Governance in procurement refers to the overall systems and procedural arrangements to ensure that the procurement process displays appropriate levels of control and probity. The key components of a governance regime are an appropriate procurement policy, procedures defining how the process should be managed, allocation of roles and responsibilities so that roles are separated and appropriately capable staff manage the key processes, and controls and review processes to monitor the conduct of the procurement process. For example, a procurement policy may define when competitive offers should be obtained, and how higher value acquisitions should be managed. Selected officers may control approvals to award certain categories of spend, so that there are no ‘closed loops’. Lower value acquisitions may be managed through simplified processes, but otherwise the governance regime may define the role and contribution of procurement staff in managing the organisation’s spend portfolio.« Back to Glossary Index
Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.