The NSW Infrastructure Investor Assurance Framework (IIAF) is an independent4 risk-based assurance process for the State's capital projects. It identifies the level of confidence that can be provided to Cabinet that the State's capital projects are being effectively developed and delivered in accordance with the Government's objectives.
The key features of the framework are:
• A single point of accountability for independent assurance across all capital projects/programs vested in Infrastructure NSW, reporting to the Minister for Infrastructure;
• A focus on what matters by taking a tiered approach based on risk assessment;
• Ensuring collective accountability among delivery agency Secretaries / CEOs for best-for-Government outcomes through the IIAC, reporting through Infrastructure NSW to the Minister for Infrastructure and Cabinet;
• Escalating the levels of scrutiny and/or interventions applied to projects as and when emerging risks are reported/detected; and
• Improved reporting and data collection through the development of a single fit-for-purpose reporting tool.
Infrastructure investor assurance is applied through a range of tools including:
• A series of short, focused, independent peer Reviews at key project milestones. The peer Reviews are independent of delivery agencies and projects and include Gateway Reviews and periodic Health Checks5;
• Risk-based project reporting provided by delivery agencies; and
• Risk-based project monitoring conducted by Infrastructure NSW.
Infrastructure investor assurance is not an audit, approval or an endorsement process. Rather, it is a process to complement project development and delivery to aid prevention of project failure.
The IIAF does not take away from:
• Delivery agency project management or assurance requirements to meet internal governance arrangements; or
• The need to prepare business cases to support funding decisions in the event that a project does not require a Gateway Review under the IIAF.
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4 Independent refers to independent of a delivery agency and a project team.
5 Refer to detailed definition of Gateway Reviews and Health Checks in Section 3.3.1