Procurement risk and mitigation is a term used to describe the process of minimizing potential risks associated with procurement activities. This involves identifying and assessing potential risks, developing strategies to mitigate or reduce those risks, and taking preventative actions to ensure that any negative consequences that may arise from the procurement process are minimized. Engaging stakeholders, conducting research, budgeting appropriately, and implementing appropriate policies can all be effective ways to mitigate the risk of procuring goods and services.