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Business Risk Controls Framework Procurement to Accounts Payable Glossary PROCESS RISK Operations Risk A. Customer Satisfaction Risk - The risk that internal customers and vendors are dissatisfied because payments and purchases are not made on time or accurately. C. Product Quality Risk (environmental, and safety) - The risk that the items purchased do not meet the company’s standards for quality, safety and environmental regulations, or international specifications. D. Dispatch/Freight Risk - The risk that goods are not delivered on time or to the correct location. E. Efficiency - The risk that the processes of procurement and payment are not efficient due to; 1. manual processes, 2. multiple interfaces, 3. central verses local purchasing decisions and 4. duplicate ordering. F2. Sourcing 1 - The risk that the supply is insufficient to meet the operating needs of the company. F1. Sourcing 2 - The risk that the vendor selected does not meet the company’s guidelines including compliance with quality standards, pricing terms, financial stability, federal and state regulatory requirements, related party transactions and international regulations. I. Commodity Pricing Risk - The risk that items are not purchased at the lowest available price and the that quality of the items do not equate to the price paid. G. Compliance Risk - The risk that the procurement and payables processing practices do not conform to the company’s policies. H. Work Stop The risk that the union employees will strike causing disruption of the procurement and payables processes. Empowerment Risk J. Authority/Accountability - The risk that purchases and payments are made without proper authorization. The risk that purchases are made which are not in-line with the budget/strategic plan. K. Leadership - The risk that purchases and payments conflict with management’s strategic plans and policies, because limits, performance measures and procedures are not clearly defined, communicate