Procurement Risk Management

Procurement risk management involves identifying, assessing, and addressing potential issues that could disrupt the process of acquiring goods and services. Its goal is to minimize uncertainties like delays, cost increases, or quality problems that can impact a project or organization. By planning ahead and implementing strategies—such as reliable supplier selection, thorough contract terms, and contingency plans—businesses can ensure a smoother procurement process, reduce financial losses, and maintain steady operations even when unexpected challenges arise.