The Procurement Risk Assessment Matrix is a critical tool used in Canadian procurement processes to systematically evaluate and manage potential risks associated with procurement activities. This document is essential when organizations are planning significant purchases, entering new supplier relationships, or managing complex procurement projects. It incorporates requirements from Canadian federal and provincial legislation, including the Financial Administration Act and Government Contracts Regulations, while also considering international trade agreements and Indigenous procurement policies. The matrix typically includes detailed risk categorization, assessment criteria, mitigation strategies, and monitoring protocols, making it invaluable for both public and private sector organizations in Canada. It serves as a living document that should be regularly updated throughout the procurement lifecycle to reflect changing risk profiles and market conditions.
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1. Introduction: Overview of the procurement project and the purpose of the risk assessment
2. Procurement Context: Description of the goods/services being procured, procurement value, and strategic importance
3. Methodology: Explanation of the risk assessment approach, scoring criteria, and evaluation methods used
4. Risk Categories: Identification of main risk categories (e.g., financial, operational, legal, technical, supplier-related)
5. Risk Assessment Matrix: Detailed matrix showing identified risks, their likelihood, impact, and overall risk rating
6. Risk Analysis: In-depth analysis of each identified risk, including potential consequences and triggers
7. Mitigation Strategies: Specific measures and controls to address each identified risk
8. Monitoring and Review: Procedures for ongoing risk monitoring and matrix updates
9. Roles and Responsibilities: Definition of key stakeholders and their responsibilities in risk management
1. Indigenous Procurement Considerations: Section to be included when procurement involves Indigenous businesses or communities
2. Environmental Risk Assessment: Detailed environmental impact analysis, required for procurements with potential environmental implications
3. Security Assessment: Required for procurements involving sensitive information or critical infrastructure
4. Trade Agreement Compliance: Analysis of trade agreement obligations, needed for high-value procurements subject to trade agreements
5. Supply Chain Risk Analysis: Detailed supply chain assessment, important for complex or international procurement
6. Cost-Benefit Analysis: Required for high-value or complex procurements to justify risk mitigation costs
1. Schedule A - Risk Scoring Criteria: Detailed criteria for assessing likelihood and impact of risks
2. Schedule B - Risk Register Template: Template for ongoing risk tracking and updates
3. Schedule C - Stakeholder Consultation Log: Record of consultations with stakeholders during risk assessment
4. Schedule D - Risk Mitigation Plan Template: Detailed template for documenting risk mitigation actions and timelines
5. Appendix 1 - Risk Assessment Tools: Collection of tools and templates used in risk assessment process
6. Appendix 2 - Reference Documents: List of relevant policies, procedures, and guidelines referenced
7. Appendix 3 - Historical Risk Data: Historical risk information from similar procurement projects
Authors
Relevant legal definitions
Clauses
Relevant Industries
Government and Public Sector
Construction and Infrastructure
Healthcare and Medical Supplies
Information Technology
Defense and Security
Energy and Utilities
Manufacturing
Transportation and Logistics
Financial Services
Natural Resources
Telecommunications
Professional Services
Relevant Teams
Procurement
Risk Management
Legal
Finance
Compliance
Supply Chain
Operations
Project Management
Vendor Management
Quality Assurance
Environmental Health and Safety
Indigenous Relations
Internal Audit
Strategic Planning
Relevant Roles
Procurement Manager
Risk Management Officer
Contract Administrator
Supply Chain Manager
Chief Procurement Officer
Compliance Officer
Project Manager
Legal Counsel
Financial Controller
Vendor Relations Manager
Sustainability Officer
Quality Assurance Manager
Indigenous Relations Coordinator
Operations Director
Chief Financial Officer
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