The Department of Treasury and Finance (DTF) High Value High Risk (HVHR) Framework comprises a series of project assurance checks and processes to increase the likelihood that large and complex construction projects achieve their stated benefits and are successfully delivered on time and to budget.
HVHR projects are subject to more rigorous scrutiny and ongoing involvement in approvals processes by the Treasurer and DTF.
If the project is deemed HVHR it will be subject to compulsory gateway reviews and active monitoring across the project definition, procurement and delivery phases.
In line with DTF’s HVHR project assurance framework projects are now required to undergo a project assurance review. This process allows an independent review team to provide advice to government, the TAFE, the OTCD and DTF with respect to project objectives, progress, governance and readiness. These reviews typically occur prior to key milestones or decision points and as such, complement the gateway review process.
If the project is deemed HVHR and you are seeking funding and approvals from government to proceed, you will be required to prepare a full business case. Furthermore, you are required to advise DTF on critical risks identified during a gateway review and mitigation strategies to overcome them. Quarterly progress updates must also be provided through the major project performance report as noted in DTF’s HVHR project assurance framework.
DTF’s library of online materials may provide useful guidance to implement throughout the project, regardless of its classification.