FFIEC IT Examination Handbook
Development, Acquisition, and Maintenance booklet (August 2024) – FFIEC IT Examination Handbook

FFIEC IT Examination Handbook DAM-VI.C: VI.C Solicitation (Development, Acquisition, and Maintenance)

What does DAM-VI.C require?

Management follows requirements definition with a non-binding solicitation process: requests for information to identify third parties with solutions and gather price, delivery, capability and interest, requests for proposals asking the shortlisted parties to propose specific solutions for evaluation and prioritisation, and requests for quotes to validate requirements and obtain all costs before final selection, with even a small entity keeping a process that considers business need, solutions, specifications and costs.

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