VALUE ENGINEERING AND RISK ASSESSMENT.

SEC. 5207. [22 U.S.C. 292 note] VALUE ENGINEERING AND RISK ASSESSMENT. (a) Findings.—Congress makes the following findings: (1) Federal departments and agencies are required to use value engineering (VE) as a management tool, where appropriate, to reduce program and acquisition costs pursuant to OMB Circular A-131, Value Engineering, dated December 31, 2013. (2) OBO has a Policy Directive and Standard Operation Procedure, dated May 24, 2017, on conducting risk management studies on all international construction projects. (b) Notification Requirements.— (1) Submission to authorizing committees.—Any notification that includes the allocation of capital construction and maintenance funds shall be submitted to the appropriate congressional committees. (2) Requirement to confirm completion of value engineering and risk assessment studies.—The notifications required under paragraph (1) shall include confirmation that the Department has completed the requisite VE and risk management process described in subsection (a), or applicable successor process. (c) Reporting and Briefing Requirements.—The Secretary shall provide to the appropriate congressional committees upon request— (1) a description of each risk management study referred to in subsection (a)(2) and a table detailing which recommendations related to each such study were accepted and which were rejected; and (2) a report or briefing detailing the rationale for not implementing any such recommendations that may otherwise yield significant cost savings to the Department if implemented.