This study provides a conceptualisation of procurement, procurement process, risk and risk management. It also gleans into the procurement processes of Innoson Vehicle Manufacturing Company (IVM), a Nigerian automobile organisation, with global footprints both locally and abroad. The procurement process is seen as crucial to Innoson's continued existence and the maximum satisfaction of its clients. This research shows a critical analysis of the company’s procurement process. Innoson provides manufacturing services to its customers in collaboration with its suppliers whose devices are incorporated into Innoson’s automobiles for customer satisfaction. This paper on Innoson identifies the historical background of the company. It also facilitates an understanding of the procurement system and processes of Innoson Vehicle Manufacturing Company. The procurement risks that affect each process in the conceptualisation of procurement, procurement process, risk and risk management were highlighted. In addition, a strategic SWOT analysis was conducted and thereafter a Net Analysis was further conducted to verify if the SWOT conducted was practicable. Finally, the risks involved in each procurement process were accessed using a risk matrix. This process was carefully established to measure and rank the risks. Thereafter, three risk registers were formulated to summarize and address each of the risks affecting the 3 procurement processes discussed.