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Top 20 Business Compliance & Regulation Terms

Top 20 Business Compliance & Regulation Terms

Top 20 Business Compliance & Regulation Terms

 

 

Welcome to our comprehensive guide on the top 20 business compliance and regulation terms that every business owner should know. As a business owner, it is crucial to understand and comply with various laws and regulations to ensure the smooth operation of your business.

 

 

 

 

  1. Compliance: Compliance refers to the act of following rules and regulations set by governing bodies and authorities.

 

  1. Regulation: Regulations are established rules or principles that businesses must adhere to in order to operate within legal boundaries.

 

  1. Governance: Governance is the system of policies, processes, and practices in place to ensure adherence to company standards and regulatory requirements.

 

  1. Risk Management: Risk management is the process of identifying, assessing, and controlling potential risks that could impact a business’s operations or objectives.

 

  1. Data Protection: Data protection refers to the measures taken to safeguard sensitive information from unauthorized access, use, disclosure, modification, or destruction.

 

  1. Anti-Money Laundering (AML): AML refers to a set of laws, regulations, and procedures aimed at detecting and preventing the illegal generation of income through fraudulent activities.

 

  1. Know Your Customer (KYC): KYC is a process that businesses use to verify the identity of their clients in order to prevent money laundering, fraud, and other criminal activities.

 

  1. Foreign Corrupt Practices Act (FCPA): The FCPA is a US federal law that prohibits companies and individuals from bribing foreign government officials in order to obtain or retain business.

 



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  1. Employee Privacy: Employee privacy refers to the protection of personal information of employees, such as social security numbers, medical records, and financial data.

 

  1. Securities Exchange Commission (SEC): The SEC is a US government agency responsible for enforcing federal securities laws and regulating the securities industry.

 

  1. Consumer Protection: Consumer protection laws aim to protect consumers from unfair or deceptive business practices, such as false advertising, fraud, and product safety issues.

 

  1. Intellectual Property (IP): IP refers to creations of the mind, such as inventions, literary and artistic works, designs, and symbols used in commerce. Businesses must protect their IP through patents, trademarks, and copyrights.

 

  1. Health Insurance Portability and Accountability Act (HIPAA): HIPAA is a US federal law that sets national standards for the protection of sensitive health information.

 

  1. Fair Labor Standards Act (FLSA): The FLSA is a US labor law that establishes minimum wage, overtime pay, recordkeeping, and child labor standards for employees in the private sector and federal, state, and local governments.

 

  1. Environmental Protection Agency (EPA): The EPA is a US government agency responsible for protecting human health and the environment by enforcing environmental laws and regulations.

 

  1. Occupational Safety and Health Administration (OSHA): OSHA is a US federal agency that sets workplace safety standards to ensure safe and healthy working conditions for employees.

 

  1. Sarbanes-Oxley Act (SOX): The SOX is a US federal law that requires companies to establish and maintain internal controls and reporting procedures to prevent corporate fraud.

 

  1. Equal Employment Opportunity Commission (EEOC): The EEOC is a US federal agency responsible for enforcing laws that prohibit discrimination in the workplace based on race, color, religion, sex, national origin, age, disability, or genetic information.

 

  1. Payment Card Industry Data Security Standard (PCI DSS): The PCI DSS is a set of security standards established by major credit card companies to protect cardholder data and prevent credit card fraud.

 

  1. General Data Protection Regulation (GDPR): The GDPR is a European Union regulation that aims to protect the privacy and personal data of EU citizens. It applies to all businesses that collect, process, or store personal information of EU residents.

 

 

 

 



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Congratulations, you have now completed the top 20 business compliance and regulation terms! By understanding and implementing these key terms, you are on your way to ensuring your business is in compliance with regulations and laws.

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