Procurement risk management guide
Produced in partnership with Elizabeth Bourlet
Procurement risk management guide

The following Risk & Compliance practice note produced in partnership with Elizabeth Bourlet provides comprehensive and up to date legal information covering:

  • Procurement risk management guide
  • Why you need to manage this risk
  • Top five priorities
  • 1. Creating a fair and transparent process
  • Creating a fair and transparent process—mini-action list
  • 2. Defining the right product/service
  • Defining the right product/service—mini-action list
  • 3. Achieving the right price and price certainty
  • Achieving the right price and price certainty—mini-action list
  • 4. Getting the timing right
  • More...

Why you need to manage this risk

All organisations need to buy ‘stuff’. Office supplies, raw materials, key IT infrastructure, business consultancy services, external legal support—the list is endless.

Your role as in-house lawyer is to:

  1. ensure the procurement process is fair, transparent and legally compliant

  2. test the procurement documentation before it is issued to ensure that it has the mechanics to ask the right questions to secure the right product/service, for the right price, at the right time, to the right standards and with the right supplier

  3. ensure the process teases out the risks, bespoke clauses and other matters to be dealt with in the contract and that the final contract sets out the agreed position

  4. ensure your organisation’s approvals and signing processes are complied with

  5. make sure the contract is signed and the processes for contract management, payment etc are put in place

Unless the procurement is led by legal department, eg to secure external legal services, as in-house lawyer you are not best-placed to evaluate responses to the procurement documentation. Instead, your role is to make the process fit for purpose, provide any necessary training to the staff who will use the process and tie the selected supplier into a suitable contract.

This risk management guide focuses on five key areas of risk associated with procurement and how these risks can be managed. The risk

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