The Department of Treasury and Finance released the updated Victorian Government Risk Management Framework (VGRMF) in August 2020.

Attestation for the current financial year 2020-2021

The existing VGRMF is effective until 30 June 2021.

Agencies must continue to attest to the existing VGRMF for the current financial year (2020-2021). Our current resources and guidance materials are in place and can still be accessed via our current VGRMF page.

A revised VGRMF– effective from 1 July 2021

The VGRMF has been updated to reflect better practice, and include requirements for agencies to indicate their risk appetite and drive improvements in risk culture and insurable risk management. The revised VGRMF requires entities to apply the updated risk management standard AS ISO 31000:2018.

The revised VGRMF comes into effect on 1 July 2021. From that date, all agencies must attest to the revised VGRMF.

To help you understand how the update impacts you, we’ve summarised the details in our key changes to the revised VGRMF guide [PDF, 1.28MB]. Registrations are now open for a live Q&A webinar to guide you through the changes.

For more information and to view the revised framework, visit the Department of Treasury and Finance website.

VGRMF design lab – get involved

In the coming weeks, we’ll be hosting a VGRMF design lab so we can collaborate with you as we develop more tools and resources to support your transition to the revised VGRMF. We want to make sure the guidance material is useful for you – so we really value your input.

Consultation starts early October and we’ll be launching opportunities for you to collaborate with us over the next few months on design lab. Look out for updates on design lab and follow us on LinkedIn and Twitter.

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ISO 31000: 2018 Key differences brochure

Developed by the International Organization for Standardization, ISO 31000 provides guidance and a standard for risk management strategies.

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Key changes in the VGRMF Guide

A summary of the key changes to the revised VGRMF that you’ll need to be across.

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Risk culture

Our three-phase risk culture learning pathway is designed to help you get the most out of your personal risk culture journey.

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Control effectiveness

Take steps to reduce the likelihood and impacts of risk.