According to the web search results, a request for proposal (RFP) is a formal document that solicits proposals from potential vendors for a product or service. The RFP process is intended toensure a fair, transparent and objective selection of the best vendor that meets the requirements and expectations of the project sponsor and the enterprise. The RFP process typically involves the following steps1:

Planning and preparation: Define the scope, objectives, budget, timeline and evaluation criteria of the project. Identify the stakeholders and decision makers involved in the RFP process. Research the market and potential vendors. Develop the RFP document that outlines the project details, requirements, expectations and instructions for the vendors.

Issuing and advertising: Distribute the RFP document to the potential vendors, either directly or through public channels. Provide a deadline for submitting proposals and a contact person for inquiries. Advertise the RFP opportunity to attract more qualified vendors.

Receiving and reviewing: Receive the proposals from the vendors by the deadline. Review and evaluate the proposals based on the predefined criteria, such as technical capabilities, experience, references, pricing, etc. Shortlist the most suitable vendors for further consideration.

Negotiating and awarding: Conduct negotiations with the shortlisted vendors to clarify any questions, concerns or issues. Discuss the terms and conditions of the contract, such as scope, deliverables, schedule, payment, etc. Select the best vendor that offers the most value and benefit to the project and the enterprise. Award the contract to the chosen vendor and notify the other vendors of the decision.

Managing and monitoring: Manage and monitor the performance and progress of the vendor throughout the project lifecycle. Ensure that the vendor meets the contractual obligations and delivers quality results on time and within budget. Provide feedback and support to the vendor as needed. Resolve any conflicts or disputes that may arise.

A project sponsor who circumvents the RFP selection process violates the established policies and procedures of the enterprise, as well as undermines the integrity and credibility of the RFP process. The most likely reason for this control gap is a lack of accountability for policy adherence, which means that there is no clear assignment of roles and responsibilities for following and enforcing the policies, or no effective mechanisms for monitoring and reporting policy compliance, or no adequate consequences for policy violations. A lack of accountability for policy adherence can lead to poor governance, increased risk, reduced value and damaged reputation for both the project sponsor and the enterprise23. Therefore, it is essential to establish and maintain a strong culture of accountability for policy adherence within the enterprise, as well as to implement appropriate controls and measures to ensure compliance with policies. References: The RFP process: The Ultimate Step-by-Step Guide, Criteria and Methodology for GRC Platform Selection, The Ultimate RFP Guide: Steps, Guidelines & Template, Guidebook: Crafting a Driven Request for Proposals (RFP)