What Investors Now Expect
Before committing capital, Boards and investors expect clear evidence that:
Capital Investment System (CIS)
A governance framework for capital investment decision-making.
Industry Proven
Refined over 35+ years and applied across hundreds of capital projects globally.
Capital decisions are governed by defined Minimum Standards.
Risks and assumptions are visible and tested.
Decisions are disciplined, repeatable, and auditable.
The Role of the Capital Investment System (CIS)
The Capital Investment System (CIS) provides the governance framework that enables organisations to meet these expectations and demonstrate disciplined capital decision-making.
The CIS consists of:
- Policies
- Minimum Standards
- Defined decision gates
- Process guidance and toolkits
Together, these elements establish a consistent, defensible basis for capital investment decisions before capital is committed.
The CIS Sample Map
Capital projects progress through a series of key decisions.
These decisions determine scope, cost, risk exposure, schedule, and ultimately whether capital is committed.
In many organisations, this work is undertaken with lean teams, constrained budgets, and limited prior experience.
Without clear standards, decisions vary from project to project, assumptions go untested, and readiness is assessed subjectively.
When problems emerge during execution, the opportunity to correct the underlying decisions has passed.
This is why the quality of decisions made before approval matters more than any control applied later.
Case Study
Building a Capital Investment System for Global Copper Producer
How Enthalpy partnered with a global copper producer to implement a governance framework across their capital portfolio, improving transparency, decision quality, and investment confidence.
READ THE CASE STUDYMaximise Returns. Minimise Risk. Accelerate Investment Success.
Why Choose the CIS?
Who the CIS is for:
FAQs
The CIS addresses inconsistent, subjective, and poorly governed capital investment decisions by providing a disciplined, evidence-based system for approving and progressing capital investments.
The CIS is used by Boards and Executives to govern and approve capital, and by Study Managers and Project Managers to prepare investment decisions to a consistent, evidence-based standard.
The CIS applies across the full project lifecycle, including scoping, prefeasibility, feasibility, project commitment, execution, operations, and closure.
Yes. The CIS includes pathways for major capital projects as well as minor and sustaining projects, allowing governance to be applied proportionately regardless of scale.
Yes. The CIS is used across industries and geographies and is accepted by financiers and the market as an industry-aligned approach to capital investment governance.
Yes. The CIS is scalable and can be applied proportionately. It supports organisations that are building governance capability as well as those managing large, complex portfolios.
Certainly! By providing a clear structure and defined expectations, the CIS reduces rework and uncertainty, helping teams progress studies and decisions more efficiently.
No. The CIS is not software. It is a governance framework that is software-agnostic and works alongside existing systems to govern decisions,.
Yes. The CIS is a targeted investment in governance that helps avoid costly rework, delays, and poor capital decisions. It is priced and tailored to suit the scale and complexity of each organisation.
The CIS is ready for immediate use. Most organisations begin applying it quickly, achieving a low time-to-value without heavy implementation effort.
By making decision criteria, assumptions, and risks transparent, the CIS supports auditable and defensible capital decisions, increasing confidence for Boards, investors, and stakeholders.
Yes. Enthalpy has a global presence, supported by a network of over 200 experienced associates across Australia, the UK, Chile, Canada, and other regions.
Capital Investment System
Origin Story
Neil Cusworth began developing investment processes, standards, and procedures in the late 1970s, at a time when very few companies had formalised this capability as part of corporate governance.
In the late 1990s, BHP experienced a series of investment failures that cost shareholders approximately US$11 billion. In response, they searched globally for a structured solution. None existed. There was no prepackaged system, and very little documented guidance available in industry literature.
Enthalpy approached BHP with a developed framework for capital investment governance. BHP engaged Enthalpy to licence a customised Capital Investment System (CIS), acquire a suite of Project Proformas, and develop an Independent Peer Review manual. Under significant time pressure, the system was tailored, fully documented, and implemented alongside a global IT platform. Over 120 senior BHP personnel were trained and coached as part of the rollout.
The programme was completed two days ahead of the deadline set by the new Managing Director.
Since that milestone in 2000, Enthalpy has continued to refine the system through application across real projects and portfolios.
Today, the CIS is used by organisations including Barrick Gold, Codelco, Glencore, Kinross Gold, and Ma’aden, among dozens of others.