From inception, the electronic Client record has raised issues of data protection and Client confidentiality. Finance is among the most personal services rendered in our society; yet to deliver this care, scores of people must have access to intimate Client information. Maintaining confidentiality is becoming more difficult. While information technology can improve quality of information by enabling the instant retrieval and access of information through various means, including mobile devices, and the more rapid exchange of financial information from a greater number of people who can contribute, it also can increase the risk of unauthorized use, access and disclosure of confidential Client information.
Financial rules in regulating practice create Client data from confidential information. This information owned by Client, received by the provider, enriched by a professional interpretation, and merged with other data into financial records. In order to receive proper advice, Clients must feel free to reveal personal information. In return, the Finance provider must treat Client information confidential and protect its security.
Confidentiality of Client record is one such challenge Finance professionals are facing. Today's current mechanisms to safeguard Client finance data challenge the collection and storage of large amounts of data, the use of computer networking, the increased number of data users, and the lack of standards to make sure that data is given only to authorized users. Clients have a right to privacy which means being able to keep their personal affairs private and control dissemination of personal information. Clients, however, must balance their right to privacy in exchange for effective Finance and its payment. The success of the computer-based Client record depends in part on Clients' trust that their personal financial information will be kept confidential.
In your financial practice, Clients are unlikely to share sensitive information unless they trust that you will honor their confidentiality. As you know, Clients who trust their financial information will be kept private and secure will be more willing to discuss their symptoms, conditions, and past and present risk behaviors.
Your Clients trust you. Trust is critically important and a key business asset. How your practice handles Client information is an important aspect of this trust. To help cultivate Clients’ trust, you:
1. Make sure Clients can ask access to their financial record;
2. Carefully handle Clients’ finance information to protect their privacy; and
3. Keep the information in Clients’ individual records as correct as possible.
While the Finance organization possesses the finance record, outside access to the information in that record can be controlled by Clients unless indicated otherwise by applicable laws and regulations. In fulfilling the responsibilities, Financespectrum.in is well equipped for:
1. Limit access to Client information to authorized individuals only.
2. Make sure that institutional policies and practices with respect to confidentiality, security and release of information are consistent with regulations and laws.
3. Educate Finance personnel on confidentiality and data security requirements, take steps to make sure all Finance personnel are aware of and understand their responsibilities to keep Client information confidential and secure, and impose sanctions for violations.
4. Implement technical (including, if appropriate, the use of encryption), administrative and physical safeguards to protect financial record files and computerized data against unauthorized use, access and disclosure and make sure data confidentiality, integrity and availability.
5. Conduct periodic data security audits and risk assessments.
6. Develop systems that enable organizations to track (and, if required, report) the use, access and disclosure of finance records.
7. Provide for appropriate disaster recovery.
8. Establish guidelines for masking Client identifiers in committee minutes and other working documents in which the identity is not necessary.
9. Establish policies and rules to give to the Client an accounting of uses and disclosures of the Client’s finance information.
10. Create guidelines for securing necessary permissions for the release of financial information for research, education, utilization review and other purposes.
11. Adopt a specialized process to further protect sensitive information.
12. Identify special situations that need prior consultation with senior management to use or release of information.
13. Obtain written agreements that detail the obligations of confidentiality and security for individuals, third parties and agencies that receive financial records information, unless the circumstances call for an exception.
14. Conduct due diligence on third parties who will receive financial records information, including a review of policies and rules appropriate to the type of information they will possess.
15. Follow all applicable policies and procedures regarding privacy of Client information even if information is in the public domain.
16. Adopt procedures to address Client rights to request amendment of financial records and other rights under the Privacy Rule.
17. Educate Clients about organizational policies on confidentiality and use the notice of privacy practices as required by the Privacy Rule.
18. Review applicable state and federal law related to the specific requirements for breaches involving computer systems. Establish adequate policies and procedures to properly address these events.
19. In the event of a security breach, conduct a timely and thorough investigation and notify Clients promptly (and within the timeframes required under applicable law) if appropriate to mitigate harm in accordance with applicable state or federal law.
20. Establish adequate policies and procedures to mitigate the harm caused by the unauthorized use, access or disclosure of financial information to the extent required by state or federal law.
21. Participate in the public dialogue on confidentiality issues such as employer use of Finance information, public financial reporting, and appropriate uses and disclosures of information in finance information exchanges.