Corporate Governance - ANSWER Mechanisms, procedures and processes that are used to control and direct an organisation.
Ethics - ANSWER Principles that govern a person's or an organisations behaviour
Values - ANSWER Importance or worth that an attribute has for an individual or stakeholder gr...
CIPS L4M1 LO3 QUESTIONS &
ANSWERS(LATEST UPDATE 2024)
Corporate Governance - ANSWER Mechanisms, procedures and processes that are used to control and
direct an organisation.
Ethics - ANSWER Principles that govern a person's or an organisations behaviour
Values - ANSWER Importance or worth that an attribute has for an individual or stakeholder group.
Value advantage
Conflict of interest (COI) - ANSWER Where an individual is unable to remain impartial due to a personal,
professional or public interest
The 4D model - ANSWER 1. Disclose
2. Distance
3. Delegate
4. Disassociate
Ethical Procurement - ANSWER Ensuring that products and services are obtained in a responsible and
sustainable way that demonstrates respect for people involved in the supply chain and the environment
such as fraud, corruption, bribery, modern slavery, human rights.
CIPS Code of Conduct - ANSWER A document stating the standards, behaviours and actions that a CIPS
member must conform to during their membership of the organisation
CIPS code of Conduct - 5 areas - ANSWER 1. Enhance and protect the standing of the profession
2. Maintain the highest standard of integrity in all business relationship
3. Promote the eradication of unethical business practices
, 4. Enhance the proficiency and stature of the profession
5. Ensure full compliance with laws and regulations
Code of conduct - ANSWER A series of rules set by an organisation that define suitable behaviours and
values that should be used and applied by a member of that organisation, for the purpose of acting in a
suitable manner, as well as demonstrating uniformity and upholding the standards of the organisation
Continuing professional development (CPD) - ANSWER Undertaking training or attending courses to
develop knowledge
Procurement policies and strategies - ANSWER Principles adopted by the organisation.
High level planning, including setting direction and long-term goals.
Procedure - ANSWER A method by which a task should be undertaken
Policies - ANSWER Principles adopted by the organisation
Risk Managemenf - ANSWER A process involving risk identification, assessment, management and
mitigation
Accountability - ANSWER ability to answer for one's own actions
Organisational structure - ANSWER Reporting lines and the way teams within the organisation support
the strategy of the organisation.
Procurement Reporting - ANSWER Allows an organisation to demonstrate how it's procurement activities
deliver value for money, how they contribute to the realisation of broader goals/objectives by tracking
the right procurement KPIs. Gives the business power to enhance its procurement strategy by preventing
minor inefficiencies from becoming major issues.
Procurement involvement in sourcing process - ANSWER Supplier evaluation, information gathering,
specification collation, RFQ/ITT creation and evaluation, purchase order placing, contract management
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