Risk Assessment Remove this section for purchases under $25K Please use the following table to identify any procurement or project specific risks. Refer to page 8 for the tools to assist you to evaluate the ‘consequence’ and and determine the level of risk and strategy to reduce the risk. Please note that the following examples are not an exhaustive listing of risk ‘likelihood’ types and all areas should be considered. RESIDUAL RISK IDENTIFY RISK RISK ANALYSIS TREATMENT # Risk Category Description Causes / Impact Measures (controls) to Manage Risk Conseq Rating Risk Tolerance Likely Procurement Activity Description (copy from previous section) Provide some detail about the procurement activity. Risks 1 Correct The procurement must fit the needs of Incorrect procurement may Detail here controls which ensure that the 1-5 1-5 L, Tolerate procurement the project and activity. result in failure of the / Reject appropriate item is procured. M, project and additional H, costs. S 2 Managing Conflicts of interest during the There may be accusations Detail how CoIs will be identified and managed 1-5 1-5 L, A/B/S conflicts of procurement process may result in of impropriety if CoIs are as not to impede the procurement process. M, interest complications, if not appropriately unmanaged. H, managed. S 3 Timeline If procurement does not happen in a Project delays can result in Detail how procurement activities fit into the 1-5 1-5 L, A/B/S considerations timely and effective manner, this may significant costs for the project timeline and potential for delays to M, result in delays to the project. University. be absorbed into timeline.
Risk Assessment Remove this section for purchases under $25K Please use the following table to identify any procurement or project specific risks. Refer to page 8 for the tools to assist you to evaluate the ‘consequence’ and ‘likelihood’ and determine the level of risk and strategy to reduce the risk. Please note that the following examples are not an exhaustive listing of risk types and all areas should be considered. IDENTIFY RISK RISK ANALYSIS TREATMENT RESIDUAL RISK Risk Tolerance # Risk Category Description Causes / Impact Measures (controls) to Manage Risk Likely Conseq Rating Procurement Activity Description (copy from previous section) Provide some detail about the procurement activity. Risks 1 Correct procurement The procurement must fit the needs of the project and activity. Incorrect procurement may result in failure of the project and additional costs. Detail here controls which ensure that the appropriate item is procured. 1-5 1-5 L, M, H, S Tolerate / Reject 2 Managing conflicts of interest Conflicts of interest during the procurement process may result in complications, if not appropriately managed. There may be accusations of impropriety if CoIs are unmanaged. Detail how CoIs will be identified and managed as not to impede the procurement process. 1-5 1-5 L, M, H, S A/B/S 3 Timeline considerations If procurement does not happen in a timely and effective manner, this may result in delays to the project. Project delays can result in significant costs for the University. Detail how procurement activities fit into the project timeline and potential for delays to be absorbed into timeline. 1-5 1-5 L, M, A/B/S
procurement-plan.docx