Risk Management Attestation
The Department of Treasury and Finance released the Victorian Government Risk Management Framework (VGRMF) in July 2007. The Framework brings together information on governance policies, accountabilities and roles and responsibilities for all government agencies and departments involved in risk management across the State. A key component of the VGRMF is that all government agencies must formally attest that risk management procedures are in place that encapsulate the following characteristics:-
- Risk Management processes consistent with the Australian Standard are in place;
- An internal control system is in place that enables the executive to understand and satisfactorily control risk exposures;
- The risk profile of the organisation has been critically reviewed in the last twelve months;
- A responsible body or audit committee verifies that review;
In response CFA has undertaken an extensive review of its Corporate Risk Management processes which has determined that whilst appropriate Corporate Risk management systems are in place these require further enhancement and development. An extensive project plan has been developed to ensure that the path to achieving full attestation can be effectively achieved.
Download the signed Risk Management Attestation - pdf 104k