CBO Regulatory Compliance & Risk Management 4

Question 1

Which regulatory framework specifically governs the privacy of protected health information (PHI) in the United States?

Accepted Answer

HIPAA

Answer

The Health Insurance Portability and Accountability Act (HIPAA) establishes national standards for protecting the privacy and security of protected health information.

Question 2

A business identifies that a critical supplier has no business continuity plan. This represents which type of risk?

Accepted Answer

Third-party or supply chain risk

Answer

Supply chain or third-party risk arises when an external vendor's failure or disruption can negatively impact the company's own operations.

Question 3

Which document outlines the procedures employees must follow to report suspected compliance violations?

Accepted Answer

Code of Conduct or Ethics Hotline Policy

Answer

A code of conduct or ethics hotline policy details how employees should report suspected violations, including anonymous reporting options.

Question 4

Under the Equal Employment Opportunity (EEO) laws, which of the following is NOT a protected class at the federal level?

Accepted Answer

Political affiliation

Answer

Federal EEO laws protect race, color, religion, sex, national origin, age, disability, and genetic information, but political affiliation is not a federally protected class.

Question 5

What is the purpose of a compliance risk assessment?

Accepted Answer

To identify, evaluate, and prioritize regulatory and legal risks facing the business

Answer

A compliance risk assessment systematically identifies and evaluates the legal and regulatory risks an organization faces so resources can be allocated appropriately.

(CBO) Certified Business Operator Practice Test

(CBO) Certified Business Operator Practice Test

CBO Regulatory Compliance & Risk Management 4