Intro To The Valuation Council FinalPresentation Transcript
An Introduction to RICS Americas and the Valuation Council
RICS (Royal Institution of Chartered Surveyors) is the leading member organization in the world for professionals in property valuation, business valuation, real estate, land, construction and related disciplines.
Membership comprises more than 140,000 individuals.
Members operate in 146 countries.
The RICS designation represents the highest standards of professionalism and conduct through maintaining and promoting the usefulness of the profession for the public advantage.
All Members (includes Students, Trainees and Affiliates) RICS members are all over the world
Oceania (Australia, NZ) 5,710
In 146 countries
… with offices in 40 countries – including new ones to serve growing memberships in South America, India, China, Scandinavia… RICS Offices : London (RICS UK HQ) Brussels (RICS Europe HQ) New York (RICS Amer. HQ) Hong Kong (RICS Asia HQ) Dubai (RICS Middle East/Africa HQ) Sydney (RICS Oceania HQ) Delhi (RICS India HQ) 1 2 3 5 6 4
Snapshot of RICS Americas membership
Membership in the Americas includes more professionals in valuation, real estate, construction and related fields.
RICS Americas members reside in 29 countries; 56% of qualified members are in the U.S.
23% of RICS Americas members practice valuation.
All RICS members living in Americas are represented on local, regional and global boards Global Management Board (Staff & Officers) World Regional Board (7 World Regions: RICS Americas, Europe, Asia, etc.) (Regional and Discipline representatives) 3 National Associations (RICS Canada, RICS Caribbean, RICS USA) 15 Local Chapters (e.g. RICS Southern California, RICS Jamaica)
Professional disciplines are represented by global Professional Groups and Americas Councils Global Management Board RICS Americas Board Global Knowledge & Standards Boards National Associations (e.g. RICS USA) Local Chapters (e.g. RICS Midwest) RICS Valuation Professional Group RICS Americas Valuation Council RICS Americas Specialty Board (e.g., Business Valuation) Global Regulatory Board
Most new members already have at least one professional credential Enrollments as of Nov. 2008- Nov. 2009 22 CCC, CCE Association for the Advancement of Cost Engineering 48 ASA American Society of Appraisers 30 ARA, AFM, RPRA American Society of Farm Managers and Rural 24 AACI Appraisers Appraisal Institute of Canada 99 MAI Appraisal Institute Association Credential Number CCIM Institute CCIM 17 Counselors of Real Estate CRE 19
RICS is well-positioned in the valuation profession
Broad Reach in Valuation
The Valuation Professional Group encompasses members from all valuation disciplines. Their specialties run the gamut from real property and personal property to public sector and business valuation.
Highest Professional Standards
RICS valuation standards are globally regarded as ‘the Gold Standard’ of valuation practice by regulators, international investors and top financial institutions.
United in the Profession
RICS Americas partners with professional groups on initiatives that protect the public interest and the advance valuation profession. It has memos of understandings with ASA and ASFMRA.
RICS distinguishes itself from various valuation organizations RICS has the financial strength and corporate flexibility to make the concept feasible Our partner associations* tend to have the vision and desire to unify the profession RICS has North American and global valuation presence and reputation with governments and international bodies such as the International Accounting Standards Board Our partner associations* tend to have a larger valuation group in the Americas - so existing members can take leadership roles RICS has a platform for expanding on other associations’ disciplines and distributing education programs globally Our partner associations* tend to have excellent education programs RICS has a strong North American and global presence and experience Our partner associations* tend to have a strong US presence and experience *RICS Americas regularly partners with associations including, ASA, ASFMRA, AI, AI Canada, IAAO and IRWA.
Efficiencies of scale and cost
Complementary missions and strengths
Strength of multidisciplinary diversity
Joint interaction with government: a loud voice of united professionals
Joint training: broad & deep knowledge
Joint events: scale to draw best speakers and crowds
ASA + ASFMRA + RICS
MOU signing, August 2008
RICS maintains reciprocity, notably with ASA and ASFMRA
The RICS Americas Valuation Council
Leading the Debate in Valuation Issues
RICS Americas established a Valuation Council to advise governments, corporations and academia on the most important issues facing the valuation community and its users.
The Council integrates all the valuation disciplines, giving valuation professionals a voice to government and the market.
It brings together the diverse RICS membership to listen, consider, decide, speak and respond to valuation issues in the public interest.
The Valuation Council’s Key Objectives
Serve the public and valuation clients through representing and coordinating the valuation disciplines and positioning their roles and services.
Provide leadership and a unified public voice in responding to important valuation issues.
Educate professionals and future professionals in standards and best technical practices, using established accrediting programs and expanding upon academic resources.
Develop and enforce member allegiance to valuation principles and standards through peer review and continuing education.
Provide and develop enhanced strategies for business development and networking opportunities for members.
Advocate collaborative coordination among valuation industry groups.
