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Risk Management in Procurement Program

April 9 - April 11

Program Overview

The Risk Management in Procurement Program is a focused 3-day training designed for procurement professionals, supply chain managers, and business leaders to understand, assess, and mitigate risks in the procurement process. With the increasingly complex global supply chains and unpredictable market conditions, procurement professionals need to develop effective strategies for identifying, managing, and mitigating risks to ensure continuity and profitability.

This program provides participants with the necessary tools and frameworks to address procurement-related risks and drive procurement excellence while safeguarding organizational interests.


Learning Objectives

By the end of the program, participants will:

  1. Understand the key types of procurement risks and their impact on business operations.
  2. Learn how to identify and assess risks in the procurement process, including supplier, market, and operational risks.
  3. Develop strategies to mitigate procurement risks through effective risk management and supplier relationship management.
  4. Gain insights into legal and compliance risks in procurement and how to handle contractual obligations and supplier negotiations.
  5. Master tools and techniques for continuous risk monitoring and creating a risk-responsive procurement strategy.

Program Structure

Day 1: Introduction to Procurement Risk Management

  • Objectives:
    • Understand the concept of procurement risk management.
    • Gain insight into the various risks faced by procurement professionals in the modern supply chain environment.
  • Topics Covered:
    • What is Procurement Risk Management?:
      • Definition and importance of risk management in procurement.
      • Types of risks in procurement: financial, operational, strategic, and reputational.
    • Risk Identification:
      • How to identify procurement risks at various stages of the procurement process.
      • Common procurement risks: supplier insolvency, geopolitical risks, supply disruptions, and price fluctuations.
    • Risk Classification and Prioritization:
      • Categorizing risks: low, medium, and high impact risks.
      • Tools for assessing the severity and probability of risks.
  • Activity:
    • Risk Identification Exercise: Participants will work in groups to identify procurement risks in a given case scenario and classify them based on severity.
  • Assignment:
    • Create a list of potential risks within your organization’s procurement process and categorize them.

Day 2: Risk Assessment and Mitigation Strategies

  • Objectives:
    • Learn how to assess and prioritize procurement risks.
    • Develop effective risk mitigation strategies to reduce exposure and ensure continuity in procurement activities.
  • Topics Covered:
    • Risk Assessment Models:
      • Qualitative vs. quantitative risk assessment methods.
      • Risk matrix: assessing the likelihood and impact of risks.
    • Supplier Risk Management:
      • Evaluating supplier stability and performance.
      • How to assess financial risks, operational capabilities, and geopolitical factors in supplier selection.
    • Mitigation Strategies:
      • Contract clauses to manage risk (e.g., force majeure, penalties, delivery guarantees).
      • Diversification and dual sourcing to mitigate supplier risk.
      • Supplier relationship management and collaboration to ensure reliability.
  • Activity:
    • Risk Assessment Simulation: Participants will assess potential risks in a simulated procurement scenario and propose appropriate mitigation strategies.
  • Assignment:
    • Develop a risk assessment plan for an upcoming procurement project, including identification, assessment, and mitigation strategies.

Day 3: Legal, Compliance, and Continuous Risk Monitoring

  • Objectives:
    • Understand the legal and compliance risks involved in procurement.
    • Learn how to continuously monitor procurement risks and ensure a responsive risk management strategy.
  • Topics Covered:
    • Legal and Compliance Risks in Procurement:
      • Overview of procurement contracts and legal obligations.
      • Key compliance issues: anti-corruption laws, environmental regulations, and international trade laws.
      • Ensuring compliance in supplier selection and contract negotiations.
    • Continuous Risk Monitoring:
      • Tools and techniques for ongoing risk monitoring.
      • How to integrate risk management into daily procurement operations.
    • Developing a Risk-Responsive Procurement Strategy:
      • Creating a procurement risk management framework.
      • Best practices for managing procurement risks proactively.
  • Activity:
    • Legal Compliance Exercise: Participants will review a procurement contract for compliance and identify any legal risks associated with it.
  • Assignment:
    • Draft a risk monitoring plan for your organization’s procurement function, focusing on continuous risk assessment and mitigation practices.

Program Delivery

  • Format:
    • In-person or virtual (interactive sessions, case studies, group discussions, hands-on exercises, expert-led discussions).
  • Duration:
    • 3 full days (6-8 hours per day).
  • Target Audience:
    • Procurement professionals, supply chain managers, procurement directors, compliance officers, and business leaders involved in procurement strategy and decision-making.

Certification

Upon successful completion of the program, participants will receive a Certificate in Risk Management in Procurement, demonstrating their ability to identify, assess, and mitigate procurement-related risks effectively.

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Details

Start:
April 9
End:
April 11
Cost:
Ksh60000
Event Category:
Website:
www.globopointconsultants.com

Venue

Mombasa
Kenya + Google Map

Organizer

Globopoint Consultants Limited
Phone
0722103961
Email
info@globopointconsultants.com
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