Regulatory Compliance Basics Flashcards

Which federal agency enforces workplace safety regulations in the United States?

Answer: OSHA

The Occupational Safety and Health Administration (OSHA) is responsible for enforcing federal workplace safety and health regulations.

What is a 'compliance audit'?

Answer: A systematic review to assess adherence to regulatory requirements

A compliance audit is a structured examination to determine whether an organization is following applicable laws, regulations, and internal policies.

Under GDPR, what must organizations do when a data breach occurs?

Answer: Report it within 72 hours to the relevant supervisory authority

GDPR requires organizations to notify the appropriate supervisory authority within 72 hours of becoming aware of a personal data breach.

What does 'due diligence' mean in a compliance context?

Answer: Reasonable steps taken to avoid harm or satisfy a legal requirement

Due diligence refers to the reasonable care and investigation an organization conducts to comply with laws and avoid liability.

Which law prohibits discrimination in employment based on race, color, religion, sex, or national origin?

Answer: Title VII of the Civil Rights Act of 1964

Title VII of the Civil Rights Act of 1964 is the primary federal law prohibiting workplace discrimination on those protected bases.

What is the primary purpose of the Bank Secrecy Act (BSA)?

Answer: To require financial institutions to assist in detecting and preventing money laundering

The BSA requires financial institutions to maintain records and file reports that help identify and deter money laundering and other financial crimes.

What is 'whistleblower protection' in compliance?

Answer: Legal protections for employees who report violations of laws or regulations

Whistleblower protection laws shield employees from retaliation when they report illegal or unethical conduct by their employer.