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Overview

Framework:
RQF
Level:
Level 4
Unit No:
M/506/5834
Credits:
4
Guided learning hours:
25 hours

Assessment Guidance

Portfolio of Evidence

Unit Learning Outcomes

1

Be able to undertake a risk evaluation for current and planned activities in procurement.

Additional details

1.1  Identify potential risks:

  • market risks
  • quality risks
  • quality and capacity risks
  • lead time risks
  • logistics and delivery risks
  • corruption risks
  • CSR compliance risks

1.2  Nature of risks and consequences:

  • market risk and impact analysis
  • supplier risk and impact analysis
  • supply chain risk and impact analysis

1.3  Probability of risk occurring:

  • risk likelihood scoring system
  • risk likelihood and impact analysis scoring matrix
  • SWOT analysis

Assessment Criteria

  • 1.1
    Identify potential risks in current and planned activities in procurement.
  • 1.2
    Assess the nature of identified risks and potential consequences.
  • 1.3
    Evaluate the probability of potential risk occurring.

2

Be able to minimise the impact and likelihood of potential risks occurring.

Additional details

2.1  Ways of minimising risks and impacts:

  • sourcing methods to minimise risk and impact
  • contractual arrangements to minimise risk and impact
  • relationship development to minimise risk and impact
  • reviewing specifications and value analysis
  • rationalisation and standardisation
  • stockholding and inventory management

2.2  Responsibility for risk management:

  • list of individuals responsible for risk management
  • team building
  • 1 to 1 briefing
  • job roles and job description

Assessment Criteria

  • 2.1
    Identify ways and means of minimising the impact and likelihood of potential risks.
  • 2.2
    Allocate responsibility for risk management to relevant individuals within own area of responsibility.

3

Be able to communicate identified risks.

Additional details

3.1  Agree risk reduction options with stakeholders:

  • risk register
  • risk strategy
  • stakeholder presentations
  • stakeholder dialogue

Assessment Criteria

  • 3.1
    Provide information on identified risks to relevant stakeholders.

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