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Procurement leaders are responsible for mitigating risks for their departments. Although every procurement professional is involved in risk management, every entity ultimately relies on its procurement leaders to protect the entity when it enters into contracts for goods and services. Mitigation of risks begins even before the procurement cycle is initiated with a process known as risk analysis.

When considering a new initiative, it can be difficult for a procurement leader to determine a starting point for risk analysis. Who is involved? How can risks be identified from various stakeholders? Will a specific procurement solve a problem, or is there another root cause? How can strategies obtained from a risk analysis be implemented?