Valuation Assurance Committee

RICS has confirmed the formation of the Valuation Assurance Committee (VAC): a permanent sub-committee of the RICS’ Standards and Regulation Board (SRB), and they will oversee the regulatory quality assurance framework for more than 16,000 RICS Registered Valuers and 2,500 RICS Regulated Firms internationally that offer valuation services.

The VAC will report to SRB on the remit of its role and responsibilities as set out in its Terms of Reference.  Its formation represents one of the main recommendations arising from the Review of Real Estate Investment Valuation (the Review) was commissioned by the RICS Standards and Regulation Board to respond to concerns over the responsiveness of valuations to rapidly changing market dynamics and perceived lack of valuer independence.

The VAC will perform a role that includes:

• Providing oversight of the Registration of RICS Registered Valuers, Valuation Compliance Officers and RICS Regulated Firms that undertake valuation services on an approved list (or lists).
• Providing monitoring, including audit arrangements of RICS Registered Valuers, Valuation Compliance Officers and RICS Regulated Firms that undertake valuation services on the approved list(s), to provide assurance of their compliance with the requirements of the registration scheme.
• Providing advice and insight on valuation to inform recommendations for changes to the regulatory quality assurance framework and process where necessary.
• Liasing with appropriate regulators and stakeholders on valuation-related matters.
• Recommending to the SRB areas or topics for mandatory or recommended CPD for RICS Registered Valuers.
• Publishing valuation assurance-related commentary to RICS Registered Valuers to support the understanding and application of RICS’ standards and assurance on issues such as regulatory risks, ethics, conflicts of interest and governance process.

The VAC will be a permanent Committee and will launch in late summer 2024, following the recruitment of the Chair, followed by the other members of the Committee.