Risk updates are succinct publications which address topical and timely risk issues. Written by VMIA for specific client issues or needs, they are designed to provide a quick risk response to issues frequently faced by our clients.
Victorian Government Risk Management Framework
The Department of Treasury and Finance (DTF) has issued an update to the 2007 Victorian Government Risk Management Framework (VGRMF).
The Framework, originally issued in 2007, is now updated to reflect the current risk management standard AS/NZS ISO 31000:2009. The updated Framework does not represent a change in government policy, but rather reflects continuous improvement in public sector governance.
VMIA recommends that agencies review these new standards to ensure their risk management systems and practices remain current.
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What’s new?
The update incorporates information obtained during consultation with a broad range of stakeholders with accountability for risk management across the Victorian public sector.
It includes information on:
- Risk management culture and capability
- Managing insurable risks
- Improved information relating to interagency and statewide risks.
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How does this impact your agency?
Find out more about the impact of the new risk management standard.
While application of the Framework is required by departments and those agencies that report in the annual Financial Report for the State of Victoria (AFR), all agencies should adopt the framework as part of good governance and corporate planning processes.
To receive a copy of the updated VGRMF, please contact DTF on 03 9651 0909 or email information@dtf.vic.gov.au
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Managing risk in not-for-profit organisations
Standards Australia has released a new risk management handbook: HB 266:2010 – Guide for managing risk in not-for-profit organisations.
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More information
For more information about our risk management consultancy, email risk.info@vmia.vic.gov.au to contact our Risk Management Team.