EcoCorp, a multinational corporation committed to sustainable procurement, is facing increasing pressure to ensure its supply chain aligns with ISO 20400:2017 standards. Recent internal audits have revealed inconsistencies in risk assessment practices across different business units, particularly concerning environmental and social risks in developing countries where key suppliers are located. The Chief Sustainability Officer (CSO) has tasked a newly formed cross-functional team with developing a standardized risk assessment framework that can be consistently applied across the entire organization.\n\nThe team is debating the most effective approach to implement ISO 31010 principles within EcoCorp\'s sustainable procurement risk assessment process. Some members advocate for a primarily quantitative approach, focusing on measurable metrics and statistical analysis. Others argue for a more qualitative approach, emphasizing stakeholder engagement and expert judgment. A third group suggests adapting existing enterprise risk management (ERM) frameworks without significant modification.\n\nConsidering the nuances of sustainable procurement and the need to address diverse risks (environmental, social, economic), what should be the team\'s recommended course of action to ensure robust and effective risk assessment aligned with ISO 20400 and ISO 31010?