Data Management Flashcards
Can you use confidential information in negotiations e.g. a rent review?
If the information is confidential you shouldn’t have access to it – and if you do you’d need to tell the source that you ave it by mistake
When does data become information?
When it is processed, interpreted, and organized
How long can you keep data?
NB remember tie-in with PII and any potential future litigation
Supposed to keep data for 6yrs for PI insurance etc.
What is high risk holding of data?
Personal data, confidential information of clients – data that is it leaked could cause harm
What data is required and held in your office?
Dependent on what department and for what use. – CBRE Data Retention Policy
Investment – tracking investment market for trends and specific transactions, client details, mailing lists etc.
How can data be stored securely and in accordance with the law?
Must be stored with compliance with UKGDPR and the DPA’s 7 principles.
8 individual rights must also be grantable to users.
What would you do if you shared confidential information?
- Acknowledge mistake
- Take responsibility
- Report the incident
- Cooperate with the investigation
- Learn from the experience and take steps to prevent it from happening again.
What sorts of information can a firm reasonably retain in order to comply with other laws?
As per data minimisation and purpose limitation principles of UKGDPR, information for the purpose of use only can be used, and must be removed once no longer required for that purpose.
E.g. client contact details for a specific transaction.
Can you tell me three principles of GDPR and the Data Protection Act 2018?
- Kept securely
- Not kept longer than necessary
- Be accurate and up to date
- Processed in line with the data subject’s rights
- Must be fairly and lawfully processed for relevant purpose
- Processed only for a relevant purpose
- Adequate in relation to the purpose it is held
How do you comply with GDPR and the Data Protection Act 2018 in your role?
- Store files securely
- Files on computers are password protected. I change my passwords every 3 months
- If a client’s requests any information I provide this to them
Can you tell me about the retention of files and the Limitation Act 1980?
File should be kept for 6 years.
The limitation Act 1980 states:
* Contract (where there is a contract in place/ ToE breached) – 6 years from date of negligence
*Tort (civil wrongs but claims for negligence arise as failure of duty of care) – 6 years from the date the claimant suffered the loss
How do you validate information?
For example, I validate information from EGI by speaking with local agents to confirm the deals stated on Costar.
What is data management?
This encompasses all aspects of handling data, from collection and storage to analysis and reporting.
Can you explain the ways in which your company complies with the General Data Protection Regulations, like which parts of the business are most exposed to it?
Why is it important to ensure you hold the same data as your client?
