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Assessing, managing risk in 2024 procurement policy and plan
The Authors
This year presents the procurement industry with yet another opportunity to navigate, innovate and reinvigorate our procurement plans, strategy and direction.
In retrospect, the lessons gathered from the major events in the global economy last year will obviously be a guide leading into this year.
The fact of the matter is, going into this new year, our guiding principles in procurement should not be an obstacle in achieving our goals, but must only serve as a guide to success and achieving corporate goals.
We must be innovative, anticipatory and forward-looking in all our procurement endeavours. The achievement of this success can only be met when we know how to clearly access and mitigate our risk factors and turn them into advantageous opportunities.
It is important to appreciate that in this New Year, there are two key things that every organization needs to underpin in their procurement processes thus a well-defined procurement policy as well as its accompanying procedures.
These are, at best, the most significant documents that help in shaping decision making and ultimately, mitigating risks to the business.
Fitzgerald-Bassey Consultancy Limited, a consultancy firm have painstakingly developed and explained how to mitigate risk in procurement in the year 2024.
This is mainly to mitigate risks within the Supply Chain, to help build shocks to absorb unforeseen events, creating alternatives plans for the what ifs, and minimize unplanned and unforeseen events which could disrupt one’s supply chain.
Understand and personalise concept of risk
In the past year, one of the things we came to appreciate in the management of risk, for the majority of our clients, is for clients to have a clear understanding of what their risks are within their supply chains.
Many did not understand the risk involved in their business and therefore did not plan to mitigate their risks.
Most often in procurement, when risk is mentioned, most procurement practitioners’ default to financial risks to the underestimation of other risks such as supply, operational, legal and reputational risk.
In simple terms, risk is the possibility of an event or action impacting the success or objectives of your procurement process. In essence, anything that is likely to become a hinderance to the successful procurement process is a risk, and all of these things that come to mind should be considered in your procurement planning process for the year.
When we clearly get to understand what our risks are, we are half way through the problem. By understanding and personalising the concept of risk, you get to know which ones apply to your supply chain and the ones which do not.
Identify, Analyse, Evaluate potential risks
Basic amongst risk management is identifying the possible loopholes that will be classified as risk factors and essentially conducting a risk assessment, which primarily involves analysing your procurement process and identifying any potential threats or vulnerabilities.
Identified risks should then be classified as High, Medium and Low risk. Within your procurement policies, pay particular attention to the very high risk and medium risk while keeping and eagle eye on the low as well since they also have the potential to also pull up surprises, with a resultant negative impact on your bottom-line.
For instance, within a procurement context, some of the very high-risk factors include sub-contractor failure, project delays, budget overruns, and non-compliance with regulations.
With supplier failure topping the chart, the very likelihood of your procurement of a very essential items being delayed by a supplier, especially in our part of the world, should not underestimated.
Once potential risks have been identified, you need to use a tool such as a 4×4 risk assessment matrix to rate a risk’s probability of occurrence (Probability) and its Impact (the negative consequences to cost, time, resources, etc.) if a risk occurs.
This will help understand the severity of the risk and help enact mitigations to counteract the risk.
Probability
Risk probability, or likelihood, is the possibility of a risk event occurring. The likelihood can be expressed in both a qualitative and quantitative manner.
When discussing probability in a qualitative manner, terms such as frequent, possible, rare etc. are used.
It is also possible to describe the probability in a numerical manner. This can be done using scores, percentages and frequencies defined by the organization.
Impact
Impacts are often defined as the consequences, or effects of a risk event on the project objectives.
These impacts can be both beneficial and harmful to the objectives. The impact of risk events on different project objectives can be defined in both a qualitative and quantitative manner. These project objectives are cost, schedule, quality, scope, health, safety, etc.
Prepare for the risk – Risk Impact & Probability Matrix
Practitioners should evaluate the possibility of a risk occurring against the impact it can have on the business. These evaluations should help define the mitigating strategies for such risks.
Based on the evaluation, you can then develop risk management strategies to mitigate or reduce the impact of each risk. In mitigating and managing risk, these strategies have shown to be very effective and reliable.
