High value high risk framework

How the Victorian Government assesses if a project will achieve its stated goals on time and on budget.


The High Value, High Risk (HVHR) program uses a series of steps to address the likelihood that a project will achieve its stated goals and deliver on time and to budget.

The HVHR is designed to:

  • check that thorough planning is done to support the procurement process
  • provide impartial and informed advice to government on risks to delivery

A project is classified as HVHR if it is:

  • budget-funded
  • considered high risk using DTF’s risk assessment tool, the Project Profile Model (PPM)
  • considered medium risk using the PPM and has a Total Estimated Investment (TEI)  of between $100 million and $250 million
  • considered low risk using the PPM but has a TEI over $250 million
  • identified by government as needing the rigour of HVHR investments

Read more about the PPM on Book a Gateway Review [link]

The Project Assurance Plan

HVHR investments use a more in-depth review process by the Treasurer and DTF. Each HVHR project has its own Project Assurance Plan.

DTF will assess a project’s risks at each stage to determine if anything needs addressing. The level of DTF involvement will vary for each project.

includes information on when DTF is taking part in high-level planning.

Extra reviews and ongoing involvement by the Treasurer and DTF involves:

Business case approval - confirmation that the business case delivers on time and budget as part of the budget process

Project tendering - the Treasurer approves:

  • procurement documentation before release
  • preferred bid contracts, before signing
  • any major changes

Project implementation - closer oversight by DTF of:

  • time, scope and budget reporting and analysis
  • any agreed interventions or remedial actions

Gateway Reviews

HVHR projects have mandatory Gateway reviews and monitoring throughout the life of the project. Gateway reviews (Gates 1 through 6) are compulsory for all HVHR projects.

DTF provides all recommendations in a Gateway report with a 'red rating' to the Treasury. A recommendation action plan template  (RAP)is to be completed by the HV/HR project Senior Responsible Owner (SRO) at the conclusion of a Gateway review.

As part of the changes to the HVHR, organisations must release Gate 6 benefit reports to the DTF.

HVHR Project Assurance Framework fact sheet

Project Assurance Reviews

Project Assurance Reviews (PAR) aim to provide independent advice to organisations and the DTF on the progress of a project.

They also give the government an opportunity to raise any concerns about the project and how to improve its delivery.

DTF is  responsible for developing the terms for the PAR in partnership with the project teams, based on specific project issues.

The PARs provide advice on if:

  • project teams can deliver the project
  • governance teams can achieve the investment outcomes
  • the agency is aware of the complexity of service delivery changes
  • major project risks, issues, stakeholders, contracts and urgent actions are being addressed
  • the project budget and schedule and contingency, is adequate and managed well
  • the project is on track to deliver its forecast benefits  based on any changes in service needs, time or budget

Where needed, the PAR may consider and review how effective the agency’s processes are.

Reviewed 29 August 2019

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