Request for Proposal Template for a GRC Product (Cyber Governance, Risk, and Compliance)

1. Introduction

This Request for Proposal (RFP) is issued by [Your Organization’s Name] to solicit proposals from qualified vendors for a Governance, Risk, and Compliance (GRC) solution. Request for Proposal Template for a GRC product should support the organization’s need to manage compliance with multiple international, regional, and industry-specific regulations and standards, automate risk management processes, and enhance the security posture through centralized GRC activities.

2. Proposal Submission Instructions

– Submission Deadline: [Insert Date]

– Method of Submission: [Insert Method of Submission]

– Contact Person: [Name, Email Address]

– Required Proposal Format: PDF

– Proposal Validity: [Insert number of days]

3. Scope of Work

The vendor must provide a GRC solution that can be deployed as a SaaS solution, in the customer’s cloud environment, in the customer’s data center, or on-premises. The solution must offer full support for managing policy lifecycle, risk, third-party management, compliance frameworks, vulnerability management, and auditing functions while ensuring flexibility for future regulatory changes.

4. Functional Requirements

4.1. Compliance Frameworks & Controls Management

1. Policy Life Cycle Management:

– Create, review, approve, and retire policies.

– Track policy versioning and maintain history.

– Automatic notifications for policy reviews and approvals.

– Policy mapping to regulatory requirements and standards.

2. Compliance Frameworks:

– Support for frameworks such as –International Standards ( ISO 27001:2022, SOC 2 Type 2, ITGC SOX (Sarbanes-Oxley), NIST, and others.

-Support for regional Standards: RBI, SEBI, IRDAI, NFBC,

– Flexibility to add and customize controls from other industry or regional frameworks.

– Ability to create and manage a custom Unified Controls Framework that consolidates controls across multiple frameworks.

– Automated mapping of controls to policies, risks, and evidence.

3. Controls Testing:

– Automated workflows for testing controls.

– Pre-defined test cases for common frameworks.

– Integration with security tools for automated control testing.

– Tracking of test results, remediation actions, and retesting.

4.2. Automated Evidence Life Cycle Management

– Automated collection and management of compliance evidence.

– Centralized repository for storing evidence with proper version control.

– Integration with third-party systems and security tools to gather evidence automatically.

– Audit trail for evidence collection and updates.

4.3. Risk Management

1. Risk Register Automation:

– Centralized risk register with capabilities to track risks, assign owners, and manage mitigation plans.

– Automated risk scoring and impact analysis.

– Risk mapping to policies, controls, and incidents.

– Real-time risk updates from integrated security tools and incident response systems.

2. Third-Party Risk Management:

– Comprehensive third-party risk assessment.

– Vendor onboarding and risk scoring workflows.

– Automated monitoring and re-assessment of vendor risks.

– Integration with third-party risk databases.

3. Vulnerability Management:

– Integration with vulnerability scanners (e.g., Qualys, Nessus, etc.).

– Automated risk mapping and prioritization of vulnerabilities.

– Vulnerability remediation workflows and tracking.

4.4. Role-Based Access Control (RBAC)

– Mandatory Role-Based Access Control (RBAC) with the following roles:

–Auditor: Access to audit reports, findings, and evidence.

–Auditee: Provide evidence for specific audits.

–Audit Manager: Manage audits, review findings, and assign tasks.

–Policy Manager: Manage the entire policy lifecycle.

–Risk Owner: Manage and mitigate assigned risks.

–Compliance Manager: Oversee and manage compliance frameworks and control testing.

– Customizable roles to suit organizational structures.

4.5. Dashboards & Reporting

– Customizable dashboards for real-time insights into GRC metrics.

– Comprehensive reporting tools for compliance, risk management, and audit findings.

– Pre-configured reports for specific frameworks (ISO, SOC2, etc.).

– Export capabilities in PDF, Excel, and other common formats.

5. Non-Functional Requirements

5.1. Deployment Options

– The solution must support the following deployment options:

– SaaS (Software-as-a-Service).

– Deployment in the customer’s cloud environment (AWS, Azure, GCP, etc.).

– On-premises deployment in the customer’s data center.

5.2. Security & Compliance

1. Data Security:

– Encryption of data at rest and in transit (minimum AES-256).

– Role-based access control (RBAC) with audit trails for user activities.

– Multi-factor authentication (MFA) for all user logins.

– Single Sign-On (SSO) support via SAML or OAuth.

2. Compliance with Security Standards:

– SOC 2 Type 2, ISO 27001:2022, and GDPR compliance.

– Integration with Identity Access Management (IAM) systems.

3. Audit Logs:

– Detailed audit trails of user actions and system changes.

– Configurable retention period for audit logs.

5.3. Performance & Scalability

1. Performance Requirements:

– High availability (99.9% uptime) and minimal latency.

– Performance guarantees for response times in high-load conditions.

2. Scalability:

– Support for large-scale deployments with thousands of users and multiple compliance frameworks.

– Horizontal and vertical scaling to accommodate increasing workloads.

5.4. Disaster Recovery & Business Continuity

1. Backup & Recovery:

– Daily automated backups with configurable retention policies.

– Backup and recovery processes with minimal downtime.

2. Disaster Recovery:

– Disaster recovery plan with clearly defined Recovery Time Objective (RTO) and Recovery Point Objective (RPO).

5.5. Support & Maintenance

– 24/7 customer support with SLA-backed response times.

– Regular product updates, including security patches and new features.

– Documentation and training resources for end-users and administrators.

– Access to a dedicated customer success manager.

6. Evaluation Criteria

Proposals will be evaluated based on the following criteria:

– Compliance with Functional Requirements (30%).

– Compliance with Non-Functional Requirements (20%).

– User Experience and Usability (15%).

– Integration Capabilities (10%).

– Security and Data Protection Features (10%).

– Vendor Reputation and Expertise (10%).

– Cost and Licensing Model (5%).

7. Pricing Model

Vendors must provide a detailed pricing model, including:

– Costs for each deployment option (SaaS, customer cloud, on-premises).

– Licensing model (user-based, site-based, etc.).

– Pricing for add-ons (e.g., additional features, custom frameworks).

– Support and maintenance costs.

– Customization fees, if applicable.

8. Timeline

– RFP Release Date: [Insert Date].

– Questions Due: [Insert Date].

– Proposal Submission Deadline: [Insert Date].

– Vendor Demonstrations (if applicable): [Insert Date].

– Contract Award Date: [Insert Date].

9. Contact Information

– Name: [Your Name].

– Title: [Your Title].

– Email: [Your Email Address].

– Phone: [Your Contact Number].

10. Terms and Conditions

– All proposals become the property of [Your Organization’s Name] upon submission.

– Proposals must remain valid for at least [X] days.

– [Your Organization’s Name] reserves the right to reject any or all proposals without notice.

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This RFP template is designed to gather proposals for a comprehensive Cyber Governance, Risk, and Compliance (GRC) product with key features tailored to address modern regulatory needs while maintaining flexibility for future requirements and scalability.