需要告诉VP吗

I made a mistakes with my current project, it make me look bad, but it can be fixed. However, to be looked good, VP want me to transfer this project to my colleague and let my colleague to continue. But I am the only one who can use all the systems, and I have to train this colleague in order for him to do the work. Should I let VP know that I am the only one who is familiar with all the systems and I have to provide training to my colleague? Many thanks.