This video highlights the benefits of the Procurement Risk Framework for ADB borrowers.
What is the Procurement Risk Framework?
The Procurement Risk Framework guides risk assessment and management activities throughout the procurement cycle. It emphasizes the importance of risk management as an ongoing activity for successful project planning, bidding, and implementation.
When and how does the Procurement Risk Framework apply?
Under the Procurement Risk Framework, Risk Management and Assessment is an ongoing activity that starts at the beginning of each project, with the borrower and ADB working together to ensure that risks are identified and managed effectively. Shared responsibility among stakeholders allows both ADB and the borrower to identify, monitor, and assess risks and more importantly, conduct appropriate mitigation measures and manage risks as they occur.
Why is the Procurement Risk Framework important for ADB stakeholders?
With its emphasis on proactive assessment and monitoring of risks at each stage of the project cycle the Procurement Risk Framework can help reduce the likelihood of and minimize the impact of possible adverse events to quality, cost, schedule, and sustainability so that value for money is preserved and project objectives are more likely to be achieved.