how a UK based business that extensively sources

Project Risk and Procurement Management

Executive Summary
The procurement field has been undergoing rapid reforms as well as creation of oversight bodies,
enactment of new bills into laws as well as embracing technology. All these processes are aimed
at minimizing downtime as well as ensuring that the buyers get quality at affordable prices. With
all these procedures comes along risks which the business is exposed to including economic
risks.
The objective of this report is to evaluate how a UK based business that extensively sources for
its materials from the country of Greece can mitigate various types of risks such as economic
risks posed to them and how the procurement function can manage their global supplier network
as well as risks associated from such relationship.
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Table of Content
Title Page ................................................................................................ i
Executive Summary .................................................................................... ii
Introduction ............................................................................................. 1
Risks of concepts in projects .......................................................................... 2
Agency risks ............................................................................................ .3
Economical Risks .......................................................................................4
Regulatory Risks ...................................................................................... ..6
Technological Risks ................................................................................. ...6
Procurement Function Management of Vendors ...................................................7
E-Procurement ...........................................................................................7
Implementing Technology .......................................................................... ..8
Measuring Procurement Performance ...............................................................9
Developing Procurement Strategies, Tactics and Action Plans ..................................9
Introduction of Regulatory Department ............................................................9
Taking insurance covers ............................................................................10
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Conclusion ............................................................................................11
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