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Regulatory Compliance & Risk Management Flashcards

7 cards from real CBO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Regulatory Compliance & Risk Management flashcards as text

  1. A business discovers a data breach affecting 600 customers in California. Under CCPA, what is the required notification timeline?

    Answer: In the most expedient time possible without unreasonable delay

    California's CCPA requires notification in the most expedient time possible without unreasonable delay, though no specific day count is mandated.

  2. Which risk management strategy involves purchasing insurance to cover potential losses?

    Answer: Risk transfer

    Risk transfer shifts the financial burden of a loss to a third party, such as an insurer, in exchange for a premium.

  3. A manufacturing company must maintain OSHA Form 300 logs. How long must these records be retained?

    Answer: 5 years

    OSHA requires employers to retain Form 300 injury and illness logs for five years following the end of the calendar year that records cover.

  4. Under the Americans with Disabilities Act (ADA), which business type is generally required to provide reasonable accommodations to employees?

    Answer: Businesses with 15 or more employees

    Title I of the ADA applies to employers with 15 or more employees, requiring reasonable accommodations for qualified individuals with disabilities.

  5. What is the primary purpose of an internal audit function within a compliance program?

    Answer: To independently assess whether controls are operating effectively

    Internal audit independently evaluates whether a company's risk controls and compliance processes are functioning as intended.

  6. A company operates in multiple states with different minimum wage laws. Which minimum wage rate must it pay employees?

    Answer: The higher of federal or state minimum wage

    Employers must pay the higher of the applicable federal, state, or local minimum wage to ensure compliance with all governing laws.

  7. Which document formally defines the scope, objectives, and responsibilities of a company's compliance program?

    Answer: Compliance charter or program document

    A compliance charter or program document establishes the structure, authority, and responsibilities of the compliance function within an organization.