GAO's highrisk program testimony before the Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia, Committee on Homeland Security and Governmental Affairs, U.S. Senate /DIANE Publishing |
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Page 1 - General, our high-risk program has increasingly focused on those major programs and operations that need urgent attention and transformation in order to ensure that our national government functions In the most economical, efficient, and effective manner possible.
Page 7 - Since its inception, the program has paid about $14.6 billion in insurance claims, primarily from policyholder premiums that otherwise would have been paid through taxpayer-funded disaster relief or borne by home and business owners themselves. According to FEMA, every $3 in flood insurance claims payments saves about $1 in disaster assistance payments, and the combination of flood plain management and mitigation efforts save about $1 billion in flood damage each year.
Page 28 - GAO's commitment to good government is reflected in its core values of accountability, integrity, and reliability. The fastest and easiest way to obtain copies of GAO documents at no cost is through GAO's Web site (www.gao.gov). Each weekday, GAO posts newly released reports, testimony, and correspondence on its Web site. To have GAO e~mai.i you a list of newly posted products every afternoon, go to www.gao.gov and select, "Subscribe to Updates.
Page 11 - FEMA's current sampling strategy may provide an opportunity to focus on particular areas of risk, it does not provide management with the information needed to assess the overall performance of the writeyour-own companies, including the overall accuracy of the underwriting of NFIP policies and the adjustment of claims — information that FEMA needs to have reasonable assurance that program objectives are being achieved...
Page 9 - October 2006 report, 5 we said that FEMA faces a challenge in providing effective oversight of the 96 insurance companies and thousands of insurance agents and claims adjusters who are primarily responsible for the day-to-day process of selling and servicing flood insurance policies. The...
Page 26 - ... including discretionary and mandatory spending, and tax policies and programs. We hope that this new report, along with the high-risk report, will be used by various congressional committees as they consider which areas of government need particular attention and reconsideration. In the final analysis, only elected officials can decide whether, when, and how best to proceed to address these important issues. High-Risk Designations...
Page 26 - Accordingly, reexamining the base of all major existing federal spending and tax programs, policies, and activities by reviewing their results and testing their continued relevance and relative priority for our changing society is an important step in...
Page 7 - However, flooding is generally excluded from homeowner policies that typically cover damage from other losses, such as wind, fire, and theft Because of the catastrophic nature of flooding and the inability to adequately predict flood risks, private insurance companies have largely been unwilling to underwrite and bear the risk of flood insurance.
Page 2 - The program serves to identify and help resolve serious weaknesses in areas that involve substantial resources and provide critical services to the public. The department's inventory management of supplies in support of forces was one of the initial 14 operational areas identified as high risk...