Foreword
The purpose of the Investment Panel is to support the Investment Board
The purpose of the Investment Panel is to provide a purposeful support mechanism that will provide support for both the Investment Board and the WMCA Board in order to:
- drive the level of expertise and HMTs 5 case element criteria considerations within business cases and approval considerations.
- strengthen delivery of the Single Assurance Framework principles and project lifecycle.
- better support Elected Members in their Project and Programme approval roles for the Investment Programme and for Non-Investment Programme.
The central purpose of the Investment Panel will be to review investment proposals going to the Investment Board in order to provide advice and guidance to Investment Board members.
The Investment Panel will review all proposals going to the Investment Board in order to undertake the following key functions to support Investment Board considerations of those proposals:
- Review a proposal from a basis of HMTs five case model-WMCA membership of the Panel has been appointed in order to represent each element of the five case model, therefore WMCA members of the Panel will review each proposal from that perspective of that case in order to ensure that it has been developed to an appropriate standard.
- Highlight key lines of enquiry-The Investment Panel will identify the key issues, key questions and key areas of concern within a proposal in order to determine what the key lines of enquiry should be for the Investment Board when considering a proposal. Investment Panel members will be expected to not only push the key lines of enquiry relevant to their case element that they represent but also those relevant to producing a quality business case and in ensuring that agreed priorities of the WMCA such as inclusive Growth have been adequately addressed.
- Provide observations and recommendations to the Investment Board-The Investment Panel will draw conclusions on the level of risk that it believes applies to approving a proposal and make observations and recommendations on that level of risk and how it can be improved. The Investment Panel terms of reference detail the functions of the Panel in more detail, the core role of all Investment Panel members is to deliver the key functions detailed within its terms of reference and to support the Investment Board in the delivery of its role and function.