CPT Events

Promoting and enhancing best practice and technical expertise

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.

Date Venue Price  
28 September 2017 Howden Group, London    

Note: All prices are subject to VAT at the prevailing rate

Event duration: Day Event (5 hours CPD) (Lunch Included).
Registration from: 09:00. Event starts at: 09:30. Event finishes at: 16:50.

EG 360

EG will have a stand for display which will be available for delegates during the course. Daniel Benton, will also be leading a short session on The Introduction to Valuations360.

Valuations360 is a brand new, secure cloud-based platform that enhances the valuation process, enabling you to:

  • Reduce the cost per valuation by cutting administration time and streamlining valuation report production
  • Improve risk management by implementing a consistent approach to valuations that follows industry best practice
  • Get ahead of the competition by bringing data and report management all into one location and centralising your valuation intelligence

Find out more here

Download and print your full course brochure here

Learning Objectives :

  • The monitoring of Registered Valuers undertaken by RICS and common problems identified.
  • How to identify and better manage financial and reputational risks involved in valuation work.
  • Recent developments in the law around professional negligence
  • The current view of underwriters of professional indemnity risk
  • Recent and emerging changes in RICS professional standards relevant to valuers

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 drain on a firm’s resources and can still have a negative impact on PII premiums.

Complying with the RICS standards is an obvious first step in protecting yourself from claims but it is only part of what needs to be done to manage quality and risk in valuation services.

In this seminar, we examine steps that you need to make in order to stay within the rules, and we also examine practical measures you can take to help minimise the financial and reputational risk that attaches to valuation work.

Speakers

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.

Cyber Security – Jake Holloway
Panel Q&A Session - Morning’s five speakers
Introduction to Valuations 360 

  • A brand new, secure cloud-based platform that enhances the valuation process.
Valuation Standards Update 

  • Red book Commentary
  • Global standards valuers must embrace
  • Independent Commission Valuation Report
  • Review of Valuation Risk and Insurance Guidance Notes
Conflicts of Interest in Valuation 

  • New RICS Professional Statement
  • Party Conflicts, Own Interest Conflicts, Other Involvement Conflicts, Implied conflicts
  • Disclosure and confidentiality
  • What does Red Book say?
  • Examination of scenarios and audience responses
  • Consequences from the courts and from RICS
Valuation Uncertainty 

  • Understanding the issue– when do valuers need to make a specific disclosure??
  • Recent changes to guidance and their implications?