RBI Shortlists 5 Firms for Audit and Risk Monitoring Mechanism

The Reserve Bank of India plans to procure an Audit Management and Risk Monitoring System (AMRMS) from five "potential shortlisted" solution providers, including PwC and Quadrant 4 Software Solutions.
The central bank said it has decided to implement the AMRM system to carry out various audit and risk monitoring-related activities efficiently in a seamlessly integrated fashion, thereby replacing the existing system, which is partially computerised.

The AMRMS will be a comprehensive package to facilitate Internal Audit and Risk Monitoring functions of the central bank.

"Reserve Bank of India desires to procure an Audit Management and Risk Monitoring System (AMRMS) for the Bank from potential shortlisted solution providers," it said in the Request for Proposal (RFP).

AMRMS should also enable achieving the objective of paperless office environment, it added.

The five shortlisted bidders based on expression of interest (EOI) evaluation are: Auditime Information Systems Pvt Ltd, Mumbai; NCSSoft Solutions Pvt Ltd, Chennai; PWC Pvt Ltd, Mumbai; Quadrant 4 Software Solutions Pvt Ltd, Chennai, and Thomson Reuters Pvt Ltd Mumbai.

The AMRMS would cater to the requirements of primarily two Departments - Inspection Department and Risk Monitoring Department.

According to the RFP, the AMRMS would be an online web-based application with a centralized database and browser independent (preferably). The system should be flexible and configurable to the user requirements dynamically.
Source : NDTV