What triggers should prompt an immediate policy review?

Key triggers we track include: 1) Regulatory changes - new laws or updated requirements, 2) Significant incidents or near-misses related to the policy area, 3) Audit findings or non-conformances, 4) Organizational restructuring affecting roles/responsibilities, 5) Technology changes impacting processes, 6) M&A activity or new business lines, 7) Industry best practice updates, 8) Stakeholder complaints or feedback trends, 9) Insurance or contractual requirement changes. We maintain a regulatory calendar and incident tracking system to catch these automatically.

Adding to the excellent list above - don't forget external events like major industry incidents (even if they happen to competitors) or significant court rulings that interpret regulations differently. These often signal emerging risks that your policies should address proactively.