The purchasing policy helps to establish company standards, guidelines, and procedures for the purchase of all information technology hardware, software, and computer-related components as well as the purchase of all technical services. The policy will ensure that all purchasing processes are consistent and in alignment with company strategy. The purchasing policy is key to ensuring that corporate purchases are effective and best value for money is obtained.
Risks addressed by this policy:
- Costly corporate conflict of interest cases
- Unauthorized purchasing for personal gain at the expense of a corporation
- Ineffective contract negotiations