VFMC > Governance > Accountability

Our Accountabilities

VFMC people subscribe to a high level of accountability in their daily conduct, behaviours and investment approach. We are accountable to each other, our clients and the people of Victoria. Specifically, we adhere to a strict prudential standard, codes of conduct, risk framework and various internal policies and processes.

Prudential Standard

As part of its management and operational oversight, VFMC is subject to independent and external prudential supervision.

Our annual financial statements are audited by the Victorian Auditor General’s Office.

The Victorian Government (the Government) has significant financial assets and liabilities that need to be managed in a professional and efficient manner. Prudential supervision encourages and promotes prudent behaviour by managers with the objective of ensuring the long-term solvency or viability of an institution and, in turn, protecting the interests of all stakeholders. The Government has established an overarching framework of legislation, policy and guidelines for the management of public sector agencies. This framework applies to a wide variety of agencies, both large and small, and is quite broad in nature.

The purpose of the Prudential Standard: VFMC and the Centralised Investment Model (the CIM Standard or this Standard) is to complement and build upon this general framework by establishing specific requirements relating to the management of investments under the Government’s Centralised Investment Model. As such, this Standard, which documents the roles, responsibilities and obligations of the parties to the Government’s Centralised Investment Model, should be implemented in conjunction with the broader Government framework.

Codes of Conduct

Our people adhere to VFMC’s Code of  Conduct and the Code of Conduct for Victorian Public Sector Employees of Bodies.

Broadly, these codes cover:

  • Ensuring financial probity
  • Avoiding conflicts of interest
  • Acting with impartiality and accountability
  • Providing services to the community
  • Contributing to continuous improvement
  • Honesty in the workplace
  • Using delegated authority responsibly
  • Reporting unethical and criminal behaviour
  • Protecting VFMC’s reputation
  • Demonstrating respect
  • Protecting human rights

These codes of conduct also describe behaviours that exemplify the values in the Public Administration Act 2004.

Risk Management Framework

We have in place a robust Risk Management Framework to proactively identify, report and manage risks.

In addition, the Prudential Standard clearly sets out our approach to:

  • Dispute resolution
  • Best practice risk management
  • Periodic reporting on risk management

VFMC’s risk management approach is overseen by the Audit, Risk & Compliance Board Committee.