Explanation
This is because the homegrown identity management system is not consistent with best practices and leaves the institution vulnerable, which means it needs to be replaced with a more secure and reliable solution. A new IAM system/vendor should be able to provide features such as role-based access control, two-factor authentication, auditing, and compliance that can enhance the security and efficiency of the identity management process. A requirements document can help define the scope, objectives, and criteria for selecting a suitable IAM system/vendor that meets the needs of the institution.