The Framework describes the minimum risk management requirements agencies are required to meet to demonstrate that they are managing risk effectively, including inter‑agency and state significant risk. It outlines the role and responsibilities of an agency’s responsible body. The Framework adopts the Australian and New Zealand Standard AS/NZS ISO 31000:2009 Risk Management – Principles and Guidelines, which provides a generic, internationally accepted basis for best practice risk management.
The Framework is mandated by the Standing Direction of the Minister for Finance (Ministerial Standing Direction) 3.7.1 – Risk Management Framework and Processes and provides high level information for agencies and the responsible body. Detailed guidance, information and risk management support is available from the Victorian Managed Insurance Authority.
The Framework was updated in 2015. It incorporates existing mandatory requirements relating to risk and insurance management practices and policies and streamlines the annual attestation requirements.
There has been no change to the contents of the Framework since it was published in March 2015, except for the need to update the reference number of the Standing Direction and remove the now redundant transition arrangements for annual attestation for 2014-15 year.