Regulatory Compliance Flashcards

What is the primary goal of regulatory compliance in OM practice?

Answer: Ensuring adherence to laws and standards governing professional practice

Regulatory compliance ensures professionals follow applicable laws and standards to protect public safety and maintain quality.

What is a compliance audit in OM practice?

Answer: A systematic review verifying adherence to requirements and policies

A compliance audit examines adherence to regulations, policies, and standards, identifying gaps and recommending corrective actions.

What are consequences of non-compliance in OM practice?

Answer: Fines, license revocation, legal liability, and reputation damage

Non-compliance can result in fines, license issues, legal liability, and lasting reputational damage.

What is a corrective action plan in OM compliance?

Answer: A strategy to address deficiencies and prevent recurrence

A corrective action plan addresses compliance gaps with root cause analysis, remediation, timelines, and prevention measures.

Why is documentation critical in OM compliance?

Answer: It provides evidence of compliance and defensible records

Documentation provides verifiable evidence that requirements are met and creates defensible records if compliance is questioned.

How do regulations differ from standards in OM practice?

Answer: Regulations are legally binding; standards are typically voluntary

Regulations are legally enforceable government rules; standards are industry-developed guidelines that may become requirements through adoption.