Risk management in procurement is the process of identifying, assessing, and mitigating risks associated with the procurement of goods and services. It is an essential part of the procurement process, as it helps organizations to identify potential risks and develop strategies to manage them. Risk management in procurement involves assessing the risks associated with the procurement process, such as supplier selection, pricing, delivery, and payment terms. It also involves assessing the risks associated with the supplier, such as financial stability, quality of goods and services, and delivery times. Additionally, risk management in procurement includes evaluating the risks associated with the supplier’s ability to meet the organization’s needs, such as the supplier’s ability to provide the required goods and services on time and at the right price. By assessing and mitigating risks associated with the procurement process, organizations can ensure that they are getting the best value for their money and that their suppliers are reliable and trustworthy.