Data Management Level 2 Flashcards
Why is detailed file naming, dating, clients and job location necessary?
- Easy identification
- Prevents duplication of data
- Allows classified information to be known
When would you not need to password protect a file?
- Confidential information
- Information barrier following CoI
- No editing
What was your External inspection app?
TOUR
What is the purpose of the internal inspection app?
Loan security purposes
What are the pros of the app?
- Easy to use
- All information is in one place
- Easily replicated
- Photo feature
- Emails proforma
- Covers all aspects of property
What data does the app collect?
- Construction type
- no. rooms
- specification
- amenity provisions
- room sizes
- solar panels?
- car parking spaces etc
Why is it important to collect this data from the inspections tool?
Helps to provide an opinion of value
Ensures repeat of inspection is done on a like for like basis
How is the proforma saved?
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
Who has access to the inspections folder?
Anyone who is working on that valuation - in the property folder
What is the importance of the data collection with the inspections tool?
helps to inform opinion of value
What were the cons of the app?
- Bug glitches
- Set up for all asset classes so lots of blanks
- Need a charged mobile
What was your second level 2 example?
PBSA Investment Tracker
Where did you gather the evidence from?
- Agents
- Clients
- Online sources
- Email alerts
- Hearsay
How did you validify the results with tracker information?
- Confirmed information with agents
- Always provided the source
Why did you collect in excel format?
- Prolific in excel
- Easy to present data
- Easy to share
- Can be updated and edited easily
Why did you ensure the tracker was updated regularly?
- Validity of data
- Accurate data
- Improved service to clients
ensure our data is reliable
Why did you use Microsoft teams site?
- 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
Why did you need to have authorised access?
- Confidential data
- Only for PBSA valuations/Cap markets
Why did you have automated emails?
To receive most up to date information
How important is it to ensure strict data control?
- 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
How did you stick to UK GDPR with the Investment tracker?
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
how did you ensure the tracker data was valid?
- 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
What was the purpose of the tracker?
Allow us to monitor market dynamics and therefore provide reasoned, well-researched advice
Were you ever asked to distribute the data base further? How would you limit data spills from this?
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.
