Risk Management in Public Procurement

Risk management in public procurement involves identifying, assessing, and mitigating potential problems in the process of purchasing goods and services for government use. It ensures that public funds are spent wisely and that projects are delivered on time, within budget, and to the required quality. By evaluating risks—such as supplier reliability, cost overruns, or regulatory changes—procurement officials can create strategies to minimize negative impacts. This proactive approach helps protect taxpayers' interests and ensures transparency and accountability in government spending.