Maverick spending in procurement is defined as the purchases of goods or services outside of established purchase authority, contracts, and purchasing processes. It typically occurs when an individual purchases an item without authorization or goes around standard policy to get it. Engaging in maverick spend can lead to misappropriation of funds, lack of visibility for corporate spending, and cost overruns. Therefore, it’s essential to establish clear policies and procedures with systems in place in order to minimize the risk of maverick spend in procurement.