An frd defines the specific functions and features that the. Assumptions are future situations beyond the control of the project,. This document underlies the functional requirements for implementing online banking solution (obs) for global bank ltd (gbl). The frd is produced by business analysts or sometimes the technical team in response to the business. An frd or functional requirements document serves as a contract for formal statement, between the business stakeholders and the technology team, on an application’s functional requirements.