Corporate Banking.

REQUEST FOR PROPOSAL – APPOINTMENT OF EXTERNAL QUALITY ASSESSMENT REVIEWER

We, State Bank of India (SBI), Antwerp Branch, invite proposals from reputable Audit Firms operating in Belgium for conducting an External Quality Assessment Review (EQA) of the internal audit function in place at our Antwerp Branch. 1. Proposal Requirements The proposal should necessarily include the following information. Brief Profile of the Audit Firm’s Operations – Globally and in Belgium Include details of the firm’s experience as the Internal Auditor and EQA Reviewer of internal audit function of commercial banks / Financial Institutions, especially Foreign Banking Organizations (FBOs) in Belgium. i. Profile of Proposed Team Members Provide comprehensive profiles of team members, including names, designations, areas of specialization, professional qualifications, and experience in Quality Assurance Improvement Program / EQA. At least one team member should be Certified Internal Auditor, with active membership from IIA, and with a minimum of five years’ experience in providing Quality Assurance Services. ii. Review Methodology Present the proposed review methodology, emphasizing the approach to review Internal Audit framework, processes, documentation, stakeholder engagement, and value delivery. iii. Deliverables Outline the deliverables, including details on the Executive Summary, Scope, Findings, Recommendations, and Overall Conclusion, conforming compliance with the Global Internal Audit Standards (GIAS) formulated by the Institute of Internal Auditors, and any other area as required. iv. Sample Report Provide a sample report with standard sections such as Executive Summary, Scope, Findings, Recommendations, and Overall Conclusion, conforming compliance with the GIAS formulated by the Institute of Internal Auditors. v. Terms of Contract Indicate any terms or conditions for undertaking the engagement as an EQA Reviewer. vi. Indicative Financial Quote and Audit Hours Provide an indicative Financial Quote in Euro. 2. Professional Standards The EQA is to be performed in accordance with the GIAS formulated by the IIA, as required by the local regulatory guidelines (Article 1, §1, a) read in conjunction with article 10, h) of the Regulation of 19 May 2015. 3. Reporting Requirements All reports must be submitted in English and should adhere to standard auditing conventions. The reports should include sections such as Executive Summary, Scope, Findings, Recommendations, and Overall Conclusion, conforming compliance with the GIAS formulated by the IIA, and any other area as required. 4. Indicative Timelines Provide an indicative timeline including clear start and end dates, audit hours, with defined milestones (e.g., fieldwork, reporting). 5. Evaluation Process Proposals will undergo technical evaluation by the IAD, State Bank of India, Hyderabad. Shortlisted firms will be invited to present their proposal to the Selection Committee. 6. Submission of Final Financial Quote Shortlisted firms will be required to submit the final financial quote in a sealed envelope to the Procurement Committee at the Antwerp Branch. Applicable taxes should be mentioned separately. Incidental expenses will be capped at 5% of the original fee. 7. Selection Process The selection of the firm will be based on a combined score before the Selection Committee, and the financial bid. The firm with the highest score will be appointed. 8. Terms of Contract The selected firm will be required to give signed declarations on independence, confidentiality, and data protection. 9. Disclaimers and Reservations Submission of any proposal does not create any obligation on SBI to accept or proceed with any further discussions. SBI reserves the right to terminate, suspend, or withdraw from the proposal process at any stage, without notice and without assigning any reason or incurring any liability to the proposing party. Submission of a proposal implies acceptance of this condition, and no claim, entitlement, or expectation of a contractual relationship arises against SBI as a result.