Procurement Policy

A procurement policy is a set of rules that guide an organization’s procurement process. It defines standards and goals for the procurement function, and provides guidelines for employees to follow when acquiring goods and services.

A good procurement policy should:

Provide clear guidelines for competition, negotiating terms, documentation, and internal controls.
Promote transparency, objectivity, and compliance with regulations.
Optimize costs.
Manage risk.
Ensure compliance with laws and regulations.
Improve operational efficiency.