, milestones, reporting framework, performance metrics, and deliverables and should specify relevant timeframes.
• Proposal should clearly indicate performance of IT audits for financial institutions.
• A cost proposal for the proposed work should be included as part of the project proposal and should include a breakdown of cost per task.
• Personnel Names of all personnel, including the lead consultant, expected to be assigned to the project, and should outline relevant experience and education as well as identifying outsourced personnel, if any.
• References At least two references from financial institutions based on similar work undertaken.
REQUEST FOR ADDITIONAL INFORMATION/QUERIES
In the preparation of the Proposal, all questions or requests for additional information should be forwarded to:
Ruth Mitchel, Chief Internal Auditor by email at [email protected] cc:[email protected] by 28th February, 2023.
Responses to candidates considered will be provided in written format upon review.
SUBMISSION OF PROPOSAL
Proposals should be sent (electronic submissions are acceptable in PDF format) to:
Mr. L. Everette Martin
The Bank of Nevis Limited
P.O. Box 450, Main Street
E-mail: [email protected] cc: [email protected] cc: [email protected]
Responses should be submitted no later than 5:00pm on 15th March 2023.
Selection will be based on the following:
• Effectiveness/Reasonableness of Proposal
• Experience in auditing IT for banks.
• Qualification and competence of project team.
• Project Management experience and expertise.
• Pricing and Costs associated with the proposal.
The Bank of Nevis Limited may contact consulting firms/consultants with questions regarding the proposal and to request clarification. Responses for additional information should be provided in writing.
End of Document
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