Monday, 19 December 2016

The Checklist - a Crucial Tool for Risk Mitigation in Conveyancing

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Human error is inevitable — particularly in stressful conditions such a conveyancing where pressure is applied by various parties who are demanding a swift conclusion at a low cost.  Add to equation the fact that conveyancing has become more complex with a significant chance that a lender client can change their instructions mid-transaction - and you have a toxic mix. Some professional indemnity insurers might even regard it as a recipe for disaster.

It is well proven that levels of cognitive function are compromised as stress and fatigue levels increase , as is often the norm in certain complex, high-intensity fields of work. This can, and often does result in increased errors in judgement, decreased compliance with a client's  expectations and failure to follow standard procedures.

Areas such as aviation, aeronautics, and product manufacturing, in which safety and precision are paramount in service delivery, have come to rely heavily on tools to aid in reducing human error. An important tool in error management across all of these fields is the checklist, a key instrument in reducing the risk of costly mistakes and improving overall outcomes.

Checklists such as COMPLETIONmonitior have multiple objectives, including memory recall, standardisation and regulation of processes or methodologies, providing a framework for evaluations or as a diagnostic tool. However, regardless of the nature of the checklist, the principal purpose of it’s implementation is risk mitigation.

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