Ethics, Assurance and the Future of Valuation & Assessment Professions
Session Description
The valuation and assessment professions impact an estimated 70% of global wealth held in land and property assets, and much of global bank lending secured on these assets, property taxes that are collected, and the standards that RICS valuers work to, play a critical role in supporting markets by creating consistency and transparency. There are structural shifts in investor and occupier demand for real estate – many accelerated by the impacts of COVID-19 – resulting in changing market, public and regulatory expectations of valuers. Professionals have an ethical responsibility to ensure that the public interest is served in not only how property is valued/assessed, but in helping administer the land tenure and property tax regimes that help drive market confidence. Providing assurance is an important aspect of what professions need to do to enhance public confidence in the methodology, risk analysis, independence, objectivity and performance of valuation professionals. RICS is committed to providing the guidance and competency guidelines through its own qualification and assurance approach, but also by collaborating with other valuation professional organizations and standard setters in this space.
Ethics, Assurance and the Future of Valuation & Assessment Professions
Grand Hall I
The valuation and assessment professions impact an estimated 70% of global wealth held in land and property assets, and much of global bank lending secured on these assets, property taxes that are collected, and the standards that RICS valuers work to, play a critical role in supporting markets by creating consistency and transparency. There are structural shifts in investor and occupier demand for real estate – many accelerated by the impacts of COVID-19 – resulting in changing market, public and regulatory expectations of valuers. Professionals have an ethical responsibility to ensure that the public interest is served in not only how property is valued/assessed, but in helping administer the land tenure and property tax regimes that help drive market confidence. Providing assurance is an important aspect of what professions need to do to enhance public confidence in the methodology, risk analysis, independence, objectivity and performance of valuation professionals. RICS is committed to providing the guidance and competency guidelines through its own qualification and assurance approach, but also by collaborating with other valuation professional organizations and standard setters in this space.
