We’re a RICS valuer and we’re proud of it. But what, exactly, does that mean for us and therefore for you? It means that the fully independent quality assurance process that companies like us go through to achieve Valuer Registration reinforces the highest professional standards. RICS Valuer Registration provides a seamless risk monitoring and quality assurance programme that checks everything we do against the famous RICS Red Book. Here’s how.
What is the RICS Red Book?
The RICS Red Book lays out international valuation standards to the very highest level. It’s recognised worldwide as containing the very toughest valuation standards to reach and maintain, and it details the practices and processes members must go through as well as the quality standards we have to meet. All this means being a Registered Valuer delivers protection and confidence to our clients every time.
RICS Registered Valuers are trusted worldwide
Because registered valuers are naturally at the top of their game, Valuer Registration gives people like you access to standards that are so valuable they’re recognised and adopted across the western world. And because RICS is trusted by so many people and organisations there’s 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 membership means strict audits
This isn’t one of those professional bodies you can simply pay to join. When valuers like us sign up for RICS we are audited by a crack team of Regulatory Surveyors who make sure we comply with all the necessary professional standards and best practice and have the exact right kind of processes and procedures in place. After the audit, a special report highlights any areas for improvement.
The RICS regulatory board
The RICS Regulatory Board, plus regional sub-boards, define our profession’s regulatory strategy and policies. They also take care of oversees operational delivery, and make sure the 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 world.
Mitigating risk for our clients – The RICS Assurance Programme
Our sector is rife in risks that can cause financial harm to people and businesses. It’s our job to help create a safe marketplace, inspire people’s confidence, and help maintain a good reputation for our profession as a whole. And that taps directly into the RICS assurance programme.
Most of the regulatory work done by RICS feeds into their professional assurance programme, made up of a collection of tough quality monitoring activities designed to assess the performance of RICS professionals and, if necessary, keep them compliant. It’s a constructive process, but if a firm or individual doesn’t comply RICS uses their full disciplinary power to enforce compliance.
To pin down the risks we need to avoid, RICS operates a risk-based programme that uses a combination of data and market insight to target resources where they’re needed most. Reviews are made by specialist reviewers and mandatory returns of information requested. Interviews take place and files and documents examined.
All members of the profession and registered firms are bound by our rules which means they must comply with reasonable requests to review their systems, processes, files and related documentation. The investigations might focus on complaint handling, professional indemnity, internal quality management, procedures around conflict of interest, valuation standards, and keeping client money secure.
Authorised by the Financial Conduct Authority
In the UK RICS is officially a designated professional body, authorised by the Financial Conduct Authority for the supervision of General Insurance Mediation under the Financial Services and Markets Act 2000.
Is it strict? Yes, it is!
RICS is strict, and that’s a great thing for everyone concerned. Make sure the surveyor you choose is a RICS valuer and all will be well.