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24 AUG 2018
RICS Valuer Registration (VR) and Firm Regulation, are proactive regulatory schemes which are currently, or will shortly become, mandatory in most of the Asia-Pacific region. We proactively monitor through RICS Regulatory Reviews, which all Registered Valuers and Regulated Firms are subject to.
Unique among credentialing bodies, we promote confidence in our professionals by actively monitoring compliance and providing feedback. We do this because it helps improve existing practices, mitigates risk, and enables high levels of compliance with RICS Standards, including RICS Valuation — Global Standards 2017 (the Red Book).
All valuations performed by RICS professionals or firms must fully comply with the Red Book, unless they are within an exception (Red Book, PS1, paras 1 and 5).
All participants in VR and Firm Regulation are subject to RICS Regulatory Reviews. These reviews are a key tool for us to ensure consistent practice that compliant with RICS standards. Our regulatory reviewers conduct on-site and off-site regulatory reviews of the work conducted by RICS-registered valuers and regulated firms.
RICS Regulatory Reviews include a review of:
RICS Regulatory Reviews are a compliance tool designed to educate and assist RICS professionals and firms in improving their work and complying with RICS standards, including Red Book.
RICS Regulatory Reviews are scheduled using a risk-based approach. Professionals and firms are selected for review based on information available from the market, responses to annual returns, areas of identified market concerns, how long it has been since they were previously reviewed, thematic risks and benchmarking considerations. While a review could be triggered by a specific complaint about a professional or firm, most are not.
If you or your firm is selected for a regulatory review, you will get an email or call alerting you that you have been selected.
You will be contacted to schedule the visit. The visit will start with a pre-interview that will cover questions about general practices and policies. The reviewer will then review a number of valuation files looking specifically at compliance with the requirements of the Red Book. Reviewers use a worksheet that is based on each Red Book requirement. At the end of the visit, the reviewer will provide preliminary feedback regarding what they observed. You will receive a final written report about the review within a month.
The email will include a written questionnaire to be completed and instructions for uploading valuation files to RICS’ secure server. The review of those files will be completed by the reviewer and a final written report provided to you.
If there are areas for improvement identified in the written report, you will be requested to respond regarding plans to bring practices into compliance with RICS standards. The regulatory reviewer may schedule a follow-up review to check progress on reaching compliance with RICS standards.
Our two regulatory reviewers in the Asia Pacific region will continue to contact RICS professionals and firms.
If you have any queries, please contact RICS Regulation