RBA aims to modernise procurement with advanced digital contract management system

The Reserve Bank of Australia is seeking a new procurement platform to digitise workflows, improve oversight, and enhance compliance as part of its broader IT modernisation efforts, setting a benchmark for government agencies.

The Reserve Bank of Australia (RBA) is seeking to replace its existing SharePoint-based contract register with a modern procurement and contract management system designed to digitise workflows and improve oversight. According to a recent request ...

for expression of interest (RFEOI), the current solution is inadequate for managing supplier relationships, tracking contract performance, and ensuring compliance with contractual obligations. The Bank noted that manual processes dominate its sourcing and contract lifecycle management, requiring significant intervention from procurement and legal teams to handle sourcing events, contract renewals, performance monitoring, and compliance checks.

The RBA’s envisaged solution aims to enhance governance capabilities across procurement, supplier management, and contract administration. Key features sought include digitisation of sourcing and contract lifecycle processes, improved risk management of suppliers, and performance tracking against service level agreements and key performance indicators. The proposed platform will also support rich metadata capture, automated alerts for critical contract milestones, and the classification of contracts and suppliers by risk profiles to strengthen compliance monitoring.

The move aligns with broader Commonwealth Government procurement frameworks. The RBA’s procurement functions operate under the Commonwealth Procurement Rules (CPRs), which set standards for value-for-money purchasing and contracting. Related government initiatives, such as the Commonwealth Contracting Suite (CCS), promote uniformity and clarity in contract documentation, easing the process for suppliers engaging with government entities. The CCS includes mandatory documents like the Approach to Market and the Commonwealth Contract, drafted in plain English to facilitate easier contract management. Amendments to the CPRs are scheduled to take effect from November 2025, underscoring the need for agencies to update their procurement policies and templates to maintain compliance.

Supporting this transition, procurement and contract management training is available through programs like the Commonwealth Procurement and Contract Management Training Suite, offered live and online via the APS Academy. These courses are designed to equip government officials with the skills needed to manage contracts effectively under evolving regulatory standards.

This procurement system upgrade forms part of the RBA’s broader IT modernization efforts, including an ongoing AU$12.7 million contract with NTT Australia to design and implement a new resilient and secure IT infrastructure platform under the CoreMod program, expected to be completed by October 2025. These initiatives reflect the Bank’s commitment to establishing future-ready technology platforms that can underpin its operational and governance requirements.

In contrast, other major government departments such as Defence have faced criticism for omitting contract management capabilities in recent procurement system overhauls. This highlights the significance of integrating advanced contract management solutions within modern procurement architectures to ensure robust oversight, risk management, and compliance.

Overall, the RBA’s ambition to deploy a sophisticated procurement and contract management solution illustrates a growing recognition within government agencies of the importance of digital transformation in procurement processes to enhance efficiency, transparency, and governance in complex supplier ecosystems.

Source: Noah Wire Services