Industry Regulations & Compliance Flashcards

Under the Federal Acquisition Regulation (FAR), government contractors must generally retain contract records for how long after final payment?

Answer: 6 years and 3 months

FAR 4.703 requires contractors to retain records related to government contracts for 3 years after final payment, but cost or pricing data must be retained for 3 years after the Contracting Officer's final decision—with some records required for 6 years and 3 months.

What is the primary archival significance of the Presidential Records Act of 1978?

Answer: It transferred ownership of presidential records from the president to the U.S. government

The Presidential Records Act established that presidential records are the property of the United States, not the individual president, and are managed by NARA after the administration ends.

The concept of 'functional appraisal' in records management evaluates records based on what criteria?

Answer: The administrative functions and activities that generated the records

Functional appraisal assesses records based on the importance of the function or activity that generated them, rather than the content of individual documents.

Which compliance framework specifically addresses electronic discovery (e-discovery) procedures in U.S. federal civil litigation?

Answer: Federal Rules of Civil Procedure (FRCP), especially Rule 26 and Rule 37

The Federal Rules of Civil Procedure, particularly Rules 26 and 37, govern the discovery of electronically stored information (ESI) in federal civil litigation and impose sanctions for non-compliance.

Under the Gramm-Leach-Bliley Act (GLBA), financial institutions must protect non-public personal information (NPI) through what type of program?

Answer: A comprehensive written information security program (WISP)

GLBA's Safeguards Rule requires financial institutions to develop, implement, and maintain a comprehensive written information security program to protect customers' NPI.

What is the archival principle that records should be described and arranged to reflect the context in which they were created, rather than by subject matter?

Answer: Respect des fonds

Respect des fonds (respect for the fonds) holds that records from one creator should not be intermingled with records from another, preserving the context of their creation.

Which federal law requires agencies to make records available to the public upon request, subject to specific exemptions?

Answer: Freedom of Information Act (FOIA)

FOIA (5 U.S.C. § 552) grants the public the right to request access to records from federal agencies, subject to nine exemptions protecting interests such as national security and personal privacy.