SERVICES FOR VALUATION FIRMS
To effectively manage risk, valuation firms need to maintain effective procedures and protocols for preparing and reporting valuations. These obviously need to comply with any applicable statutory regulations or professional standards. However, simply complying with standards and regulations does not eliminate the risk involved in providing valuations. Steps need to be taken to ensure that relevant risks are considered at each stage of the process and that actions consistent with the service being offered are taken to reduce or even eliminate these. This includes how inspections are made, how data is collected, what information is recorded and the wording of engagement letters, reports and other client communications.
Once a firm has settled on best practice for delivery of its valuation services it also needs to ensure that this is effectively communicated to all members of the team and systems are in place to ensure consistent implementation.
We have helped firms by:
Undertaking a review of existing standard documents and templates used in its valuation process and suggesting improvements.
Running workshops with valuation teams to identify risks in their day to day work and steps to avoid or mitigate them.
Working with the firm’s valuers to design procedures which maximise efficiency while adequately considering and managing risk.
Undertaking audits of completed files to ensure compliance with the firm's policies and procedures.
Providing training on professional requirements
Each firm is different in its structure, resources and the type of work it undertakes. We recognise that there are many ways of complying with standards and managing risk, and something that is appropriate for one firm may not be for another Our aim is to help firms find solutions that work for them and that enable their valuers to be more efficient by making compliance and risk management intrinsic to their work. If these are seen as creating additional work or making the job more difficult then something is wrong.