We are an RICS valuer, and we are proud of it. But what does this mean for us and you as the client? It means that the quality assurance processes that companies like us go through to achieve Valuer Registration strengthens our high professional standards. RICS Valuer Registration provides a seamless risk monitoring and quality assurance programme that verifies everything we do against the RICS Red Book. Here’s how.
What is the RICS Red Book?
The RICS Red Book provides the international valuation standards, ensuring that all registered valuers complete their work to the very highest level. It is widely recognised worldwide and contains the toughest valuation standards to reach and maintain, detailing all the practices and processes members must go through as well as the quality standards that must be met. By meeting these standards, a Registered Valuer is guaranteed to deliver protection and confidence to all their clients every time.
RICS Registered Valuers are Trusted Worldwide
Because registered valuers are naturally at the top of their game, Valuer Registration gives clients like you access to standards that are so valuable, they are recognised and adopted across the world. And because RICS is trusted by so many people and organizations, there is a strong demand for our services from people like mortgage lenders as well as investors. They trust us to get the price right first time, every time.
RICS Memberships Means Strict Audits
RICS is not one of those professional bodies you can just pay to join. When valuers like us sign up for RICS, we are audited by a team of Regulatory Surveyors who make sure that we comply with all the necessary professional standards and best practice, as well as having the exact kind of processes and procedures in place. After the audit is completed, a special report highlights any areas for improvement.
The RICS Regulatory Board
The RICS Regulatory Board and regional sub-boards define our profession’s regulatory strategy and policies. They also take care of oversees operational delivery, and make sure things we do are always in the public interest. The board and sub-boards are made up of independent members and RICS professionals from across the globe.
Mitigating Risks for our Clients – The RICS Assurance Programme
Surprisingly, our sector is rife in risks that can cause financial detriment to people and businesses. It is our duty to help create a safe marketplace, inspire people’s confidence, and help to maintain a good reputation for our profession as a whole. This commitment directly taps into the RICS assurance programme.
Most of the regulatory work conducted by the RICS feeds into their professional assurance programme, consisting of a collection of tough quality measures which are designed to assess the performance of RICS professionals and, if necessary, keep them compliant. It is a constructive process, so if a firm or individual does not comply, the RICS will use their full disciplinary power to enforce compliance.
To pin down the risks we need to avoid, the RICS runs a risk-based programme that combines a mixture of data and market insights to target resources where they are needed most. Reviews are made by specialists and mandatory returns of information are requested. Interviews take place and files, and documents are examined.
All members of the profession and registered firms are bound by the rules, which means that they must comply with reasonable requests to review their systems, processes, files and related documentation. The investigations may focus on complaint handling, professional insurance, internal quality management, procedures around conflict of interest, valuation standards and keeping client money secure.
Authorised by the Financial Conduct Authority (FCA)
In the UK, the RICS is officially a designated professional body, authorised by the FCA for the supervision of General Insurance Mediation under the Financial Services and Markets Act 2000. This means that we are responsible for conducting adequate risk management systems and controls to ensure we are compliant with the latest legislations and rules set by the RICS.
Is it Strict? Yes, it is!
The RICS is strict however, this is a great thing for all parties involved. When you are looking for a surveyor, make sure you choose an RICS Valuer to ensure security and confidence in the service you will receive.
Do you need a property valuation? Why not give our friendly team a call on 01332 292835 or email valuations@bbandj.co.uk and they will be happy to help.
