Workplace Flashcards
Conflict of interest
Situation in which a person or organization may benefit from undue influence due to involvement in outside activities, relationships, or investments that conflict with or have an impact on the employment relationship or its outcomes.
Essential Functions
Primary job duties that a qualified individual must be
able to perform, either with or without accommodation.
Reasonable accommodations
Modifying a job application process, a work
environment, or the circumstances under which a job
is performed to enable a qualified individual with a
disability to be considered for the job and perform its
essential functions.
Outsourcing
Process by which an organization contracts with thirdparty vendors to provide selected services/activities
instead of hiring new employees.
Independent contractors
Self-employed individuals hired on a contract basis for
specialized services.
Whistleblowing
Reporting of an organization’s violations of policies and
processes by employees.
Globalization
Status of growing interconnectedness and
interdependency among countries, people, markets,
and organizations worldwide.
Global Integration (GI)
Globalization strategy that emphasizes consistency of
approach, standardization of processes, and a
common corporate culture across global operations
Assignees
Employees who work outside their home countries.
Local Responsiveness (LR)
Globalization strategy that emphasizes adapting to the
needs of local markets and allows subsidiaries to
develop unique products, structures, and systems.
Multinationals Enterprises (MNEs)
Organizations that own or control production or service
facilities in one or more countries other than the home
country
Identity alignment
Extent to which diversity is embraced in management
of people, products/services, and branding.
Process alignment
Extent to which underlying operations such as IT,
finance, or HR integrate across locations.
Offshoring
Method by which an organization relocates its
processes or production to an international location
through subsidiaries or third-party affiliates.
Onshoring
Relocation of business processes or production to a
lower-cost location inside the same country as the
business.
Near-shoring
Practice of contracting a part of business processes or
production to an external company in a country that is
relatively close (for example, within the same own
region).
Repatriation
Process by which employees returning from
international assignments reintegrate into their home
country’s culture, conditions, and employment.
Redeployment
Process by which an organization moves an employee
out of an international assignment; can involve moving
back to the home country, moving to a different global
location, or moving to a new location or position in the
current host country.
Risk
Uncertainty that has an effect on an objective, where
outcomes may include opportunities, losses, and
threats.
Risk management
System for identifying, evaluating, and controlling
actual and potential risks to an organization.
Risk position
Organization’s desired gain or acceptable loss in value.
Risk appetite
A high-level characterization of the amount of
uncertainty (acceptable risk) an organization is willing
to pursue or to accept to attain its risk management
goals.
Risk tolerance
A characterization of the amount of uncertainty
(acceptable risk) an organization is willing to pursue or
to accept to attain its risk management goals, defined
in a range above and below a target.
Single loss expectancy (SLE)
Expected monetary loss every time a risk occurs;
calculated by multiplying asset value by exposure
factor.
Annualized loss expectancy (ALE)
Expected monetary loss for an asset due to a risk over
a one-year period; calculated by multiplying single loss
expectancy by annualized rate of occurrence.
Moral hazard
Situation in which one party engages in risky behavior
knowing that it is protected against the risk because
another party will incur any resulting loss.
Principal-agent problem
Situation in which an agent (for example, an employee)
makes decisions for a principal (for example, an
employer) potentially on the basis of personal
incentives that may not be aligned with the principal’s
incentives.
Risk control
Action taken to manage a risk.
Duty of care
Principle that organizations should take all steps that
are reasonably possible to ensure the health, safety,
and well-being of employees and protect them from
foreseeable injury.
Hazard
Potential for harm, often associated with a condition or
activity that, if left uncontrolled, can result in injury or
illness.
Risk scorecard
Tool used to gather individual assessments of various
characteristics of risk (for example, frequency of
occurrence; degree of impact, loss, or gain for the
organization; degree of efficacy of current controls).
Key risk indicators (KRIs)
Metrics that provide an early signal of increasing risk
exposures for an enterprise.
Residual risk
Amount of uncertainty that remains after all risk
management efforts have been exhausted.
Contingency plan
Protocol that an organization implements when an
identified risk event occurs.
Corporate Social Responsibility (CSR)
Varying ways an organization can create value, looking
beyond traditional profit measures of revenue and
expenses; includes such areas as philanthropy,
volunteerism, corporate-sponsored community
programs, social change, sustainability, corporate
governance, employee rights, and workplace safety.
Compliance
State of being in accordance with all national, federal,
regional, and/or local laws, regulations, and/or other
government authority requirements applicable to the
places in which an organization operates.
Ethics
Set of behavioral guidelines that an organization
expects all of its directors, managers, and employees
to follow to ensure appropriate moral and ethical
business standards.
Governance
System of rules and processes set up by an
organization to ensure its compliance with local and
international laws, accounting rules, ethical norms,
internal codes of conduct, and other standards.
Sustainability
Practice of purchasing and using resources wisely by
balancing economic, social, and environmental
concerns, with the goal of securing the interests of
present and future generations.
Triple bottom line
Economic, social, and environmental impact metrics
used to determine an organization’s success.
Employment practices liability insurance (EPLI)
Type of liability insurance covering an organization
against claims by employees, former employees, and
employment candidates alleging that their legal rights
in the employment relationship have been violated.
Immigration Reform and Control Act (IRCA)
U.S. act that prohibits discrimination against job
applicants on the basis of national origin or citizenship
and establishes penalties for hiring undocumented
workers.
Employment at-will
Principle of employment in the U.S. that employers
have the right to hire, fire, demote, and promote
whomever they choose for any reason unless there is a
law or contract to the contrary and that employees
have the right to quit a job at any time.
Fair Credit Reporting Act (FCRA)
U.S act that protects privacy of background information
and ensures that information supplied is accurate.
Fair and Accurate Credit Transactions Act
(FACT Act)
U.S act that frees employers who use third parties to
conduct workplace investigations from the consent and
disclosure requirements of the Fair Credit Reporting
Act in certain cases.
