Original Source: Procurement Journey
Risk Management is a critical and continuous process, and appropriate Risk Assessments should be undertaken, reviewed and managed throughout the Procurement Journey.
It is important to engage with the marketplace in terms of identifying the desired outcomes, risks and issues. This permits suppliers to provide feedback on how the outcomes might be achieved, the risks and issues as they see them, along with feedback on timescales, feasibility and affordability. It is also best practice to ensure that suppliers are contractually required to provide line item spend details as part of the contract support.
Risks and issues identified should be documented in a Risk & Issue Register. All risks and issues should have clear mitigating actions, appropriate owners and a review date. Risks and issues may be fed into a central organisational risk register so that any overlap can be recognised…
Contributors: Open SourceCategories: Industry Articles, SIG U Resource
SRC Type: Risk Management, Sourcing Management, Third Party Management