An embodiment of an LED warning light includes a plurality of LED banks, each including a series of light emitting diodes. The LED warning light monitors an operational parameter of each LED bank to detect failure of an LED and produce a fault indication. The LED warning light includes a microcontroller programmed to evaluate the fault indications and take one or more pre-determined failure mode actions. Failure detection and failure mode actions are defined by program steps taken by firmware running in the microcontroller. Failure mode actions may include increasing the current delivered to remaining LED banks to compensate for the loss of luminance from the LEDs in a failed LED bank. Multiple bank failures may require shutting down the LED warning light to provide an obvious indication that the warning light is no longer in compliance with relevant regulations.