High Probability / High Impact (Mitigate)
For circumstances deemed to be High Risk/High Impact, procurement practitioners must have a detailed action plan, monitored daily, weekly, monthly or as required, depending on the severity of the risk.
This is a probable disaster probability waiting to happen with a severe impact on the business.
If for example, a risk is identified of a potential gas pipe blowout, a comprehensive team including technical, procurement, senior decision makers may be put together to monitor the situation on a daily basis and take actions necessary to eliminate the risk.
Such a risk could have a catastrophic impact on the environment, business, reputation and bottom line of the organization.
High Probability/Low Impact (Management Challenge)
These are risk that are deemed likely to occur but have a low impact on the financials, reputation, Operations etc of the business. These risks are mostly due to uncertainties of numerous elements that individually, are minor risks but combined, could amount to higher risks.
Management should identify the individual risk and put in place contingency plans to counteract the individual risks identified.
Low Probability/ High Impact (Insure/Mitigate)
These are higher risks that have been identified but have a low probability of occurrence. The business and organization can insure against such risks. They can also put in operational structures to further reduce the probability of occurrence within the business.
Low Probability/Low Impact (Accept)
These are risks that have a low likelihood of occurring, and if they do, will have a minor impact on the organization. There is no need for a proactive management approach to mitigate against such risks. Management can accept those risks when they occur and deal with them on a one on one basis.
These are the some shock absorbers that can help you weather the storm in your procurement processes. As a procurement lead organisation, it is very important to involve all stakeholders in the development of these strategies to ensure buy-in and support for these guidelines.
Risks and the mitigating strategies should be reviewed regularly, depending on the nature of the business and the organization, and changes to the risk strategy register must be tracked and clearly logged.
Owners of the identified risks must be clearly identified within the organisation. Accountability for these risks and mitigation strategies cannot be overemphasised.
Communicate plans to stakeholders
Once risk management strategies have been developed, they should be incorporated into your procurement and management processes. They should be subject to change as risks are fluid and circumstances change.
These should include clearly defined procedures for risk identification, assessment, and management. The policy and plan should also clearly map out the risk management procedure, outline roles and responsibilities for managing risks and the steps to be taken in case a risk does occur.
In all of it, it’s important to communicate the risk management strategies and procedures to all stakeholders involved in the procurement process.
This includes procurement staff, suppliers, and other relevant parties. Stakeholders should also be trained on how to identify and manage risks according to the policy and plan.
Leveraging technology and tools available that can help in managing risks in procurement has always been advantageous.
These include risk management software, data analytics, and automated processes. Consider utilising these resources to enhance your risk management efforts.
By following these steps, you can effectively access and manage risk in 2024.
Regularly reviewing and updating your risk management strategies will ensure the success of your procurement process and minimize any potential risks to your organization, with a resultant improvement in your bottom line.
By Alvin Mingle & Kwabena Peprah
The professor who spends his days exploring the intricacies of African languages found himself at the centre of a different kind of lesson on Friday, October 2, 2026. 
This time, there were no lecture notes, academic arguments or university classrooms. Instead, there was the weight of tradition, the rhythm of a community celebration and the solemnity of an oath at a royal palace.
Professor Ọbádélé Kambon, a full Professor of African Linguistics at the University of Ghana, was enstooled as Apagyahene and Sunsum Ɔsahene of Akuapem Mampong in the Eastern Region in a ceremony that brought academia and traditional authority together.
For the professor, the occasion was more than a new title. It was a moment that connected his academic interests in African languages and indigenous knowledge with the living traditions of an Akan community.
The day’s events unfolded through a series of customary observances. Kambon was first taken to the compounds of the Ɔkyeamehene and Gyasehene, where the preparations for his installation continued.
Then came the application of hyire, the white kaolin powder associated with traditional rites.
With the customary proceedings underway, the new chief was lifted onto the shoulders of celebrants and carried along the main thoroughfare of Akuapem Mampong.
The procession transformed the streets into a public stage for a ceremony rooted in the community’s traditional institutions.
