B The modernisation programme was the responsibility of the Mayor of London, TfL and London Underground. DfT was not a party to the PPP contracts, and therefore had no direct visibility of performance. DfT thus relied to a great degree on due diligence and monitoring work carried out by Metronet's shareholders and lenders to protect their respective investments, and on London Underground as the contract manager to ensure performance and delivery.
To understand and manage the risks to which it is exposed, DfT should:
i collect and analyse a range of financial and performance data held by parties to the contract or available independently;
ii request regular risk reports from London Underground and TfL as the contracted clients; and
iii review the devolved body's understanding of the key risks to the project to allow DfT to identify and investigate any issues relevant to the management of its own risk.