What is IV&V?
IV&V is fast becoming standard practice where there is a business requirement to provide comfort to Boards that products, functions, services, departments and terms of reference are fulfilling requirements and specifications for their intended purposes.
This practice involves meeting the criteria, validated and verified by an Independent Party using unbiased consultants who have no conflict of interest and are able provide an objective, professional opinion based on experience and knowledge.
IV&V has been primarily driven by Governance Risk & Compliance initiatives (GRC), various governance codes and senior management requiring governance implementation in areas that are susceptible to failure and put the organisation at risk. The areas include Safety and other Operational and Workplace Legal Compliance where the risk is criminal leading to prosecution and/or civil leading to claims. IV&V Solutions can go further than just validating and verifying compliance but also can consider criteria to create additional business value, for example identifying missed opportunities for:
- Improving and accelerating performance
- Reducing expenditure and cost efficiencies
- Different approaches to mitigate risk efficiently
- Delivering better control, coordination, communication, cooperation and competence
- More value to stakeholders
- More agility or lean organisation
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