Risk Management Best Practices

Source: Solutions for CPA Firm Leaders

The following includes excerpts, reproduced with permission, from a blog entry by Rita Keller. In it, she shares follow-up information from the 2016 National Practice Management Conference regarding professional liability insurance.

Here's some great information from Stephen [Vono] and NAPLIA [North American Professional Liability Insurance Agency] that was sent to the attendees of the conference.

NAPLIA's Cyber and Data Security eBook was a popular takeaway from the conference. If you missed it, you can download a copy here, or please send me a note and I'll be glad to mail you a hard copy. It is intended to give you guidance when preparing to safeguard your firm against the exposure to loss of client information.

I am sending out resources in response to the many questions I received on insurance programs that NAPLIA provides.

• A mobile device usage policy can help your firm manage and mitigate exposure to client data loss. I am providing a sample of such a policy here.
• Accounting Today interviewed me on information security and cyber liability exposures for CPA firms. Watch it here: Video: CPA Firms have a target on their back.
• I am offering other cyber liability risk management policies and best practices. Samples for your firm to use can be found below.
  • If you use a portal, it is good to use a portal agreement.
  • Engagement letter language can be used to lower your exposure to lost or misdirected email.
  • The policy that many states require you to have is a written information security plan (WISP).
  • In the event of a loss of information, you may be required to send clients a notification letter.
  • Watch the recorded version of our most recent webinar, “Got claims? Just look at the tax side of your practice.”

For the complete entry, read “Professional Liability Insurance & More.”

From Solutions for CPA Firm Leaders, the blog of Rita Keller, November 15, 2016, ritakeller.com/blog/.