Bernie,

I can help with a list, as long as users of the list keep in mind that ticking items off a list is not proper risk identification! The list below show some primary generic risks in procurement projects and SHOULD NOT BE VIEWED as a comprehensive list for all projects. I list the risks in order of most likely AND worst impact, that means that the first item is the highest risk, second is a little lower risk etc.

Risk 1: Stakeholders are clueless about procurement and their own functional areas. (I am very serious!)
Risk 2: The Custodian of Procurement cannot establish credibility for the function.
Risk 3: The Goal of the Procurement Project is not clear and agreed (E.g. TCO vs price).
Risk 4: Properly structured Cross Functional Teams are not in place.
Risk 5: Measures for project success are vague.
Risk 6: Inability to compile SLA's (Both internal and with suppliers)
Risk 7: Procurement representatives lack "team charm".
Risk 8: Project management principles are not applied.
Risk 9: Pursuit of "quick wins".
Risk 10: Data paralysis (Procurement's obsession with old buying data)
Risk 11: Contracts without agreements.
Risk 12: Many FD's (See Risk 1 and think about an FD's sphere of influence).
Risk 13: The Existing (Suppliers, operational practices, habits, etc.).
Risk 14: Year end desperation ("We need to save $ XXXX by year end").
Risk 15: Killer" negotiators (They talk about blood on the walls).

I'll stop there for now to keep the thread compact.

In my experience stakeholders in procurement projects tend to focus on technical commodity risk (Much "cooler"). In reality, a project team will most likely overlook these technical risks or fail to contain them if they do not run a healthy project first.