Risk management and insurance attestation
Relevant public sector agencies are required to provide an attestation in annual reports, as part of regular reports of operations.
This attestation declares that your organisation complies with the mandatory requirements set out in the Victorian Government Risk Management Framework, as specified by the Standing Direction 4.5.5 issued by the Minister for Finance.
The Department of Treasury and Finance has announced the release of the updated Victorian Government Risk Management Framework
The Framework was updated in 2015. It incorporates existing mandatory requirements relating to risk and insurance management practices and policies and streamlines the annual attestation requirements.
Mandatory requirements for attestation under Ministerial Standing direction 4.5.5
For the risk management and insurance requirements the agency must:
- conduct an annual review of its compliance with both requirements
- attest in the agency’s annual report that it has complied with Ministerial Standing Direction 4.5.5 or, if it is partially in compliance, identify areas of non-compliance and remedial actions taken in the attestation and
- ensure the Audit Committee reviews and monitors compliance with Ministerial Standing Direction 4.5.5, and makes a recommendation to the Responsible Body on the level of compliance attained.
VMIA has developed a Practice Guide and insurance attestation resources to assist public sector departments and agencies meet the mandatory requirements.