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Discover leading strategies for procurement risk management

At Kronos Group, we help you streamline your procurement processes to ensure that you are strategically placed to mitigate risks and crises that may impact your business.

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Creating an effective procurement risk management strategy is integral to maintaining streamlined procurement operations. 

Following best practices in this niche will help you plan and work toward the future of your procurement function with confidence while anticipating and overcoming any challenges. 

This is what we help you do at Kronos Group.

How can you maintain effective procurement risk management processes?

Each business formulates its own procurement risk management processes based on highly specific business objectives and strategies.

Regardless of industry or the type of business, however, every procurement function is vulnerable to internal and external threats. Some of the most common procurement risks are:

Human resource
gaps

Regulatory non-compliance

A poor choice
of vendors

Inaccurate
data

A lack of a vendor management system

An established risk management process is the best way to alleviate these risks and those associated with procurement delays, collapses, inefficiencies, and fraud while fostering a culture of continuous improvement.

With the procurement risk management expertise of our team, we help you strengthen your supply chain and boost your procurement excellence.

Leveraging the right expertise and resources will help you execute a sustainable procurement risk management strategy; one that achieves your company’s short- and long-term objectives.

Achieving procurement excellence is easy with the expertise of Kronos Group’s procurement professionals.

For more insight into our procurement expertise, explore our resources.

FAQ

Why does your business need procurement risk management consulting?

In the current business landscape, optimising your supply chain operations for efficiency and sustainability is a key priority, as it protects your network from economic crises and disruptions, like COVID-19, and keeps your operations running smoothly.

Procurement risk management consulting helps you formulate strategies to identify and manage external and internal risks to your supply chain and optimise it to improve efficiency and sustainability.

How is procurement helping financial services manage risk and increase business value?

Today, the finance industry has become increasingly competitive and volatile due to a range of macroeconomic factors.

The procurement function can help financial services navigate this uncertainty and add value to business operations by managing regulatory changes, increasing their agility to respond to threats in the market, improving collaboration with third-party vendors to better manage supply risks, and adopting technological solutions to build a future-facing business framework.

What is the main benefit of contingency plans in procurement risk management?

Ensuring the continuity of business operations despite economic disruptions is the primary benefit of having contingency plans when it comes to procurement risk management.

If unforeseen economic events occur and regular procurement functions become restricted, contingency plans ensure businesses have a final line of defence against the impacts of these events.

Get in touch with Kronos Group today to leverage the strategic, pragmatic expertise of our procurement professionals.

Implement the right procurement risk management framework for your company today.
 Contact our procurement experts