The Department of Treasury and Finance released an updated Victorian Government Risk Management Framework in June 2016.

The framework:

  • Applies to departments and public bodies covered by the Financial Management Act 1994. All other agencies are encouraged to adopt the framework as best practice.
  • Reflects the Australian and New Zealand Standard and better practice approaches to risk management.
  • Describes the mandatory requirements for risk management and insurance.
  • Requires agencies to demonstrate they are managing risk effectively; including having arrangements in place to address inter-agency and state significant risk. 

Our support

Our work is to help public sector agencies be prepared for risk and to do so effectively and efficiently. We can provide you with risk advice, thought leadership and a coordination point for risk prevention, recovery and assurance. Our work is about:

  • Education: building the skills and capabilities of your team to better respond to risks
  • Advice: providing expert advice and consulting services to assist you in tackling your issues, guiding action and decision making.
  • Insight: helping you turn information into knowledge, to know what’s important and guide your action.
  • Learn: reflecting on what’s gone wrong to make changes for the future.

We developed a Practice Guide to help agencies meet their obligations and accountabilities.


As an extension of the VGRMF Practice Guide [PDF, 1.2MB] we have developed a series of Practice Notes and templates to provide additional practical support, advice and guidance on key VGRMF topic areas.

Page last updated: 21 March 2019