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

TALLAHASSEE— Florida CFO Alex Sink today announced $12 million in taxpayer savings from applying private-sector business practices to Floridas 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 Sinks reforms have refocused the states 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 Floridas risks, and ask for their collaboration in implementing new risk management strategies. The Division is now providing all of Floridas 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.