High Value High Risk 2016–17: Delivering HVHR Projects

Tabled: 26 October 2016

Victoria's total estimated investment in new and existing capital projects in the 2016–17 Budget Papers is $57.7 billion. In June 2016 the total estimated investment of high value high risk (HVHR) projects was around $40 billion.

This is the third in a series of audits on the HVHR process. In June 2014, we tabled our first audit report in this series, Impact of Increased Scrutiny of High Value High Risk Projects. In August 2015, we tabled our second report, Applying the High Value High Risk Process to Unsolicited Proposals.

In this audit, we examined whether the HVHR process has been effectively updated and applied to provide sufficient and reliable assurance about the deliverability of HVHR projects. To do this, we examined whether agencies had implemented recommendations from our 2014 and 2015 HVHR audits. Using a sample of five HVHR projects in the delivery stage, we also tested whether the Department of Treasury & Finance's oversight of HVHR projects had improved the implementation of HVHR projects by better identifying and addressing risks that threaten project deliverability.

The report includes three recommendations for the Department of Treasury & Finance.

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Last updated on 26/10/2016