The vendor is required to provide cloud-native financial and procurement cloud system with robust financial capabilities, seamless integrations, and strong privacy and security measures.
1. Core financials
• Comprehensive general ledger with multi-entity, multi-currency support, and audit trails.
• Flexible journal entry and recurring entry management, allocations, and multi-period controls.
• IFRS 17-compliant chart of accounts with reclassification and historical data tracking.
2. Accounts payable and payments
• Automated invoicing, approvals, document/document management, po requisition and management, and multiple payment methods (eft, cheques, other, etc.) and vendor portals.
• Expense management, work-low, approvals, document management and portals.
• Supports bulk payments, vendor remittances, and real-time bank reconciliation.
3. Procurement and vendor management
• End-to-end requisition-to-po workflow with contract linking and vendor portals.
• Approval routing and exception management with audit trail for procurement activities.
4. Budgeting and forecasting
• Supports multi-year, capital, operating, other, budgeting, and workforce budgets with variance tracking and real-time forecasting.
• Scenario modeling and versioning for more accurate financial planning.
• Support actual to budget reporting, slicing and drill downs
5. Cash management, banking management, treasury management
6. Reporting and dashboards
• Self-service reporting, interactive dashboards with drill-downs, and robust filtering.
• Seamless integration with power bi for analytics and exportable reports.
7. Audit and compliance
• Full audit logging with configurable user, activity, and data tracking.
• Detailed change logs, version control for financial documents, and customizable audit trails.
8. Privacy, security and data protection
• Compliance with ns PIIDPA, PIPEDA, and Canadian data residency laws.
• AES-256 encryption for data at rest, TLS 1.2+ for data in transit, and MFA for all users.
• Unique user ids and role-based access control (RBAC) for data security.
• Regular security training, phishing tests, and annual reviews.
• Antivirus and EDR on all endpoints; no vendor data on personal devices unless explicitly approved.
9. Integration and interoperability
• Cloud-native architecture with support for microsoft Entra id, guidewire, sap success factors, office 365, power bi, and MICR cheque printer.
• Comprehensive API interfaces for external applications to perform financial operations.
• Native integration with microsoft 365, and ability to support legacy and modern third-party systems.
• Successful proponent to manage integrations, including documentation, support, and customization.
10. Scalability and performance
• Ability to scale up or down seamlessly without performance degradation.
• Modular architecture to accommodate future functional requirements and additional modules.
• System performance optimized to handle growing volumes of financial data and transactions.
• Ongoing roadmap for supporting future OS and database versions.
11. Workflow and automation
• Workflow automation capabilities for tasks, document management, notifications, and approval processes.
• Ability for admins to manage patch updates and system upgrades, with the vendor managing post-go-live updates during the hyper care period.
• Automated batch jobs, scheduled with minimal user interaction.
12. System architecture and support
• Cloud-native system with robust architecture for scalability and integration.
• Detailed environment management strategy covering development, testing, staging, and production environments.
• Documentation and maintenance support for interfaces and integration points.
• Vendor to provide clear service level agreements (SLAs), uptime commitments, and support availability with defined response times.
13. Data backup and disaster recovery
• Data backup strategy with cloud export options, immutability, and disaster recovery processes.
• Automatic and manual backups with easy export to the provider of WCBNS’S choice.
14. Updates and maintenance
• Proponents to provide a roadmap outlining future system updates and maintenance plans.
• Transparent release strategy with advance notification of new versions or updates, along with resources for training and change management.
• Coordination of integration changes between guidewire and financial and procurement cloud system, with proper successful proponent communication and support.
15. Training and documentation
• Detailed training materials and resources for super-users, admins, and end-users.
• Bilingual (English/French) support and documentation, with updates provided for new features and system versions.
• Ongoing training and change management assistance from successful proponent post-go-live. - Contract Period/Term: 5 years
- Questions/Inquires Deadline: May 28, 2025