Data Management Flashcards
1
Q
Why is data management important?
A
Data is fundamental to the role of surveyors and many of the services we provide require and depend on data. Therefore managing it correctly and using the correct sources of data is vital for our advise as real estate professionals.
2
Q
What is negligence?
A
a failure to provide services with the standard of skill and care that would be expected from a reasonable body of the professional’s peers.
3
Q
What is the legislation for data?
A
Data Protection Act 2018 – GDPR falls under this.
4
Q
What is GDPR?
A
General Data Protection Regulations
5
Q
What are the 8 individual rights under GDPR?
A
B – Right to be informed
A – Right of access
R – Right to rectification
E – Right to erasure
R – right to restrict processing
O – right to object
D – right to data portability
A – right to automated decision making/profiling
6
Q
What are the 8 principles of the Data Protection Act 2018/UK GDPR?
A
A - Accuracy
D – Data minimisation
A - Accountability
P – Purpose Limitation (+ storage limitation)
T – Transparency, lawfulness & fairness
S – Security – integrity & confidentiality
S – Storage limitation
7
Q
When must data security breaches be reported?
A
Data security breaches must be reported in 72 hours to the ICO (Information Commissioners Office)
Fines of up to 4% of global turnover or 20 million euros (£17.5m) – whichever is higher.
8
Q
- What is the purpose of UK GDPR?
A
- What are three of the eight individual rights under UK GDPR?
9
Q
- Who does UK GDPR apply to?
A
10
Q
- Who is responsible for data management?
A
11
Q
- What other methods of data security other than password encryption are available?
A
12
Q
- What are the response procedures to an FOI request?
A
13
Q
- What is FOI?
A
14
Q
- What is personal data?
A
15
Q
Cloud systems advantages
A
- Easier access
- Better collaboration
- Records more accurate
- Safer
- Cost effective
16
Q
How do you ensure that the data you keep on your files is secure, especially when Savills acting on both tenant and landlord side?
A
Password protected files, lock computer when not there, work in different office/different teams.
17
Q
Can you give me some of the examples of data sources you use to collate comparable/rental information?
A
CoStar, Savills internal data, other agent data, Athena (Savills internal data).
18
Q
How do you verify the rental information?
A
Verify with the agent that undertook the deal.
19
Q
Why would you look to CoStar for comparable evidence?
A
To identify deals that we may not have on our system, but would be sure to verify with the agent before using it as evidence.
20
Q
Are there any instances where you have advised clients to use specific data sharing tools?
A
Box – accessible by all three parties involved. Equivalent to Dropbox. Improve client service, larger documents
21
Q
What can you give the client for a data room?
A
Details of who has accessed it? Analytics behind this. This is how I am using the data for the advice. How long people have been in, what they have downloaded and when.
Use this process to advise my client.
22
Q
What is the Freedom of Information Act 2000?
A
Gives individuals right of access to information held by public bodies.
Public body usually required to provide it within 20 working days in the format requested.
Exemptions – contrary to GDPR requirements
23
Q
What is the Data Protection Act 2018?
A
The act defines UK law on the processing of data on identifiable living people.
24
Q
How can the security of data be improved?
A
Firewalls, passwords, encryption
25
What is an NDA and how do they work?
Non-disclosure agreement.
Legal framework used to protect sensitive and confidential information (e.g. IP)
Breach may include lawsuits, fines, compensation of the value of lost properties.
26
Can you name some data security technologies?
Disk encryption – encrypting data on a secure drive
Regular backups off site
Password protection
Use of anti-virus software
Firewalls
2FA
Secure cloud
27
What technologies to Savills have in place for data security.
We have a firewall/anti-virus software called Mimecast. It scans incoming email traffic and identifies potential threats.
Windows security – protects against viruses, malware and other threats
28
What is malware?
Software specifically designed to disrupt, damage or gain unauthorised access to a computer system
29
What CPD have you undertaken for data management?