There was something striking about the image, a university professor, accustomed to the measured language of academic discourse, being carried through the town in a display of traditional recognition.
Yet the celebration was not complete with the procession.
A ram was sacrificed at the Mamponghene’s compound before Kambon was taken to the palace, to swear the oath associated with his new offices.
The ceremony brought him formally into his roles as Apagyahene and Sunsum Ɔsahene.
Beyond the colourful proceedings, the titles themselves carry layers of historical meaning.
Kambon in his research explores the historical connections between Apagya and Akan political and military organisation.
Accounts cited in his work linked Apagya to an asafo, or military company, while historical writing traces an Apagya stool in Asante to the reign of Opoku Ware I in the eighteenth century.
These historical associations offer a glimpse into the institutions that have shaped Akan society over generations, although they do not automatically define the precise responsibilities of the office in Akuapem Mampong.
Kambon’s own professional life reflects a similar interest in preserving and examining African knowledge.
His work encompasses Akan language structure, naming practices across the Black world, proverbs and indigenous intellectual traditions.
Through Abibitumi, the platform he founded, he also promotes language learning, scholarship and cultural engagement.
But tradition was only one part of the story that day.
When the formal ceremony gave way to a reception, the occasion expanded into a celebration of three milestones: Kambon’s enstoolment, his promotion to full professor and his daughter Ama’s admission to the University of Ghana.
The gathering therefore carried a personal significance that went beyond the honours bestowed on one man. 
It celebrated professional advancement, the continuation of family aspirations and a connection to cultural heritage.
For a father, seeing a daughter gain admission to the same university where he holds a distinguished academic position offered another reason to celebrate.
For the professor, the moment placed family achievement alongside his own professional and traditional milestones.
Kambon had already established a place in the traditional life of Akuapem Mampɔn through an earlier installation as Banmuhene Kyidɔmhene, recorded in 2017.
His latest enstoolment adds another chapter to that relationship.
In Akuapem Mampɔn, the day brought together the university, the palace and the family table in one celebration. And for Kambon, the journey from the lecture room to the traditional procession showed how scholarship, cultural responsibility and family achievement could converge in a single memorable occasion.
By Enoch Ntiamoah Siaw
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News
ASOHOM organises fundraising gala to protect Ghana’s water resources, support vulnerable communities
The Association of Spouses of Heads of Missions and International Organisations (ASOHOM) last Friday held the 2026 edition of its annual Charity Gala, at the Kempinski Hotel Gold Coast City, Accra under the theme ‘Woven Currents.’
It was attended by members of the diplomatic and international community, distinguished guests, corporate partners, and artists, friends of Ghana and supporters of ASOHOM’s charitable mission.
What was supposed to be a fundraiser turned into a perfect platform to celebrate friendship, culture and creativity.
Water was at the heart of this year’s message, said Sovanna Taliercio President, ASOHOM and Chairperson of its Fundraising Committee.
“Through art, music and live performance, the gala highlighted the vital connection between water, life and our shared future, while drawing attention to the importance of protecting Ghana’s water resources and supporting sustainable solutions for vulnerable communities,” a statement signed by Ms Taliercio said.
The evening featured a remarkable exhibition of Ghanaian contemporary art, live performances, an auction and raffle, alongside an elegant dinner and opportunities for guests to connect and support the cause.
She expressed gratitude to everyone who contributed to the success of the event— sponsors, artists, performers, partners, volunteers, ASOHOM members and, most importantly, every guest who chose to support its cause.
“Our fundraising efforts are ultimately about more than one evening. They are about transforming generosity into tangible support for communities in need. The funds raised through ASOHOM’s charitable initiatives will contribute to projects aligned with our humanitarian priorities and our commitment to supporting meaningful and sustainable development in Ghana,” she said.
She expressed pride at what ASOHOM represents: a community of women and men from across the diplomatic and international community who come together beyond their official roles to build bridges, strengthen partnerships and give back to the country we are privileged to call home.
She said the success of ‘Woven Currents’ was a testament to the power of collaboration, compassion and collective action and reminds that with togetherness, small contributions can create lasting impact.
By Spectator Reporter
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