Today marks an important step in strengthening how investments are assessed and supported across New Zealand.

A new assurance process for high-risk public sector investments has now come into effect. Investment Decision Assurance (IDA) brings together the strengths of Gateway reviews and the Infrastructure Priorities Programme into a single, investor-focused approach for central government funded investments.

Geoff Cooper, Chief Executive of Te Waihanga, the New Zealand Infrastructure Commission, says that this new process is designed to provide more consistent, independent advice on the priority, value for money and deliverability of investments as they move through business case development.

“These changes to the system mean there’s more support for Senior Responsible Owners and project teams by identifying any risks and issues much earlier. Plus, it also gives ministers and other decision-makers clearer information to support investment decisions,” says Cooper.

Under the new system, the New Zealand Infrastructure Commission, Te Waihanga, is responsible for coordinating Investment Decision Assurance reviews for infrastructure investments. The Treasury is continuing to lead the broader Investment Management System and coordinate Investment Decision Assurance reviews for non-infrastructure investments.

“We will continue to work closely together with the Treasury to make sure these parts of the system remain aligned and that ministers and agencies receive coordinated, joined-up advice.”

The introduction of Investment Decision Assurance follows significant work across both organisations, informed by experience from Gateway and the Infrastructure Priorities Programme, engagement with agencies and Senior Responsible Owners, and lessons from assurance systems overseas.

“I’d like to thank everyone who has contributed to this new approach and helped prepare for its implementation.”

Te Waihanga will continue to work with infrastructure agencies, listening to feedback and refining the approach as it becomes embedded across the investment management system.