Risk management framework and processes
Ministerial Standing Direction 3.7.1, updated in June 2016, issued by the Minister for Finance, requires that the Responsible Body must ensure public sector agency complies with the mandatory requirements set out in the Victorian Government Risk Management Framework (VGRMF).
a) The Responsible Body must include a statement of attestation in the public sector agency's annual report that the agency has complied with the mandatory requirements of the Victorian Government Risk Management Framework (VGRMF).
b) The public sector agencies with an Audit Committee, this statement must be verified by the Audit Committee.
VMIA has a supporting role to play in assisting clients with advice on risk management standards and leading practice. This includes developing tools and resources to help you implement the VGRMF.