Risk Management Process

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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