Describe acquisition risks and the ways to control them.

Acquisition process comes with many risks that need to be identified and managed timely for the successful acquisition of the process. It is important to dilute any political or departmental pressure within the legal framework an avoiding any illegal activities that may cause a disqualification for the acquisition process or even legal proceedings. The first risk that I would like to discuss is the fact that bribes are being demanded in different forms from the parties that are part of the acquisition process (Lambsdorff, 2002). These bribes may be in the form of a cash demand but not necessarily always. For example demanding or offering a gift or anything of value can also be considered as a form of bribe. Same is the case with offering meals to influence the acquisition process. All these practices are prohibited by the law.

Misunderstanding the terms of references (TORs) is also a risk associated with the acquisition process. It is pertinent to understand the TORs and submit a proposal in accordance to it. In government contracting, the government always has the upper hand. A contractor may be made liable even after the completion of the project. This risk can be managed by properly documenting each and every aspect of the project and getting the required signatures from the government officer on time.

The share of intellectual properties with the government departments is also a risk. They might share it with the competitors. Therefore, proper safeguards are required so that the intellectual property is protected from any violation.

The government has to follow the public policy mandates. It is important to understand these mandates and not just look for commercial interests but also provide solutions that are in accordance with the public interests and sustainable.