Video: Data Controls and Data Management

In this lesson, Nick Palazzolo, CPA, delves into the critical aspects of data controls and data management in a business environment. He outlines a clear roadmap for securely managing confidential data throughout its entire lifecycle—from collection and processing to storage and eventual deletion. Nick emphasizes the importance of collecting only the necessary data to minimize liability and implementing robust controls like encryption, access restrictions, and secure data transfer protocols. Further, he stresses the need for explicit consent and transparency when collecting data, along with setting up stringent data retention and deletion policies to comply with privacy regulations. Through practical examples and engaging explanations, Nick ensures that all bases are covered in creating a secure data management system that upholds both integrity and confidentiality.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Now, let's say you are a reputable business person, which I have to assume that you are, and you want to securely manage confidential data or data subject to privacy regulations. You, as in charge of an organization, have to implement a comprehensive set of controls and data management practices. These should encompass the entire data lifecycle from collection to deletion. With data collection, you know, and again, we've seen a lot of this before, but in what context? That's where we're changing it up here. With data collection, we talked about what's the best way to collect data, but now we're talking about how do you make sure you collect data in a way that considers confidentiality and privacy? Well, you want to collect only the data that is absolutely necessary for the intended purpose. You don't want to collect excess data or data that you just don't need, because then that's just more liability on your end. You may think, oh, well, the more data you have, the more information you have to act on, and that may be true, but you have more of a liability if you lose data. As a review course, we started unnecessarily collecting, and for some reason, you all gave it to us, a lot of your data, such as your personal addresses, the color of your car, your bank account information, right? Again, we don't need that information. We would never collect it from you, but if we started collecting that, even if there was a reason for us to collect it, that's a lot more of a liability, because if we have a data breach, then that's a very much of a big concern. Not that we would have a data breach. We, of course, have implement adequate internal controls

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Confidentiality, Privacy, & Incident Response

Module: 2 Concepts, 20 Videos

Confidentiality and Privacy - Overview

0:52

Introduction to Confidentiality and Privacy

2:24

Fundamentals of Encryption

3:29

Confidentiality vs. Privacy