Department of Financial Services Tender by Bank Of Baroda (GEM/2025/B/6118501)

Tender Title: Hiring of Consultants - Milestone/Deliverable Based - Validation of Digital Risk Management Framework
Reference Number: GEM/2025/B/6118501
Issuing Authority/Department: Department of Financial Services, Ministry of Finance

Executive Summary

The Department of Financial Services is seeking qualified consultants to provide digital risk management framework validation services. This tender aims to engage experts in risk management and cybersecurity, focusing on enhancing the digital security posture of the department through specialized guidance and validation of existing frameworks.

Scope of Work and Objectives

The primary objective of this tender is to validate the existing digital risk management framework to ensure its robustness against potential cyber threats. The scope of work will include:

• Comprehensive assessment of the current digital risk management practices
• Benchmarking against industry standards and regulatory requirements
• Formulating recommendations for improvement
• Onsite presentations and workshops to brief staff on findings and recommendations

The successful consultant will be expected to deliver a detailed report outlining key findings, evidence-based recommendations, and an action plan to implement changes.

Eligibility Criteria

Eligible bidders must be registered entities with proven experience in risk management, cybersecurity, and IT security consulting. Bidders should ideally have:

• A minimum of 5 years of relevant experience
• Demonstrated capability in managing similar projects
• Strong technical and analytical skills
• Relevant certifications in cybersecurity and risk management

Technical Requirements

Consultants responding to this tender must possess the following technical qualifications:

• Extensive knowledge of digital risk management frameworks
• Familiarity with cybersecurity standards (e.g., ISO 27001, NIST)
• Certification in cybersecurity practices (e.g., CISSP, CISM)
• Proven methodologies for risk analysis and management

Financial Requirements

Bidders should ensure transparent financial practices with documented evidence of financial stability. The following financial documents will be required:

• Recent financial statements
• Evidence of previous consultancy fees relating to risk management projects
• Pricing breakdown for deliverables as specified in the tender outline

Document Submission Details

All proposals must be submitted electronically via the designated government procurement portal before the submission deadline. Required documents include:

• Proposal document outlining the approach and methodology
• Company profile detailing relevant experience and qualifications
• Financial proposal including a detailed pricing structure

Special Provisions

This tender encourages participation from Micro, Small, and Medium Enterprises (MSEs) and Startups. Eligible MSEs may receive additional advantages in the evaluation process, promoting inclusivity within the consulting domain.

Evaluation Process

The evaluation will be conducted based on:

• Technical proficiency and relevant experience (60%)
• Financial bid (40%)
• Proposed methodologies and clarity of the risk management approach

Submissions will be evaluated by a panel of experts based on predefined criteria ensuring that only the most competent bids are considered.

Delivery Locations

The consultant will be engaged onsite at various locations dictated by the needs of the Department of Financial Services. Specific arrangements will be discussed during the finalization of contracts.

Contact Information

For further inquiries related to this tender, please refer to the official contact details provided on the government procurement portal. All stakeholders are encouraged to reach out for clarifications and support during their bidding process.