1. Background

The Alliance for Financial Inclusion

The Alliance for Financial Inclusion (AFI) is an organisation established as a member-owned network under the International Organisations (Privileges and Immunities) Act 1992 of Chapter 485 of the Laws of Malaysia. AFI’s members network spans over 81 countries and 100 financial inclusion policy-making and regulatory institutions. AFI is a policy leadership alliance owned and led by member central banks and financial regulatory institutions with the common objective of advancing financial inclusion at the country, regional and international levels. AFI partners with regulators, international organizations and private sector leaders to drive practical solutions and facilitate the implementation of impactful policy changes through its cooperative model that embeds peer learning, knowledge exchange and peer transformation. Please visit AFI’s official website at https://www.afi-global.org/ for more information.

2. Project Background

The AFI Board of Directors in August 2017, approved to constitute an internal audit function in the AFI MU. The Board further guided for AFI Management Unit (AFI MU) to use an outsourced resource given the size and unique operating environment of AFI. An outsourced resource modality provides AFI with the benefit of cost savings, as well as the opportunity to benefit from internal audit expertise across many different industries and organization structures that an external firm can provide.

3. Overall Objective

The AFI MU is looking to onboard new internal audit services provider for the new term starting from 2025-2028, to perform the internal audit function on an outsourced basis. The Policy for Outsourcing Internal Audit Services sets the tenure of a outsourced internal audit firm’s appointment to a maximum of 6 years (2 terms of 3 years per term).

4. Scope of Work

The AFI’s internal audit approach is risk-based, the selected outsourced Internal Audit Service Provider is required to deliver the following scope of work:

• Conduct internal audit
  • Conduct two (2) specific audit within the calendar year, covering both programmatic and operational functions within AFI.
  • Allocate and assign resources to conduct internal audits exercises as planned.
  • Analyse the data obtained and provide recommendations for strengthening internal controls, risk management and governance processes to lower identified risks of AFI.
  • Submit findings/ reports to the Audit Committee at regularly scheduled meetings. Perform follow-ups on compliance with recommendations and agreed action plans where necessary.

Provide a written assurance, at least annually, confirming audit independence in accordance with the terms of all relevant professional and regulatory requirements.

5. Timeline and Deliverables

The assignment is expected to commence in July or August 2025 and end by June 2028. Below is a indicative timeline for the three (3) years term:

6. Travel

This assignment may require the consultant to travel. Please include the estimated local/ domestic travel expenses for the tasks as relevant.

7. Eligibility

The following are the minimum criteria for internal audit firms to be shortlisted under this RFP. Proposals that fail to meet these requirements will not be considered.

• The Bidder must be a member of the Institute of Internal Auditors (IIA) Malaysia.
• The Bidder must not be concurrently engaged by AFI as an external auditor.
• The Bidder demonstrates the ability to provide quality and efficient internal audit services including IT auditing frameworks as per IIA’s International Standards for the Professional Practice of Internal Auditing and applicable IT auditing frameworks.
• The Bidder should have been in existence for at least five years as on 31 March 2025 (in case of mergers/acquisition/restructuring or name change, the date of establishment of the earlier/original Partnership Firm/Limited Company can be taken into account).
• Should have adequate financial standing, market reputation, competent personnel and experience to provide outsourcing internal audit services.
• The Bidder has a good track record and relevant experience in performing audits on similar structure of establishments as AFI (i.e. membership based, global offices)
• The Bidder has global resources, including relevant industry (international organizations and non-profit organizations) and technical expertise.

8. General Provisions

This Request for Proposal (RFP) will be advertised in AFI’s website and across relevant digital platforms. Audit firms based in Kuala Lumpur, Malaysia, may participate to bid by submitting their respective proposals for consideration to be appointed as the outsourced Internal Auditor for AFI.

The engagement is renewal on annual basis subject to satisfactory evaluation for a three (3) years term i.e. from August 2025 and end by June 2028.

This RFP, including attachments, exhibits, and any amendments or addenda is subject to the rights reserved by AFI, including, but not limited to AFI’s right to:

1. withdraw and/or cancel this RFP at any time before final award of the contract;

1. request clarification and/or additional information from any or all Bidders;

1. amend any term or requirement of this RFP at any time before award of a contract (Bidders may amend their Proposals, as directed by AFI, if AFI materially alters or amends the RFP after submission of Proposals);

1. alter any key dates or deadlines related to this RFP;

1. award the Work, in whole or in part, to one or more Bidders;

1. reject any Proposal that does not strictly conform to the requirements of this RFP;

1. conduct an interview with any or all of the Bidders to aid the evaluation process; and

negotiate potential contract terms with any Selected Bidder.

Firms that intend to bid on this project are requested to submit a formal intent to bid via email to RFP2523@afi-global.org  by 19 June 2025, at 5:00PM. GMT+8.

All proposals submitted become the property of AFI. AFI will make all reasonable efforts to maintain proposals in confidence and will release proposals only to personnel involved with the evaluation of the project. Proprietary information should be identified in each proposal.

The RFP would neither bind AFI in any contract nor is it an offer of a contract. The details of services to be offered and documentation thereof would be undertaken with the selected bidder.

AFI is not liable or responsible in any way for any expenses incurred in the preparation of a Proposal in response to this RFP.

All questions regarding this RFP should be submitted in writing via email to AFI’s Procurement & Contracts Unit at RFP2523@afi-global.org   

9. Payment Terms

The payment terms/schedule proposed for this consultancy are as following:

10. Administrative Information

10.1 Disclaimer

The final decision on selection of a firm for this project rests with AFI management team and with the Inquiry. Only shortlisted and successful firms will be contacted.

Subject to any law to the contrary, and to the maximum extent permitted by law, AFI and its directors, officers, employees, contractors, representatives, agents, and advisers disclaim all  liability from any loss, claim, expense (including, without limitation, any legal fees, costs, charges, demands, actions, liabilities expenses or disbursements incurred therein or incidental thereto) or damage (whether foreseeable or not) (“Losses”) suffered by any person acting on or refraining from acting because of any presumptions or information (whether oral or written and whether express or implied), including forecasts, statements, estimates, or projections contained in this RFP document or conduct ancillary to it whether or not the Losses arises in connection with any ignorance, negligence, inattention, casualness, disregard, omission, default, lack of care, immature information, falsification or misrepresentation on the part of AFI or any of its directors, officers, employees, contractors, representatives, agents, or advisers.

10.2 Proposal Submission Information

Proposal will be due with the following requirements for submission:

10.3 Retention of Proposals

All proposals submitted become the property of AFI. AFI will make all reasonable efforts to maintain proposals in confidence and will release proposals only to personnel involved with the evaluation of the project. Proprietary information should be identified in each proposal.

11. Evaluation Criteria

Evaluation of technical and financial proposals

AFI reserves the right to award the most suitable proposal based on the evaluation of combined criterion, where bidders are qualified by the combined valuation of the technical and financial proposals, with the following weightage:

i) Technical Proposal: 70% (Seventy percent)

ii) Financial Proposal: 30% (Thirty percent)

Additional Details of the RFP and Annexure A, B and C can be found in the RFP documents downloadable.