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. The 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

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. The solution 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.

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.

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: (To be changed as per Organizations requirement)

– 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.

—

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.