As a newly appointed consulting engineer, your project manager, Keith Boyido, has assigned you the responsibility of creating a report for the organization's executive leadership. This report should detail the sources of procurement$-$relate risks that the executive team should be aware of$.$ Please elaborate on the report's contents.

QUESTION $3$

According to Vaidya, $(2023)$ risk identification is the process of identifying and defining potential risks that could impa the successful completion of a project, program, or any other endeavour. This is the first and most important step in risk management process. Do you agree with this statement? Substantiate your response with relevant content.