Managing state-significant risks

We plan to determine whether agencies are working collaboratively to identify and manage state-significant risks.

Why this is important

Victorian Government agencies must be prepared to manage state-significant risks that can derail the achievement of government priorities and agencies strategic priorities. State-significant risks are risks that have the potential to materially impact the community, government and private sector.

They can: 

• be sudden and have chaotic consequences, like a cyber attack
• unfold over decades and have long-term consequences, like climate change.

The Victorian Government Risk Management Framework: August 2020 requires the management of state-significant risks to be shared across agencies because the efforts of multiple agencies are required to manage the risk effectively.

DTF chairs the Risk Interdepartmental Committee and reports to the Assistant Treasurer. DTF is able, through consultation and reporting, to consider state-significant risks on an ongoing basis and seek advice as to how agencies manage these risks. 

If agencies do not accurately record and properly escalate these risks, it places them and potentially the public sector in a position where the availability and quality of services may be impacted.

What we plan to examine

This is a reasonable assurance performance audit. 

We will assess if departments are identifying, managing and mitigating the impact of state-significant risks.

Who we plan to examine

DE, DEECA, DFFH, DGS, DH, DJCS, DJSIR, DPC, DTF, DTP and Victorian Managed Insurance Authority

Timeframe

2023‒24

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