IDC Press Conference: Updating New York State's Risk Assessment and Management Strategy

March 01, 2013

Responding to perennial increases in hurricane and disaster related spending, the Independent Democratic Conference will introduce legislation recommending the creation of a new statewide office charged with improving New York's risk management and cost avoidance practices. The new office, which will be funded exclusively by annual cost savings generated by it's operations, will use the same modern-day risk assessment techniques that currently save states such as Florida and Texas tens of millions of dollars each year. The IDC estimates that by utilizing modern-day risk management practices, New York State could avoid up to $150 million in spending over the next three years.