N.Y. General Business Law Section 1305
Risk management

The board shall annually prepare, or cause to be prepared, and adopt a written statement of investment policy that includes a risk management and oversight program. This investment policy shall prohibit the board and the program from borrowing for investment purposes. The risk management and oversight program shall be designed to ensure that an effective risk management system is in place to monitor the risk levels of the program, to ensure that the risks taken are prudent and properly managed, to provide an integrated process for overall risk management, and to assess investment returns as well as risk to determine if the risks taken are adequately compensated compared to applicable performance benchmarks and standards. The board shall consider the statement of investment policy and any changes in the investment policy at a public hearing.

Source: Section 1305 — Risk management, https://www.­nysenate.­gov/legislation/laws/GBS/1305 (updated Apr. 20, 2018; accessed Jan. 3, 2026).

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Verified:
Jan. 3, 2026

Last modified:
Apr. 20, 2018

§ 1305. Risk management's source at nysenate​.gov

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