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(Solution) CIPS APGM Risk and Implementation of Risk Management Techniques in Contracts (Category Management)

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8.0 Risk and Implementation of Risk Management Techniques in Contracts (Category Management)

In modern contracts, they are faced by immense risks with best practice required for their management (Araz et al., 2020). This is supported by their probability and implications. To conclude, considering spend and category management, likely risks can be faced including partnership, laws, operation and commercial-based risks as illustrated in the following;

Figure 1:Different risks in contracts and mitigation strategies

Source: CIPS Notes Modules

Considering Oxy organisation case, risk appetite is significantly enormous and defined with lowered risks by willingness of an entity to accommodate change to evaluate set objectives. Prior ensuring success in process adoption, holistic analysis can be put into account to lower the level of risks faced.

Partnership Risks

For HS&E identified spend area in Oxy organisation, partnership risks have a direct impact on saving on costs and efficient time management. Based on my individual experience, working with Oxy organisation Oracle system, faced risks are evident. For their HS&E spend area, they are not investing on PCD and PCT technologies as part of their improvements. This represent a significant risk in initiating appropriate trust relations with suppliers and partnerships owing to lack of appropriate audits (Wojewnik-Filipkowska & Węgrzyn, 2019). Also, for the different AI and improvement areas noted, partnerships mist be prioritised for pursuing appropriate contract template and hence mitigating entire risks.

The likelihood of risk emergence is evidenced by fact that post COVID pandemic, Oxy organisation was majorly executing their functions virtually. The outcome of this was immense risks encountered which affected collaboration of different stakeholders (Freeman et al., 2021).  There exist immense risks encountered which influence collaboration among the different stakeholders engaged. This risk would be managed through risk avoidance. The mitigants would entail elimination of entire hazards harming the entity, assets and stakeholders.

Legal Risks

For Oxy organisation, as noted earlier, immense challenges are encountered to gain joint tendering, good rating and contract information shared with vendors and buyer/organisation. As evidenced in Arshad et al. (2019) this legal factor impact the success in attaining confidentiality I embracing modern technology in their sourcing process and safe from any issue linked with breaching of data. Considering detailed and in-depth consultations implemented with Oxy organisation legal dimensions, PS&M in the organisation must engage all suppliers to be approved and allowed in sharing all information on the eProcurement systems successfully (Sa’adah, 2020). This risk would be managed through transfer by use of insurance and contracts for supporting mutual-based agreement and use of technologies for automation of all negotiations. This protect Oxy inappropriate negotiation and reworking of the various suppliers within specified terms and conditions.

Operational Risks

In the identified Oxy Organisation HS&E spend area,…….

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