The launch of the Council was made possible by efforts and contributions of many senior leaders of the profession, including business executives, government officials, past Presidents of prominent professional groups, and leading thinkers.
The Council leadership is comprised of individuals, not representatives of special interests, with broad experience and skills. Every Council leader – like every RICS member - is bound by the RICS Code of Ethics and must serve in the public interest.
Valuation Council Leadership
Valuation Council Interim Leaders: Two representatives from each Discipline Interim Chair: Don Dorchester Interim Vice Chair: Bruce Bingham Valuation Council Real Property Brian Glanville Lee Trice Personal Property Barden Prisant Alan Fausel Plant & Machinery Dick Kaufmann Jeffery Berg Business Mary McCarter Vern Blair Public Sector Elizabeth Stair Paul Wecome Natural Resources John Widdoss Tharrell Ming Standards Board Principles Board
Natural Resources and Business Valuation Boards Valuation Council Natural Resources Board: John Widdoss Tharrell Ming Marty Glen Martin Wild Jim Hodos Business Valuation Board: Mary McCarter Vern Blair Mike Hill Sr. Jay Fishman
Public Sector, Personal Property, and Plant & Equipment Boards Valuation Council Public Sector Board: Elizabeth Stair Paul Welcome Art Clapp Brian Holly Mary Arndt Personal Property Board: Barden Prisant Alan Fausel Larry Phillips Ellen Epstein Mark Bench Plant & Equipment Board: Dick Kaufmann Jeffrey Berg Joseph Neilson Doug Krieser Ray Moran
Real Property Board and Sub-Groups Real Property Board Residential: Lee Trice Karen Mann Cheryl Kunzler Joe Guerry Danny Wiley Commercial: Matt Smith Charles Hardy Rick Donahue Scott Biethan Walter Carpenter Rural: Mike Ming Henry Long Kurt Hardung Justin Bierschwale Specialty: Mark Bates Steve Rushmore Andy Dorchester Tony Correia Steve Gottlieb Interim Chair: Brian Glanville
Principles & Standards Boards Valuation Council Principles Board: Joe Vella, Real Property Greg Gilbert, BV Anne Johnson, Natural Resources Dick Kaufmann, Personal Property Kathryn Gearheard, Public Sector Standards Board: Dave Snook Phil Smith Nardie Vine Richard Marchitelli Carla Glass `
Core Valuation Council Activities
Topic: “What is Fair Value? How Fair Value Accounting and the Appraisal Profession Will Shape the Future.”
With all of the current financial uncertainty in the world, it’s more vital than ever that assets - tangible and intangible – and liabilities are consistently and accurately valued. Heightened attention – by industry and regulators, across all asset categories – presents a tremendous opportunity for the Appraisal profession.
In 2009, the fair value education was presented in Chicago, Dallas, NY, Sacramento, Toronto, Seattle and Oregon. In 2010, the series will continue throughout North America (California in the Spring).
Education A financial reporting event series brings latest thinking to valuers across North America
We are working towards developing a single body of core curriculum for the profession that includes fundamental competencies like client management, presentation, basic accounting as well as ethics modules.
RICS has an international platform from which it offers its own educational courses as well as those of its partner organizations.
We are focused on providing education on multidisciplinary appraisal topics.
We currently outreach to numerous professional associations and leverage their top-quality educational content on business valuation with RICS’ international platform.
Education RICS is establishing joint ventures with other respected valuation organizations to provide education
RICS delivers content from hundreds of associations, universities and individuals around the world; the Council pushes appraisal education
The Council is pursuing global consistency in professional valuation standards.
Critical activities include actively monitoring, assessing and influencing exposure drafts and standards.
The Council creates guidance on valuation principles, standards and best practices as they are considered necessary .
Professional Guidance RICS and the Council maintain and promote the usefulness of the profession for the public advantage
Valuation Council members sit on the Boards of IVSC, the Appraisal Foundation, OSCRE, etc.
RICS Americas works with ASA, ASFMRA and other groups to influence government around transparency, standards and best practices.
RICS offices around the world work with other local governments toward global consistency.
Global Advocacy RICS and the Valuation Council advise government and other bodies on valuation issues
The RICS Americas Principles and Standards Boards are developing a peer review process to be adopted by the valuation profession.
The Boards are creating a peer review program to:
Improve valuation services and valuer education
Better serve the public and clients
More quickly and definitively locate problems in valuations
Respond directly to public policy and regulation issues
Identify issues requiring public and client involvement
Peer Review Peer review is a missing necessity in valuation
Achieve a RICS designation to demonstrate your commitment to the highest valuation standards and to gain access to global contacts and resources.
Participate in one of 18 chapters in the Americas to network, build business and discuss the most important issues facing the profession.
Create, lead or participate in education for valuers and future valuers regarding best practices and standards.
Comment on valuation guidance and standards to serve public interest.
Four ways to get involved in the RICS Americas and the Valuation Council
Get Involved Today!
Visit RICS Americas on the web at: ricsamericas.org