Commercial Valuation: Do you understand your risk?
Surveying firms can, and should, do a lot more to manage the risks when undertaking valuation work, so to minimise real, potential and unjust PII claims. This event looks at practical solutions to do so.
| Start Date | Venue | Price | |
|---|---|---|---|
| 10 January 2017 | Clyde & Co, London |
Note: All prices are to be paid in GBP and are subject to VAT at the prevailing rate
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Valuation is one of the riskiest services offered by chartered surveyors. Even if you have been fortunate enough to avoid a claim for an allegedly incorrect valuation, many highly reputable firms have not. Even though a claim may be of little merit, the hassle and cost it creates is still a significant drain on a firm’s resources and can still have a negative impact on PII premiums. The increase in claims, following the last downturn in the property market, may have passed but, since the best time to fix your roof is before it starts raining, now is the time to review the lessons learned and the practical steps that you can take to protect your business and reputation.
Most chartered valuation surveyors now have a good working knowledge of the Red Book, but, the main purpose of the standards it contains is to ensure that clients receive the valuations they need. Compliance with the Red Book is an essential first step but more is needed to protect the valuer.
In this seminar, we will examine practical steps that valuers and firms need in order to make sure that you stay within the rules and manage and minimise the risks of valuation work.
Speakers
- Chris Thorne FRICS, Director, Valuology
- Graham Stockey, Principal Surveyor RICS Regulation, RICS
- Tom White, Partner, Clyde & Co LLP
- David Stubbs, Senior Director, BNP Paribas and RICS UK Valuation Board
- Matthew Williams, Associate Partner, EY
Programme
| Monitoring
under RICS Valuer Registration Scheme The operation of scheme. What happens at an inspection? What are common problems discovered at inspection and what are the consequences? Overview of first 5 years and lessons for the future. |
| Managing
Valuation Risks What should a robust quality management system include? Common errors in setting terms, investigations and reporting |
| Legal
update Recent trends in valuation disputes in the courts The standard of care and the court's approach to valuation methodology Limitation of liability and disclaimers Mitigation and contributory negligence issues |
| Insurance
and the perception of valuation risks What underwriters look for from valuers seeking PII cover Activities considered to be higher risk Actions, quality assurance, management practices that can help minimise premiums. |
| Panel Q&A Session |
| RICS
Initiatives: Independent Commission on Valuation Report Cross Industry Valuation Forums Review of Valuation Risk and Insurance Guidance Note Red Book Changes |
| Conflicts
of Interest in Valuation Party Conflicts, Own Interest Conflicts, Other Involvement Conflicts, Implied conflicts Disclosure and confidentiality What does Red Book say? Proposed RICS Professional Statement Examination of scenarios and audience responses Consequences from the courts and from RICS How accountants deal with conflicts |
| Valuation
Uncertainty: Identifying and disclosing material uncertainty Examination of IVSC Guidance Valuing the impact and uncertainty surrounding Brexit |
| Valuations
for Financial Reporting: Auditing fair value – view of FRC and IFIAR What’s new in IFRS? Valuation requirements in UK GAAP What has happened to EUV?. Providing a number is not sufficient anymore |