The best practice approach is to allocate contingency provisions across governance levels based on who is best placed to control and manage the corresponding risk. This requires agreement on the allocation of risks and transparency on how each risk will be managed.
Submissions should identify the approval process for release of contingency. Approval for release of contingency should be in line with the delegation of authority.
The approving authority is responsible for ensuring the appropriate release of contingency funds, as well as ensuring any new or residual risks resulting from realised risks are identified and appropriately captured.