Victorian Auditor-General's Office

Appendix B. Audit Act 1994 section 16—submissions and comments

Introduction

In accordance with section 16(3) of the Audit Act 1994 a copy of this report was provided to the Department of Treasury and Finance and the Victorian Managed Insurance Authority.

The submissions and comments provided are not subject to audit nor the evidentiary standards required to reach an audit conclusion. Responsibility for the accuracy, fairness and balance of those comments rests solely with the agency head.

Responses were received as follows:

4 Applying the Framework

At a glance

Background

This Part assesses whether our sample of six line agencies are acquitting their responsibilities under the Victorian Government Risk Management Framework (the Framework) and applying practices that mean they are effectively managing the risks they face.

Conclusion

Agencies are largely, but not fully, compliant with the Framework's requirements. However, VAGO is not assured that agencies' practices have matured to the point that they are effectively managing risks.

1 Background

1.1 Introduction

The scale, complexity and likely impacts of the demographic, health, security and climate challenges facing Victoria requires a mature, well-coordinated approach to public sector risk management.

Falling short of achieving this threatens the government's goals for growing the economy in a way that protects and enhances the environment while improving the quality of life of all Victorians. The Victorian Government Risk Management Framework (the Framework) recognises the importance of good risk management:

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