The risk management process comprises the following stages:
- Establish the context of risk (what is the extent, nature and interrelationships of the procurement)
- Identify the risks
- Analyse and quantify the risks (determine likelihood and consequence)
- Evaluate and prioritise the risks
- Treat the risks
In addition, communication and consultation, and monitoring and review should take place throughout the process.
Common Procurement Risk Areas
There are 7 key areas where common procurement risks may arise:
- Planning and Preparation
- Product / Services
- Procurement Process
- Industry and Suppliers
- Management
- Stakeholders
- Contract
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