Co-funding
The VMIA is committed to reducing the likelihood and severity of risks across the State. The VMIA has a responsibility, under the VMIA Act, to assist departments and participating bodies establish programs for the identification, quantification and management of risks.
The VMIA considers co-funding proposals relating to all aspects of risk management, that relate to risk underwritten by the VMIA (refer to terms and conditions below). Co-funding is focused on risk management and specific risks only and excludes the funding of routine business operations.
Projects considered, must have a deliverable result with outcomes also transferable to other clients with similar risk management needs. Transferability is highly desirable, but not always mandatory, depending on the type and scope of the project.
Co-Funding Principles
Co-Funding proposals need to consider the following principles that guide VMIA’s evaluation process.
| Scope: | Relate to current deficiencies and opportunities for improvement in all aspects of risk management that concerns the risk underwritten by the VMIA. |
| Partnership: | Demonstrate a reciprocal commitment to the initiative through in-kind or matched funding arrangements and a willingness to enter into a funding agreement with the VMIA. |
| Complementary: | Complement or enhance existing risk management activities and/or approaches, with no duplication of other activities or funding responsibilities. |
| Implementation: | Advance processes to implement and support risk management improvements post funding, based on identified research outcomes. |
| Knowledge & Skills: | Strengthen skills and understanding in risk management and promote uptake of best risk management practices. |
| Transferability: | Indicate or demonstrate that the project outcome has universality and the potential to be transferable to other VMIA clients with similar risk management needs. (This is highly desirable but may not be applicable to all projects). |
| Collaboration: | Identify and obtain commitment from collaborative partners who have the potential to transfer the research outcomes to address their risk management needs. |
| Research Standards: | Uphold industry standards, where directly applicable, for clinical and health research and abide by the NHMRC National Statement for Ethical Conduct in Research Involving Humans. |
Funding Categories
VMIA will consider risk management proposals in four categories:
| Systems: | Initiatives that will enhance and improve risk management systems and processes of VMIA clients. This includes risk management frameworks and policies, documentation, information technology and the use of resources. |
| Capability: | Enhancing organisational knowledge with a focus on education, training and the skilling of staff in risk management. |
| Research: | Improving the body of knowledge to better inform risk management strategies, framework, policies and systems. The research should be practical and directed toward the capability of change. |
| Practice: | Translation of research into practice leading to measurable improvement in risk management activities and outcomes. Practice has a focus on implementation. |
Submitting a Co-Funding Proposal
The VMIA has a Co-funding Committee that meets on a monthly basis to evaluate all co-funding proposals received.
The Co-funding Committee meets on the first Tuesday of every month between February and November. Submissions for co-funding must be received by the VMIA Project Management Office, by close of business on the last Tuesday of the month for consideration at the next month’s meeting.
The Co-Funding submission must be lodged in the required format to the addresses below:
| Mailing Address: | Project Management Coordinator Co-Funding Submissions VMIA, Level 30, 35 Collins Street Melbourne 3000 | E-Mail Address: | PMO@vmia.vic.gov.au |
The submission process is managed through, and in consultation with, your VMIA Client Relationship Manager and they are available to provide you with any assistance you require.
Please contact the VMIA Project Management Coordinator, if you would like to discuss the submission process in further detail on 03 9270 6865.
Funding Terms and Conditions
VMIA clients who have been successful in obtaining a co-funding for their risk management project must enter into a formal funding agreement with the VMIA.
The agreement outlines the terms and conditions for distribution of funds to the organisation. It stipulates the reporting timeframes and preconditions of continued funding. Funds cannot be transferred to the organisation until the funding agreement has been fully executed.
The key obligations are:
- Timely commencement of the project.
- Appropriate financial and project management, including the provision of regular status reports.
- Compliance with the production of a final report and evaluation of the project against its aims and objectives.
- It is a requirement that any intellectual property developed as part of this project will be available for the use and dissemination by VMIA.
Please note, the VMIA will provide funding quarterly in arrears upon the achievement of project milestones and receipt of progress reports, unless otherwise agreed.
