The Pennsylvania State Horse Racing Commission directs, regulates, secures and promotes the horse racing and breeding industry in the commonwealth.
Applications for horse racing licenses are significant in both size and complexity, so when it was time to solicit bids for the commonwealth’s newest license, the Commission wanted to improve the way it received the information, input the data and conducted the required due diligence and comparison reviews across a number of categories.
The Commission presented RKL with the unique challenge of developing a template that would standardize submission of this high volume of information and allow for comprehensive synthesis of final results.
The RKL Approach:
As part of our effort to serve government agencies beyond routine compliance, RKL seized the opportunity to assist the Commission with this data analysis project. The firm assembled a cross-disciplinary team to bring a variety of perspectives to the table for brainstorming sessions centered around uncovering an efficient and effective method to review applications against three key criteria: completeness of information, identification of preliminary areas of risk and assessment of financial and operational viability to complete the project.
The RKL engagement team melded their individual areas of expertise, including data analysis, financial modeling and risk profiling. The result was the creation of an Excel-based template that not only organized the submitted information, but also automatically drew comparisons to peer group benchmarks and flagged risk factors.
With minor modifications for specific applicant criteria, RKL’s template can be used for a wide range of government procurement and licensing processes – a favorable prospect for the firm’s public sector clients that all started with a collaborative method of problem-solving.