An embodiment of an LED warning light includes a plurality of LED banks, each including a series of light emitting diodes. LED failure in one or more banks can result in a warning light that appears to be functional, but may not meet relevant standards for light production. The LED warning light monitors current flow through each LED bank to detect failure of an LED and produce a failure signal. The LED warning light includes a microcontroller programmed to evaluate the failure signals 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.