Procurement Strategy Risk Assessment and Mitigation Checklist

Every organization faces risks when procuring goods and services. An effective procurement strategy will identify and assess these risks, and put in place mitigation measures to protect the organization. This procurement strategy risk assessment and mitigation checklist can help you identify and assess the risks associated with your organization's procurement activities, and put in place mitigation measures to protect your organization. 

• (1) Inadequate training of procurement staff may lead to errors and inefficiencies.

• (2) Failure to comply with applicable laws and regulations may result in legal penalties.

• (3) Lack of competition in the marketplace may lead to higher prices and/or sub-optimal quality of goods and services.

• (4) Single source suppliers may be less responsive to our needs and/or more expensive.