NR/L2/P3M/225 ISSUE 2
Project Acceleration in a Controlled Environment (PACE) - Manage Assurance
Organization: | NR |
Publication Date: | 3 December 2022 |
Status: | active |
Page Count: | 19 |
scope:
This standard describes how assurance is managed on Network Rail's Capital Investment and Delivery projects, programmes and portfolios.
This standard is part of the Capital Delivery Core Process and relates to NR/L2/P3M/201.
It applies to projects that require Investment Authority as defined within IR01 Investment Regulations and enhance or renew the operational railway.
This standard describes types of assurance and accountability for delivery by the Rail Investment Centre of Excellence (RICoE), Regions and Capital Investment and Delivery (CI&D) organisations.
Throughout this document 'project' is used interchangeably with 'programmes' and 'portfolios', unless otherwise stated.
NOTE: CI&D PACE assurance forms part of a wider range of assurance activities undertaken by Network Rail. The wider context is described in clause 5 and illustrated in figure 2.
Purpose
The Capital Investment and Delivery Policy and Project Acceleration in a Controlled Environment (PACE) describe how Network Rail manages and controls investment projects in the Capital Investment and Delivery portfolio on the rail network.
Network Rail has developed this approach to managing projects in order to minimise and mitigate the risks associated with project development and delivery.
PACE provides a more flexible control framework enabling sponsors, project managers and Designated Project Engineers (DPEs) to tailor the controls therein to better meet the requirements of their project. The PACE framework is shown in figure 1.
This standard defines the assurance activities that support the PACE framework. It specifies minimum requirements for the analysis and review assurance outputs to deliver continuous improvement, identify emerging risks and report outcomes. It improves risk controls and assurance activities to identify where corrective action needs to be taken, whilst supporting lessons learned.
The approach is based on best practice within comparable industries that undertake major investment projects.
This standard and its supporting module describe the assurance activities undertaken in relation to the Capital Investment and Delivery portfolio. These assurance activities provide Network Rail with oversight and confidence in the progress of its portfolio (renewals and enhancements). These activities create a common set of working practices to assure Network Rail's portfolio, projects and programmes.