Risk management in procurement and supply chain management is crucial for any organization dealing with complex supply chains. One of the main functions of supply management is to ensure smooth and uninterrupted flows of goods and materials. With rapid globalization taking place, the supply chains have turned increasingly complex covering different countries and continents with associated high risks of supply disruptions. Therefore, organizations need to constantly think of analyzing and reducing these risks. These disruptions can have major negative consequences for example, they can result in service and production disruptions and hampered productivity and capacity utilization. For a procurement organization, a supply disruption can also mean inability to meet demand and satisfy customers. Thus, it is essential for organizations to understand the sources and drivers of risk before devising risk mitigation strategies which may require adding capacity, increasing inventories, aggregating or pooling demand, increasing capability, or having more customer accounts
HOW PARTICIPANTS WILL BENEFIT
At the end of the course, participants will be able to:
• Identify and promote the business need for risk management in procurement and supply chain;
• Identify who in the organization is/should be responsible for risk management in procurement and supply chain;
• Work with those responsible for risk management in analyzing and assessing the risks;
• Be fully conversant with the range of contract strategies that can be applied when setting up contracts to achieve best value in meeting organizational objectives.
WHO SHOULD ATTEND?
Officials responsible for procurement, supply chain managers, contract managers, tender/contract committee members, in government, parastatal and private sector.
• Introduction to risk management in procurement and supply chain;
• Risk identification in procurement and supply chain;
• Risk analysis;
• Risk assessment;
• Risk mitigation;
• The role of the procurement and supply chain management profession.