3 Oversight of risk management
At a glance
Background
One of the primary tasks of an audit committee is to provide independent oversight of and advice on the agency's risk management framework.
One of the primary tasks of an audit committee is to provide independent oversight of and advice on the agency's risk management framework.
To maximise the effectiveness of the audit committee, it must have appropriate membership, access to information and operational support, and be subject to regular performance reviews.
Good governance is integral to the Victorian public sector effectively managing its operations, conforming to applicable legislative and policy requirements, and being accountable for the expenditure of public funds and the achievement of outcomes. Good governance also assists in meeting public expectations of transparency and integrity and enhances confidence in decisions and actions.
Dr Peter Frost Acting Auditor-General |
Audit team Andrew Evans—Engagement Leader Verena Juebner—Team Leader Stefania Colla—Team member Engagement Quality Control Reviewer Matthew Zappulla |
Ordered to be published
VICTORIAN GOVERNMENT PRINTER August 2016
PP No 183, Session 2014–16
Dear Presiding Officers
In accordance with section 16(3) of the Audit Act 1994, a copy of this report, or part of this report, was provided to the Department of Treasury & Finance, the Department of Premier & Cabinet, the Department of Environment, Land, Water & Planning, the Department of Economic Development, Jobs, Transport & Resources, the Red Tape Commissioner, the Commissioner for Better Regulation, WorkSafe, VicRoads, Consumer Affairs Victoria (part of the Department of Justice & Regulation) and the Environment Protection Authority Victoria (under the
To date, red tape reduction programs have focused the attention of government agencies on the need to make sure regulation does not inappropriately or disproportionately place an undue burden on business, the not‑for‑profit sector, government sector agencies or the community. Government needs to consider how best to ensure that these programs continue to drive the desired outcomes and deliver on their full potential.
Red tape reduction programs have existed in Victoria for over a decade and have progressively expanded the group of beneficiaries. Each program has had a set target, represented in either percentage or monetary terms, and these targets have been determined to have been met or exceeded. Burden reduction has been measured through monetary savings to program beneficiaries and recorded as an overall program saving by government rather than measured by individual portfolios.