16 - Compliance Review
A formal Compliance Review should be conducted by a competent professional to ensure compliance with all statutory safety requirements, governmental standards, directives, local codes and requirements for licenses, inspections, etc. A formal, systematic Compliance Review Procedure has a positive impact on liability quality. Larger firms have full-time Compliance Officers.
What do we look for?
- No Compliance Review procedure.
- Compliance Review is not formalized.
- Compliance Review is not comprehensive.
- Inadequate follow-up of Compliance Review findings.
- Formal Compliance Review procedure.
- Compliance Review is comprehensive and implemented.
- Prompt and adequate follow-up of findings.
- To improve overall liability prevention you should establish a formal and comprehensive Compliance Review Procedure.
- To obtain a beneficial return on the resources allocated to complete your Compliance Reviews and to further reduce the risk of liability losses, you should as a matter of policy require a formal follow-up of the Compliance Review findings/recommendations within thirty (30) days of the Review.