Many organizations struggle to effectively manage procurement risks, due to the complicated and dynamic nature of the procurement process. Each and every organization's activities include procurement, and the achievement of corporate objectives depends on the efficient and effective execution of this process. Yet, if not properly managed, the risks associated with procurement activities can have a severe effect on the performance of the business.

As a result, there is an increasing need for systematic and organized frameworks that help businesses in mitigating procurement risks and achieve profitable outcomes.

The purpose of this paper is to provide a comprehensive review of proven approaches to procurement risk management. The article will explore various risk management frameworks and highlight their key components. Furthermore, this paper will include a practical case study from the energy and infrastructure industry that demonstrates how ISO 31000, a widely recognized risk management standard, can be used to manage procurement risks in a large multinational corporation.