Risk management in procurement: A complete picture 

Henrica Westhoeve
March 5, 2024 - Reading time 3 minutes

We're seeing it more and more: the procurement department acting as a gatekeeper when it comes to risk management. They are the first department to deal with suppliers, contracts, and associated administrative tasks. Reliable suppliers, watertight contracts, and compliance with all laws and regulations are essential for a successful procurement strategy. However, managing risks can be a complex and time-consuming task. 

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The challenges of risk management in procurement

Procurement professionals face various challenges in the field of risk management, including: 

  • Limited visibility:It can be difficult to get a complete picture of all the risks in the supply chain. 
  • Lack of expertise:Extensive expertise is required in various areas such as comprehensive regulations, credit risks, and more to make informed decisions.  
  • Lack of time:The daily tasks of procurement professionals often leave little time for risk management. 

The benefits of a comprehensive risk management solution

A comprehensive risk management solution can help procurement professionals overcome the challenges mentioned above. The benefits of such a solution include: 

  • 360-degree risk view: All risks in the supply chain are mapped and monitored. 
  • Enhanced expertise:The tools do the heavy lifting, reducing the need for extensive expertise. 
  • Time-saving:Automatic processes and workflows for risk management. 

See: Procurement solutions

A partner for procurement data

Searching for all data oneself can be time-consuming, which is why a partner can help. External data can be easily accessed, and a user-friendly solution can be provided, allowing the procurement department to easily screen and monitor suppliers. Companies such as Capgemini and SHV Energy work with Altares as data partner to increase efficiency in their procurement department.  

Effective risk management is essential for a successful procurement strategy. A comprehensive risk management solution can help procurement professionals overcome the challenges of risk management and mitigate their risks. Choose the right partner to elevate your risk management to the next level. 

Tips for procurement professionals

  • Invest in a comprehensive risk management solution. 
  • Collaborate with an experienced partner. 
  • Stay updated on the latest trends and developments in the field of risk management. 
  • Make risk management an integral part of your procurement strategy. 

With these tips, you can optimize your risk management in procurement and protect the organization against potential risks. 


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