Financial Viability Risk Assessment (FVRA) tool has changed again, ver

The financial viability risk assessment (FVRA) tool has been changed again by ASQA to make it more user friendly. The latest change was implemented on October 4, 2019. The changes have been made to make the FVRA tool more user-friendly and in cases where it is incomplete, provide additional guidance to identify items missing.

The following media release has been published by the Australian Skills Quality Authority:

In response to user feedback, ASQA has made a number of revisions to the Financial Viability Risk Assessment (FVRA) tool to make it more user friendly.

These changes will assist users in ensuring the tool is complete before they provide it to ASQA and, in cases where it is incomplete, provide additional guidance to identify items missing.

If you are required to complete and submit the FVRA tool to ASQA, you should ensure you are using the latest version and that you have provided all required attachments – these are detailed on the Provider Details tab of the FVRA tool.

ASQA may require you to demonstrate financial viability by submitting the FVRA tool at any time, or when you:

apply to become an RTO and/or a CRICOS provider
apply to change the scope of your RTO registration in the first 12 months of registration
change 50% or more of the ownership of your RTO within a 12 month period

You can read more information about this by clicking the following link;

https://www.asqa.gov.au/news-publications/news/changes-financial-viability-risk-assessment-fvra-tool

Sukh Sandhu

Executive Director

Sukh has been working in the VET and Higher Education Industry for over 25 years. In this time, he has held several roles with RTO's and Higher Education Providers (HEP) including CEO roles for International Colleges and National Compliance and Quality Assurance Manager roles for several RTO's, TAFE's and Universities. Sukh has also worked for the Australian Skills Quality Authority (ASQA) as a Business Systems Project Official. Sukh is a Canadian permanent resident and Australian citizen.

Sukh has had extensive project management experience in risk management, compliance, administration and as a training consultant. He has extensive knowledge in government compliance standards and has participated in nearly one hundred audits across Australia and provided consultancy advice regarding ASQA/VRQA, TEQSA, ACPET, DET-HESG, VQF/Higher Education, ELICOS, NEAS, ANMAC, AHPRA, CRICOS, ESOS and ISO.

Sukh is a member of several independent professional organisations and government bodies including, ACPET, VELG, ACS, AITD, MARA, MIA, ISANA, APEX, IEEE, The Internet Society (Global Member), AISIP, IAMOT, ACM, OISV, APACALL, IWA, Eta Kappa Nu, EDSIG and several others.

Sukh's qualifications include two MBAs, three masters in IT and systems, a Graduate diploma of management learning, Diploma in training design and development, Diploma in vocational education training, Diploma of work, health and safety, Diploma of Quality Auditing, Advanced diploma of management, Advanced diploma in marketing, human resources, information technology, and a number of other courses and qualifications. He has been working as a lecturer and as a trainer and assessor since 1998, Sukh has been a vocal advocate of audit reforms and system centred auditing practices rather than auditor centred auditing practices for many years.