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CFO Sink's Risk Managment Legislation Passes House Committee Unanimously

3/16/2010

FOR IMMEDIATE RELEASE: March 16, 2010                                                                                                                  
CONTACT: Kevin Cate or Jerri Franz, (850) 413-2842                     
 
CFO SINK’S RISK MANAGEMENT LEGISLATION PASSES HOUSE COMMITTEE UNANIMOUSLY
 
TALLAHASSEE— Florida CFO Alex Sink today commended the Florida House Government Operations Appropriations Committee for unanimously passing legislation that implements recommendations made by CFO Sink to strengthen the state’s Risk Management program and reduce workers’ compensation costs to the state.
 
“I applaud Chairman Hays and his colleagues today for recognizing the importance of this legislation, which holds state agencies accountable and emphasizes loss prevention,” said CFO Sink. “In the business world, it is accepted that you must inspect what you expect, and these program modifications allow us to do just that.”
 
In January, CFO Sink announced $12 million in taxpayer savings through businesslike reforms in CFO Sink’s Division of Risk Management, including refocusing on loss prevention and addressing agencies with the highest claims numbers. These reforms were based on business best practices and advice from private sector risk management experts and led to the creation of CFO Sink’s Risk Management Advisory Council. 
 
Based on CFO Sink’s recommendations, key elements of the legislation passed today (GOA 10-02) include establishing return-to-work programs in state agencies, basing agency premiums on actual loss experience and giving CFO Sink’s Division of Risk Management the authority for evaluating state agencies’ risk management programs and ensuring necessary corrective measures are taken.
 
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.
 

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As a statewide elected officer of the Florida Cabinet, CFO Alex Sink oversees the Department of Financial Services.  A successful business leader with nearly three decades of experience in the private sector, Sink is serving her first term as Florida's CFO.  CFO Sink's priorities include using her business experience to cut wasteful spending, holding government accountable to Florida’s taxpayers, and cracking down on financial and insurance fraud.