Explain sources of law. Distinguish between different types of law Explain the role of precedent. Describe the role of regulatory authorities. Explain the difference between compliance and audit Describe how security, privacy, and compliance fit together. Describe the business challenges facing financial institutions. Define a financial institution and consumer financial information. Explain the main parts of the Gramm-Leach-Bliley Act Explain the role of the Federal Financial Institutions Examination Council. Describe the Federal Trade Commission Red Flags Rule Describe the Payment Card Industry Standards