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MFAA Prosper : Mortgage and Finance Brief 07
Welome to our first issue of what promises to be a very interesting -- and very busy -- 2011. Whether it's banking reforms, the implementation of NCCP, interest rates or exit fees, there's never a dull moment in this sector. However, with so much happening on the periphery, it can be very easy to lose sight of the job at hand; namely attracting new customers, looking after existing ones and writing loans. This year could be a huge success for those of you who are hitting the right mark in everything from your customer service to marketing, your referrals to follow ups. National newspaper reports suggest there's going to be a deluge of customers refinancing, and first-home buyers, attracted by certain lenders using strategies like rental payments as proof of savings. Although it's now February, it's still a pertinent time to assess every aspect of your business and set yourself some realistic goals that you would like to achieve in 2011. Where do you want to be in 12 months time? What would you like to have achieved? Which aspects of your business do you excel in? Which could do with some work -- or a fresh pair of eyes? Select a couple of areas that you could improve, and decide how you and your staff could go achieving what you want to achieve. The business is out there -- whether it's your business or your competitors' is up to you. Martin Wanless, Editor New year, new goals 1. Understanding relevant legislation The best way to protect sensitive data is to start at the very beginning by making sure that you have an understanding of the relevant legislation/regulations to which your business is subject. The Privacy Act, for example, has quite a lot to say about sensitive data and storage protection. The MFAA "All-in-one Guide" is a great place to start. You'll find it in the Members Only, Legal and Compliance area of our website. 2. Identify known content risks The second bit that really ought to be addressed is the content of your sensitive data, in other words have you collected and stored data that you are "forbidden" to store, such as Tax File Numbers, Centrelink references and so on. Government Identifiers are, as a general rule, forbidden to be stored to identify a person. Do you have a CRM or use some other database to store details about your clients that might not be acceptable? Strangely enough, some clients wouldn't like it to be known that they'd lost their driver 's licence and thereby put their employment at risk, which would obviously have an effect on their ability to make repayments. 3. Who stores your data and where is it stored? Obviously it's only on your server, right? Well maybe not. What about that really good employee who works late and takes work home to meet deadlines? Do they have sensitive data stored elsewhere? Or is some of it stored on memory sticks only or in the wrong folder on the hard drive of your laptop, iPad or iPhone, or locally on the receptionist's C: drive? You get the picture! 4. Set rules for creating and storing data Think about the sorts of rules you might have regarding collecting, storing and accessing data. For example, you might come up with a rule that says "no one (including me) may take copies of sensitive data in files off-site". That means you'll have to work out what is "sensitive". You'd also better spell out any sanctions for a breach. My tip is to be prepared to enforce them if you introduce them. Have fun with keeping tabs on your data -- it could lead to all sorts of savings and opportunities. This information does not comprise legal advice, and MFAA accepts no responsibility for it. If you have a compliance question, please contact MFAA on 1300 554 817 or email email@example.com Four easy steps to help protect sensitive data Everything's pointing to 2011 being another very eventful year in the mortgage sector. Let's make it a successful one, too We sometimes hear from members who have issues about collecting or storing sensitive data. Can you guarantee that your data is so secure that it couldn't be misused? Well we'll try to help out with a few suggestions about protecting that data. Words Calvert J. Duffy, Executive Director -- Gover nance & Compliance, MFAA 10 | Mortgage & Finance brief Editor's letter MFAA Compliance Tip
Mortgage and Finance Brief 06
Mortgage and Finance Brief 08