The magnitude of the state’s ambitious infrastructure program means that a focus on ensuring that major projects are delivered in a timely and cost-efficient way is critical. To ensure there is better oversight of the state's infrastructure program, the NSW Government has strengthened its assurance processes within Infrastructure NSW through the implementation of the Infrastructure Investor Assurance Framework.
The Infrastructure Investor Assurance Framework implements a tiered, risk-based approach to investor assurance for projects with a capital value of $10 million and above. It applies to all capital projects being developed or delivered by General Government agencies and Government Businesses. The Framework consists of three pillars to check that projects are on-track which include: project monitoring, regular project reporting, and expert and independent Gateway Reviews and Health Checks.
The implementation of the Framework has created a single point of responsibility for the independent assessment of capital projects across government. The risk-based, tiered approach to evaluating projects ensures that the focus is on the most important and complex projects. The process is confidential to each project, and advice is provided to the investor, through reports to Cabinet. This approach enables “red flags” to be raised and interventions ordered in time to ensure projects are delivered on-time, on-budget, and in accordance with the Government’s objectives.
The Infrastructure Investor Assurance Framework is the applicable Gateway Coordination Framework under NSW Gateway Policy (administered by NSW Treasury), and corresponding circular (TC17-03). A circular (TC16-09) was issued by NSW Treasury on 25 July 2016 confirming it as the applicable NSW Government policy for capital project assurance. The framework can be accessed here.
For more information on project assurance managed by Infrastructure NSW, please contact email@example.com