Module 1 : Knowing the Rules Flashcards
(23 cards)
What is one of the hardest parts of the compliance field?
Knowing what it is that you have to comply with
What is a common challenge faced by organizations in compliance?
It’s a problem of knowing what you don’t know
What is an example of a startup’s product mentioned in the text?
Smart bulbs
What must a startup ensure regarding its employees’ eligibility?
Hires only those eligible to work in the United States
What forms must a startup maintain for all employees under the Immigration Reform and Control Act?
Current I9 forms
What act requires compliance when conducting background checks?
Fair Credit Reporting Act
What must a startup comply with regarding employee salary?
Minimum wage, overtime, and child labor standards
Which act dictates equal pay for male and female employees in the same roles?
Equal Pay Act
What does the IRS’s Federal Tax Code require from startups?
Withhold and pay a percentage of employee wages
Which acts prohibit discrimination against employees?
- Americans with Disabilities Act
- Age Discrimination Act
What act requires a safe working environment?
Occupational Health and Safety Act
What benefits must a startup offer its employees?
- Family and medical leave under the Family and Medical Leave Act
- Health insurance options under the Affordable Care Act
What insurance must a startup pay for each employee?
Unemployment insurance
What triggers compliance requirements from the payment card industry?
Taking in payments from customers
Are Payment Card Industry requirements considered laws?
No, they are industry standards
What can happen if a startup does not comply with Payment Card Industry requirements?
Major financial penalties and possible removal of rights to collect payments
What must a startup consider when working with a manufacturing vendor?
Compliance requirements related to sharing technology and customs processes
What laws may prohibit sharing technology with foreign countries?
Export control laws
What must a startup comply with regarding electronics safety standards?
FCC safety standards
What act contains provisions related to conflict minerals?
Dodd-Frank Act
What is a proactive approach to knowing compliance requirements?
Engaging with experts and regularly asking what other requirements apply
What is one resource mentioned for small businesses to understand compliance?
Small Business Administration
What is a mock audit?
A review conducted by consultants to determine compliance with applicable standards
