As 2016 draws to a close I am wondering about the stuff your policy manual says is reviewed annually. Do you have a list of all the items that are to be reviewed once a year? I bet your policy manual contains a number of items that are supposed to be revised/updated/considered every twelve months. A list of these things would be really helpful.
If you have an annual list now is the time to review whether you have completed all the stuff that you say you are going to consider every year. Insurance comes to mind. The board has a list of all of the risks that the organization is facing and has decided how they are going to mitigate each of these risks. Many groups have a best practice that requires an annual review that insurance is still adequate for the organizations needs.
There are some risks that are mitigated with insurance. Time to make sure that all of the risks that we think we are mitigating with insurance are actually covered by our insurance policies.
While you are reviewing items with your insurance agent you might inquire as to whether there are any new types of insurance available or ponder whether you have any new risks. Perhaps you have hired employees this year for the first time – how does that change your insurance needs?
An annual list is a great idea – but like every policy – you also need a way to monitor compliance with the policy. My suggestion, review annual lists the last day of the year to see if everything on the list has been done.
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