Saturday Brain Storming Thought (85) 31/10/2020-By Vr Avinash Kulkarni

Saturday Brain Storming Thought (85) 31/10/2020-By Vr Avinash Kulkarni

Saturday Brain Storming Thought (85) 31/10/2020-By Vr Avinash Kulkarni

Confidentiality in Valuation

It is used to say that what you are telling a someone is a secret and should not be discussed with anyone else

Valuers must not disseminate information provided in confidence by the client, beyond its stated purpose, or without prior informed consent

Accordingly, valuers should carefully consider the level of information that they include within their valuation reports in order to safeguard the confidentially

Data Confidentiality

It refers to protecting information from being accessed by unauthorized parties

In other words, only the people who are authorized to do so can gain access to sensitive data

For example, bank records data

Such a failure of confidentiality, commonly known as a breach, typically cannot be remedied

Confidential Documents

It means any documents containing confidential information, including without limitations

1) confidential documents

2) notes

3) memoranda

4) summaries

5) analysis

6) paper works

7) sketches

8) designs

9) charts

10) specifications

11) prints

12) compilations

13) any other important writings

Confidentiality Principles

1) individual files are locked and secured

2) support workers do not tell other people what is in a clients file unless they have permission from client

3) information about clients is not told to people who do not need to know

4) clients medical details are not discussed without their consent

5) adult clients have the right to keep any information about themselves confidential, which includes that information being kept from family and friends

Policies by Valuers on confidentiality of clients infornation

1) All information provided to us from our clients and their authorized representatives, including hard copies as well as computer media, is held in strictest confidence

2) we routinely sign non-disclosure agreements from our clients upon request

3) we do not outsource any of our activities

4) all information is held either on our premises or at a secure document storage facility

5) we remind our clients that if we are engaged and the valuation is done for legal and/or regulatory purposes, some or all of the information utilized in the valuation report is required to be retained in our work papers as part of our records and may be potentially be subpoenaed if requied by law

6) clients information is always held in the strictest possible confidence

Importance of confidentiality

One of the major purposes for obtaining a clients consent before speaking to a third party (such as another agency or a family member/carer) is to protect the confidentiality and privacy of the client

Confidentiality preserves individual dignity, prevents information misuse, and protects autonomous decision making by the patient

Ways to maintain patient confidentiality

1) create thorough policies and confidentiality agreements

2) provide regular training

3) make sure all information is stored on secure systems

4) no mobile phones

5) think about printing

Drawbacks of Confidentiality

1) it may decrease awareness of products and services

2) possibility of information leaks

3) inventions that are kept secret are not protected by patents

Reasonable Confidentiality

A confidentiality agreement must be reasonable to be enforceable

To determine reasonableness, courts will look at factors such as

1) the interests of the disclosing party in keeping the information secret

2) the period of time the information must be kept secret

3) the burdon on the receiving party

4) the interests of the public

Confidentiality Statement

A confidentiality statement for documents is a legally binding document stating that two parties won’t profit from or share confidential information

Confidentiality disclaimer

It is to state that the message should be read only by the original recipient and that sharing its content is strictly forbidden

The disclaimer is there to protect the sender rather than receipent for situations where the email was inadvertently send to wrong recipient

Losses due to leaking of confidential information

1) huge loss of business revenue

2) hamper company reputation

3) loose future customers

4) disciplinary action against you as per law

Breach of confidentiality

Disciplinary action by the employer of the person who made the disclosure
Legal action claiming damages (compensation) against the person who made the disclosure and/or his or her employer

NHS codes of confidentiality

1) Protect – look after the patients or service user’s information

2) Inform – ensure that individuals are aware of how their importance

3) Provide Choice – allow individuals to decide, where appropriate

4) Improve – always look for better ways to protect, inform

Ways to protect Confidentiality

1) proper labelling

2) insert non-disclosure provisions in employment agreements
3) check out other agreements for confidentiality provisions
4) limit access

5) add a confidentiality policy to the employee handbook

6) exit interview for departing employees

7) consider notifying the new employer

8) review carefully NDAs from third parties

9) watch out for the term

10) keep watch over your visitors

Declaration to be given in every Valuation Report by Valuer

I shall not use or divulge to other clients or any other party any confidential information about the subject company, which has come to my knowledge without proper and specific authority or unless there is a legal or professional right or duty to disclose

Compiled by:-

Vr. Avinash Kulkarni
Chartered Engineer
Govt Regd Valuer
IBBI Regd Valuer

Leave a Reply