The Victorian Government Risk Management Framework (VGRMF)(opens in a new window) applies to departments and public bodies covered by the Financial Management Act 1994 (the Act). It is mandated by the Standing Directions 2018 that fall under the Act (Directions), specifically Direction 3.7.1 – Risk Management Framework and Processes.
The VGRMF describes the minimum risk management requirements agencies must meet to demonstrate they are managing risk effectively, including shared risk. It also requires relevant organisation to make an annual attestation.
Find out if your agency is subject to the Standing Directions under the Act(opens in a new window).
We encourage other organisations associated with the public sector to adopt the framework so that risk is being managed consistently across the sector.
To help you meet the requirements, read our guide Attesting to VGRMF requirements.
The Risk Maturity Benchmark will also help you assess your maturity and improve your frameworks, processes and culture over time, and includes reporting against the VGRMF requirements.
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