REQUEST FOR PROPOSALS FOR AUDIT SERVICES FOR THE INVESTMENT MIGRATION AGENCY GRENADA PROCESSES & PROCEDURES
The Citizenship by Investment Committee of the Investment Migration Agency Grenada (IMA Grenada), The Galleria Mall, Grand Anse, St George
1. PURPOSE
The Citizenship by Investment Committee invites established Audit firms to submit proposals for the assessment and audit of its current processes, and the development of Operations Manual, Risk Register, and Risk Management Framework to improve its governance levels, transparency, integrity, compliance, and process flow effectiveness to maximise the IMA Grenada’s operational efficiency and ensure business continuity. The selected firm will have extensive experience in process audit, design and development of client-centric processes and procedures to govern and improve business operations in various industries.
2. BACKGROUND
The Grenada Citizenship by Investment Act, 2013 was enacted to enable persons to acquire citizenship of Grenada by registration following investment in Grenada and for incidental and connected purposes.
The Citizenship by Investment Committee (the Committee) is set up pursuant to section 3 of the Grenada Citizenship by Investment Act and is governed by the Grenada Citizenship by Investment Regulations, 2013. The Committee is responsible for processing any application for any license under the Grenada Citizenship by Investment Act, 2013 and any application for Citizenship by Investment.
The Citizenship by Investment application process is largely automated and consists of five (5) main phases to include application review; enhanced due diligence; due diligence reporting, review and Recommendation, Cabinet approval and issuance of citizenship certificate.
3. OBJECTIVE
To attract reputable local, regional and international audit firms that can conduct assessment of CBI’s current processes, procedures, and practices to identify gaps and best practices, for the development of robust policies and procedures for efficient business operations and continuity.
4. SCOPE OF WORK
The selected audit firm will work closely with the Chief Executive Officer of IMA Grenada in the execution of its discovery exercise. Proposals should address any method of implementing the work that the proposer feels would best suit the objective, even if it appears to differ from the descriptions below.
- Review of current legislations governing the CBI operations
- Review of current processes/practices/ procedures and policies of the CBI
- Identify gaps based on industry best-practices and legislative obligations
- Provide a comprehensive report of assessment findings and recommendations for improvement
- Develop and present comprehensive Operations Manual, Risk Register and Risk Management Framework to improve current processes and practices, for maximum efficiency and business continuity
5. INSTITUTIONAL ARRANGEMENT
The selected audit firm shall enter contractual arrangements with the CBI Committee and report to the Chief Executive Officer, as such receiving deliverables, determining acceptability of report contents, recommendations for improvement, and produce an Operations Manual, Risk Register, as well as a Risk Management Framework as key deliverables from the process review.
6. PERIOD OF CONTRACT
The selected firm will be expected to commence work in November 2025 for the period of time identified and agreed as per proposal.
7. MINIMUM QUALIFICATION AND EXPERIENCE
Audit firm with at least 10 years’ experience in business process audit and development of process/procedure manuals in this industry or similar industries.
8. SUBMITTAL
Proposals should be prepared simply and economically, providing straightforward, concise descriptions of the firm’s capabilities for satisfying the requirements of the RfP. Emphasis should be on completeness and clarity of content.
In order to be considered, proposals shall include all of the following items:
- Firm’s description, including your firm’s particular strengths as they relate to process audit and procedure/policy manual development in CBI, financial or non-financial services industries and government agencies
- Curriculum Vitae highlighting the qualifications that meet the minimum requirements as stated above
- Description of the firm’s relevant work experience consisting of at least two examples from within the past 5 years. Include the following information: Date completed, location of work, size of project (unit counts, and project type), name of client, and client phone number and Please verify that any contact information provided is current
- Disclosure and details of the firm’s current or previous involvement/engagement with any other CBI programmes
- Explanation on the suitability of the firm for the work, and a brief methodology on how the work will be approached and conducted
- The financial proposal containing the final and all-inclusive professional fees
- Any information thought to be relevant, whether specifically applicable to the enumerated Scope of Work, may be provided as an appendix to the proposal, keeping in mind that proposals should be concise and focused on achieving the goals as detailed herein
9. EVALUATION OF QUALIFICATIONS
Various criteria will be used in the selection of the successful firm, including:
- Experience level of key personnel
- Competitive fee consistent with industry standards
- Project approach
- Evaluation from references, including demonstrated ability to work collaboratively with all stakeholders
10. SELECTION PROCESS
The committee will evaluate the proposals according to the identified criteria. The committee reserves the right to interview a short list of respondents. The selected firm will be announced after careful consideration by the committee.
The committee will initiate negotiations with the highest-ranked firm. Final settlement will be contingent on fee negotiations, as well as qualifications. The committee reserves the right to cease negotiations with the selected firm if, in the sole discretion of the committee, no agreement can be reached to the satisfaction of the parties.
Proposals must be received at the Investment Migration Agency Grenada on or before Monday, 20 October 2025. Proposals should be submitted via email ONLY to the Chief Executive Officer at [email protected] with the subject “Proposal for Audit Services.”