Compliance training – included overview on GDPR and how we need to comply with the regulations
30
When Can you process personal data?
You must have a valid lawful basis. There are 6 lawful bases for processing. Article 6 of UK GDPR:
1. Consent
2. Contract
3. Legal obligation
4. Vital interest
5. Public task
6. Legitimate interests
31
What are the regulations for GDPR?
General Data Protection Regulations 2016
EU law transcribed into UK la after Brexit. Supplemented by Data Protection Act 2018
32
What specific steps do you take to ensure compliance when mailshotting
I use our database on Agents Society where all enquiries are tracked and those with details on there have given their consent to be contacted if any future properties meet their requirements.
33
Is there any RICS guidance on Data Management?
There is a Professional Standard being drafted – Data Handling and Prevention of Cybercrime.
34
Who at your company has the overall responsibility for data protection compliance?
Overall responsibility for data protection compliance lies with the Group Legal Director & Company Secretary.
35
company UK monitoring compliance responsibility?
MD
36
What it is important you understand about as an employee?
That I am responsible for ensuring that I understand and comply with the requirements of the policies.
37
How does your firm help you comply?
Through training and testing – online modules.
38
What is a cookie warning?
Cookies track personal data through websites.
39
What sources of data are there?
Primary – collected by myself, inspections, deals done, measurements, photos
Secondary – collected by others. Property portals, articles, firms research etc.
40
Downside of photocopies
Boundary lines easily misinterpreted
41
What advice did you provide on the security of that data? How did you ensure no one should be accessing it that shouldn’t be accessing it?
42
What are some of the consumer principles under GDPR?
A - Accuracy
D – Data minimisation
A - Accountability
P – Purpose Limitation (+ storage limitation)
T – Transparency, lawfulness & fairness
S – Security – integrity & confidentiality
S – Storage limitation
43
You have accidentally sent a spreadsheet with all of your clients details, bank account details, name, addresses etc.
What do you do?
Ask the client you sent it to by accident to delete the file and disregard it and explain it was sent by accident and it included personal information of another client.
Promptly inform those who are affected of the breach
The name and contact details of our data protection officer
Likely consequences of the personal breach
Description of the measured taken to mitigate any adverse effects
If high risk which this is, then you need to report it to the ICO within 72 hours of becoming aware of the breach.
44
What fine would be payable?
Fines of up to 4% of global turnover or 20 million euros (£17.5m) – whichever is higher.
45
In your work what sources of information do you use?
Colleagues
Documents
The internet
Data
Journals
Files
46
How long should files be kept for?
As a minimum files, need to be kept for:
- 5 years from the end of the relationship with a client for Money Laundering Regulations
- 6 years for taxation purposes
- 6 years under the Statute of Limitations for actions in contract or tort
- 12 years for contract made by Deed
- 16 years for latent damage including undiscovered financial loss which might arise, for example, for a valuation for lending
47
Qualitative vs quantitative data?
Qualitative – subjective
Quantitative – numerical factual
48
Why is benchmarking important in RE
Decision making
49
How would software tool assist client in making decision
clearly state turnover information which client could use to make strategic and asset management decisions in a timely manner
50
How did you ensure data system was in line with GDPR principles
- Collected for legitimate specified purposes
- Adequate and necessary for the purpose
- Anonymised no personal data
- Processed in manner that enqures appropriate security
51
How did you verify the data that you collected from Costar?
Who has access to the company shared drive?
- call agents
- shared drive - only employees
52
1. Why is it important to hold accurate data records and prevent loss of data?
- new employees
- affects client decision making
- affects our advice
53
2. How did excel aid your data analysis and how did it highlight missing data?
I was able to quickly determine any differences using simple formula
54
3. How did you protect against loss of data during the migration?
back up on cloud
55
4. How did you ensure the integrity of the data you were collecting?
56
5. Talk me through how you extracted data from Costar and inputted it into your own data systems?
- log in
- take information
- call agents
- log on call sheets
- send to controller of database
57
turnover tool level 3
How was the data presented to your client and why?
on purpose built dashboard - to make visualisation easy
58
turnover tool level 3
How has the data system improved your advice to your client?
