A new system designed to enhance Suffolk’s financial security has been implemented by County Comptroller John Kennedy. Partnering with the FinTech firm three+one, the county will increase scrutiny over the companies it deals with.
The system utilizes an automated collateral reporting process to verify that appropriate insurance and protection of public funds are in place, according to Kennedy. The frequent updates allow the Comptroller to confirm that millions of taxpayer dollars are secured across every county department, even when new accounts are opened. The ability to spot vulnerabilities before they escalate allows the county to take proactive steps to safeguard their assets.
“Since the implementation of this strategic monitoring system, all participating banks have remained in compliance with state laws regarding the safeguarding of taxpayer dollars,” Kennedy noted. “The benefits of this program include enhanced security and improved visibility into Suffolk County’s financial standing.”
Suffolk learned its lesson on computer system security when it was hacked during the Steve Bellone administration, causing millions in damages and shutting the county’s network for months.
Kennedy thanked his staff and three+one for their diligence in implementing the new system. He also gave kudos to County Executive Edward Romaine for his support of the Department of Audit and Control. “I take my responsibility to protect the economic well-being of Suffolk County Taxpayers very seriously,” Kennedy said. “This collateral initiative significantly strengthens our financial security.”
Located in Pittsford, N.Y., three+one specializes in liquidity analysis and data services for public sector municipalities, schools, and colleges. They provide data-driven insights to help officials make informed decisions about maximizing cash management, and provide an online service to evaluate bank treasury service fees.