Legal & Regulatory Compliance Flashcards
7 cards from real CRM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Legal & Regulatory Compliance flashcards as text
Under HIPAA, how long must a covered entity retain its written privacy policies and procedures?
Answer: 6 years from creation or last effective date
HIPAA requires covered entities to retain privacy policies, procedures, and related documentation for 6 years from the date of creation or the date it was last in effect.
The Gramm-Leach-Bliley Act (GLBA) Safeguards Rule primarily requires financial institutions to do which of the following?
Answer: Develop and maintain a written information security program
The GLBA Safeguards Rule requires financial institutions to develop, implement, and maintain a comprehensive written information security program to protect customer information.
Which principle from the EU General Data Protection Regulation (GDPR) limits how long personal data may be retained?
Answer: Storage limitation
GDPR's storage limitation principle requires that personal data be kept in a form that permits identification of data subjects for no longer than necessary for the processing purpose.
An organization operating in California must comply with which state privacy law that grants consumers the right to request deletion of their personal information?
Answer: California Consumer Privacy Act (CCPA)
The CCPA grants California consumers the right to request that businesses delete their personal information, subject to certain exceptions.
Under the Securities Exchange Act, broker-dealers must retain certain records for a minimum of how many years?
Answer: 3 years for most records; 6 years for certain records
SEC Rule 17a-4 requires broker-dealers to retain most records for 3 years and certain records (such as blotters and general ledgers) for 6 years.
What is the purpose of a records management 'legal hold notice'?
Answer: To formally notify custodians to suspend routine destruction of potentially relevant records
A legal hold notice formally instructs record custodians to suspend normal disposition of records that may be relevant to anticipated or pending litigation.
Which IRS regulation governs electronic storage systems for tax records?
Answer: Revenue Procedure 98-25
Revenue Procedure 98-25 establishes the IRS requirements for using electronic storage systems to maintain books and records required under the Internal Revenue Code.