Best practices for compliance and risk management in cloud-based procurement systems

As the trend of outsourcing procurement capacities of organizations to cloud-computing systems continues to rise, compliance management and risk management have found their way to the list of operational resilience. This paper will conduct a review of the best practices in complying with and managing risks in cloud-based procurement systems to synthesize the existing academic and industry literature findings. It addresses such basic points as secure system architecture, regulatory alignment, vendor risk management, data governance, and the role of analytics and automation to enhance compliance. Our attention is captured in the paper with the use of technologies like AI, machine learning, and ERP automation in industries like retailing, insurance, and healthcare to control regulatory compliance and respond to vendor disruptions in real time. Certainly, by implementing compliance-centric approaches and integrating risk management into the purchasing procedures, organizations can improve their security posture, audit preparedness, and strategic decision-making. The current paper offers a powerful guideline to align procurement strategies to contemporary regulatory and technological settings.