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Tilly Rees SoE > Data Management Level 2 > Flashcards

Data Management Level 2 Flashcards

1
Q

Why is detailed file naming, dating, clients and job location necessary?

A
  • Easy identification
  • Prevents duplication of data
  • Allows classified information to be known
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2
Q

When would you not need to password protect a file?

A
  • Confidential information
  • Information barrier following CoI
  • No editing
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3
Q

What was your External inspection app?

A

TOUR

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4
Q

What is the purpose of the internal inspection app?

A

Loan security purposes

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5
Q

What are the pros of the app?

A
  • Easy to use
  • All information is in one place
  • Easily replicated
  • Photo feature
  • Emails proforma
  • Covers all aspects of property
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6
Q

What data does the app collect?

A
  • Construction type
  • no. rooms
  • specification
  • amenity provisions
  • room sizes
  • solar panels?
  • car parking spaces etc
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7
Q

Why is it important to collect this data from the inspections tool?

A

Helps to provide an opinion of value
Ensures repeat of inspection is done on a like for like basis

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8
Q

How is the proforma saved?

A

In the app
Only the creator has access to the property thye set up
- proforma is emailed in an excel format
- I save in an inspections folder

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9
Q

Who has access to the inspections folder?

A

Anyone who is working on that valuation - in the property folder

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10
Q

What is the importance of the data collection with the inspections tool?

A

helps to inform opinion of value

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11
Q

What were the cons of the app?

A
  • Bug glitches
  • Set up for all asset classes so lots of blanks
  • Need a charged mobile
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12
Q

What was your second level 2 example?

A

PBSA Investment Tracker

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13
Q

Where did you gather the evidence from?

A
  • Agents
  • Clients
  • Online sources
  • Email alerts
  • Hearsay
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14
Q

How did you validify the results with tracker information?

A
  • Confirmed information with agents
  • Always provided the source
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15
Q

Why did you collect in excel format?

A
  • Prolific in excel
  • Easy to present data
  • Easy to share
  • Can be updated and edited easily
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16
Q

Why did you ensure the tracker was updated regularly?

A
  • Validity of data
  • Accurate data
  • Improved service to clients
    ensure our data is reliable
17
Q

Why did you use Microsoft teams site?

A
  • Excel used as I was competent in it
  • it can be locked for editing to ensure no one modifies the data
  • Good system for presenting and analysing data.
    Multiple people can view at one time
    Only I had access controls to edit the data
  • Can generally only be accessed by one person at a time.
  • Weakness is that it can be difficult to distribute
18
Q

Why did you need to have authorised access?

A
  • Confidential data
  • Only for PBSA valuations/Cap markets
19
Q

Why did you have automated emails?

A

To receive most up to date information

20
Q

How important is it to ensure strict data control?

A
  • Legal compliance (GDPR)
    Article 5(1) Principals of UK GDPR
  • Trust – data breaches can erode trust
  • Prevent financial loss
  • Protection – sensitive data
  • Types of data security technologies
21
Q

How did you stick to UK GDPR with the Investment tracker?

A

In line with the 8 principals of GDPR
Lawfully
* Correct data presents
* Confidential where necessary
Accurate and Relevant
* Verified information
* Labelled sources
* Updated regularly
* Only relevant PBSA details
Security
* Restricted access
* Kept securely

22
Q

how did you ensure the tracker data was valid?

A
  • ensure to try and clarify any online data received from online with the agents
  • ensure to note the source
  • add a comment to highlight any hearsay evidence
23
Q

What was the purpose of the tracker?

A

Allow us to monitor market dynamics and therefore provide reasoned, well-researched advice

24
Q

Were you ever asked to distribute the data base further? How would you limit data spills from this?

A

Yes, but I did not as the necessary conflict checks had not been undertaken.
Ensured that the file was saved on a secure departmental only file and was password protected for external users.

25
Q

What information is held on the tracker?

A
  • Property description – no. beds
  • Type of transaction ie Investment, FF
  • Purchase price
  • Yield
  • Purchaser and Vendor
  • Source
26
Q

Did you provide the source of informaiton?

A

Yes - to ensure that people knew where it was from and if it had been verified by agents

27
Q

What is the importance of confirming data?

A

Ensure accuracy as per GDPR principles – otherwise potentially basing advice off inaccurate information

28
Q

How did you ensure it was only accessible to the department?

A
  • Only people in the department have access to these files
  • All files are stored on my firms’ internal network which requires a double password to gain access. Each client’s file is named and dated
29
Q

What potential conflicts could there be? What is a conflict? How would a conflict be managed if it were identified?

A

Could be a conflict with instruction in relation to a certainty property or purchaser held on the data base – or more likely the purpose for which the tracker is used
Conflict = when a firm or members impartiality is threatened due to other financial or personal interest in a situation
Management – setting up of information barriers if written client consent provided, or if cannot manage then decline instruction

30
Q

How long did you hold evidence for?

A

Files were safely deleted on the system once the purpose of their use had completed as per GDPR guidelines
Also considered integrity and confidentiality
However, a record of these Files were kept for 6 years in accordance with the Limitation Act (1980)

31
Q

How would you securely delete data?

A

Delete from files, and ensure this is entirely wiped off the system – checking the recycling bin, and potentially using additionally software such as an eraser system to delete off the drive.

32
Q

How would you deal with a data breach?

A
  • Contain the breach
  • Assess the damage
  • Notify those affected
  • Investigate the cause
    Take steps to further prevent further breaches
33
Q

Are you aware of any case law in regards to data breaches? What are the fines associated with a data breach?

A

Halfords, 2022 – fined £30,000 by the ICO, they sent out 500,000 marketing emails about ‘fix your bike scheme without gaining customer’s consent’.

34
Q

How did you determine any information provided to you was not confidential?

A
  • agent would state if so
  • if information was taken online - it would not be confidential as it is publicly available

Tilly Rees SoE (46 decks)

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