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Business Knows Best: CFO Sink Saves $12 Million in Risk Management

1/19/2010

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CONTACT: Kyra Jennings or Kevin Cate, (850) 413-2842

CFO Sink Also Announces Private Sector Advisory Council on Risk Management
 
TALLAHASSEE— Florida CFO Alex Sink today announced $12 million in taxpayer savings from applying private-sector business practices to Florida’s risk management. CFO Sink utilized advice from experts with Publix, Disney, and Rosen Hotels & Resorts and implemented an overhaul of her Division of Risk Management with these more businesslike reforms to realize the savings.
 
“When I initially asked private businesses to take a look at how the state runs its risk management, the results were eye-opening,” said CFO Sink. “So I put these private-sector reforms to work immediately to save taxpayer money and improve service.”
 
CFO Sink’s reforms have refocused the state’s efforts on loss prevention. CFO Sink met with four of the five state agencies with the highest claims to share her vision for a fresh approach to managing Florida’s risks, and ask for their collaboration in implementing new risk management strategies. The Division is now providing all of Florida’s insured agencies with new tools to reduce losses and save the state money.
 
“Every dollar saved through improving our loss prevention program is another dollar available to help the people of our state,” said Department of Children and Families Secretary George Sheldon. “In this economic climate where the needs are greater than the resources available, this savings can make a tremendous difference in the lives of the children and families we serve.”
 
CFO Sink today also announced her new Advisory Council on Risk Management. The council will continue the public/private partnership leading to the multi-million dollar savings. Council meetings will be held twice a year in person, with conference call meetings as needed to advise the CFO and the Division of Risk Management.
 
Current membership includes:

Marc Salm of Publix Supermarkets
Ashley Bacot of Rosen Hotels and Resorts
Cory Meyers of Baptist Health System Jacksonville
Patrick Maroney of the Florida State University College of Business
Beth Davis of the Florida Department of Juvenile Justice
 
“This new information from CFO Sink’s Division of Risk Management allows us to better manage our claims experience, reduce overtime costs, and enhance productivity,” said Department of Juvenile Justice Risk Manager and Director of Program Accountability Beth Davis.
 
Risk management is responsible for identifying and controlling exposure to loss or injury resulting from the daily operation of Florida’s government. Through the Florida Department of Financial Services, the Division of Risk Management delivers sound, professional guidance to Florida’s 48 state agencies and universities to help control loss and mitigate risk.
 
CFO Sink’s issued the Department of Financial Services Division of Risk Management Fiscal Year 2009 Annual Report; highlighting many of these reforms.  It can be viewed online at http://www.myfloridacfo.com/Risk/pdf/annual_report09_proof3.pdf.
 
 
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