GIB Request For Proposal Managed Service Financial and Accountancy Services

UK Green Investment Bank plc (“GIB”) is looking to appoint a suitably qualified provider to deliver a managed service solution to provide core financial accounting and reporting capabilities. The required solution is to be implemented in time to support year-end 2016 (31/3/16) processes and controls. Given these timescales, the business requirements have been prioritised into ‘Must have’, ‘Should have’ and ‘Could have’. Solutions must support the timely implementation of ‘Must have’ requirements whilst also allowing for future delivery of additional lower priority requirements.

2. Background

GIB is a fast growing and dynamic business. The Finance function has identified a need to transform its capabilities in order to meet the current needs of the business and to be positioned well for the strategic direction of the business. As a UK Government owned entity, GIB has several unique features that impact the Finance function and define elements of its processes and controls environment. These requirements are set to change as GIB enters a sale process over the next 12 months. This strategic environment, combined with tools and processes that limit the ability to scale, has led to a number of challenges for the function.

To address these challenges, a transformation project has been initiated in order to define and implement the changes required to meet the near-term and strategic requirements for Finance. These requirements are aligned to support the following key business objectives:

1. Provide a suitable ledger solution - GIB need to migrate from a government-provided GL and manual excel-based sub ledgers to an alternative general ledger solution with integrated controls

2. Increased controls/Governance - Reduce dependency on excel spreadsheets and manual controls, increased use of systematic controls

3. Better utilisation of skilled finance staff – Free finance team from administrative and highly manual activity

4. Improved year end with robust processes and controls