- provided accurate and timely information on turnover without having to ask for it from multiple sources in multiple formats
59
turnover tool level 3
How have you ensured the security of your data?
this is password encypted
- only employees and tenants have access and only to their own data - so tenants can;t go into other tenants accounts
60
data cleanse
Why could service charge caps not be inputted into the new system?
due to the layout of our system there was no function to input service charge caps - however there was a manual comments tab where they could be input and I recommended this was input here
61
turnover tool level 3
How did your actions provide better data to your client?
ensured the key information required was input e.g. lease events
62
Can you explain the concept of metadata and its role in organizing and retrieving property data?
Metadata categorizes and organizes data assets, facilitating faster data access. By tagging datasets with relevant information, metadata helps data teams avoid redundancy and ensure data consistency, leading to streamlined operations across the organization.
63
Can you describe a situation where you had to manage large sets of property data? How did you ensure accuracy and consistency?
64
Can you describe a time when you had to manage inconsistent or incomplete property data? What steps did you take to resolve the issue?
65
How have you used data analytics to assist in a commercial property valuation or management decision?
66
How do you ensure that historical data is correctly archived and accessible for future use in property management?
67
Can you provide an example of when you gave advice on data management processes to a client or your firm? How did your advice improve their data handling practices?
68
How have you advised a client or firm on the importance of maintaining accurate property data to support investment decisions?
69
Can you describe a time when you advised a client on data sharing protocols with external stakeholders? How did you ensure that both compliance and operational needs were met?
70
Have you ever had to recommend the implementation of a new data management system for a property portfolio? What factors did you consider in making this recommendation?
71
How would you advise a client on ensuring their data management practices comply with legal obligations and industry standards?
72
Can you provide an example where you helped a client or firm use data to gain competitive insights in a property market or transaction?
73
A client has recently acquired a large commercial property portfolio but has incomplete and disorganized data from the previous owner. How would you help them manage and clean this data for future use?
74
You are tasked with preparing a comprehensive data report on the performance of a property portfolio. How would you structure and present the data to ensure it is actionable and clear for your client?
75
A client wants to improve the energy efficiency of their buildings and asks for data to support decision-making. What types of data would you collect and how would you present it to guide their sustainability strategy?
76
You discover a data breach affecting property management systems that contain sensitive tenant and financial information. How would you manage the situation and what advice would you give the client regarding future data security?
77
client is interested in using machine learning or AI to analyze trends in their property portfolio. What type of data would you need, and how would you ensure the quality and relevance of the data for this purpose?
78
How do you ensure data is stored securely?
2fA
- password encyption
- backup data
79
speak through one example and asked what would happen if someone breached the data room
inancial loss, reputation damage, operational downtime, legal claims
80
What is copyright and how is it protected?
Copyright prevents people from: copying your work. distributing copies of it, whether free of charge or for sale. renting or lending copies of your work. performing, showing or playing your work in public.
81
level 2 - database migration
What personal data was stored in your excel spreadsheet and how was this stored securely?
- Transaction data
- Dates
- Addresses
- Client names
- values
82
Why was it important that data is migrated accurately?
so that data is not incorrect as even a small mistake e.g. wrong rent review date will affect the valuation
83
How did you verify the data that you collected from Costar?
- called agents, followed up in writing
84
What advice did you give to your client regarding the structure of the platform to ensure compliance with GDPR principles?
- Collected for legitimate specified purposes
- Adequate and necessary for the purpose
- Anonymised no personal data
- Processed in manner that enqures appropriate security
85
How would the software tool assist your client in managing their portfolio?
there was a client portal where info could be seen and downloaded
86
Why did you recommend a computer-based database? What are the advantages and disadvantages?
advantages - easier to manipulate info, safer, backed up on cloud
disadvantages - higher cost,
