RICS Valuation Standards: Our duty as professionals

Ben Elder FRICS

RICS Global Director of Valuation (RICS)

The Red Book is recognised throughout the industry as the leading standard for valuation. Updating it to incorporate changes to the International Valuation Standards (IVS) ensures that it continues to reflect best practice, not just in the way a valuation is done, but also in the way professionals conduct themselves when undertaking this work.

It is important that technical changes to the Red Book are understood and incorporated by our professionals. This will ensure they comply with IVS and offer their clients confidence that their work is done to the highest standard. To support this, we have published a guide to the key changes, which sits alongside the Red Book.

Our duty as professionals

Adapting to the technical changes is important, but revisiting the Red Book and reflecting on the aspects which define "professionalism", is imperative. In fact, it should be our duty as professionals to ensure this is something we do throughout our careers as the Red Book evolves to meet new needs and challenges.

The International Valuation Standards provide a framework for carrying out valuations, but the RICS Red Book stands for much more than technical competence. It reflects a professional’s commitment to a code of conduct, including managing conflicts of interest to service standards, such as complaints handling procedures, and to customer protection. It is these aspects of the Red Book which, when grouped together, ensure significant added value to the clients we serve and to the industry as a whole.

As you become more familiar with the changes in the Red Book 2017, I encourage you to take the opportunity to review the standard in its entirety, to remind yourself of your obligations as a qualified professional, and to reflect on the enormous value that you offer clients as a result.

A guide to key changes

The accompanying Red Book 2017 (Global Edition) — A guide to key changes & basis of conclusions explains the rationale behind updates in the final version and highlights significant changes to ensure you can quickly identify what you must do differently to remain compliant. Specifically, it addresses the main refinements made in consequence of the responses received to the public consultation. It has been produced purely to assist the reader and does not form part of the standards.

Watch: What's changed? (Updated 28 June)

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