CIBC FirstCaribbean, ScotiaBank Cayman Sign MOU To Use RICS-Registered Valuers

RICS continues to expand its reach throughout the regions it serves, announcing this week a memorandum of understanding (MOU) in the Caribbean with CIBC FirstCaribbean International Bank and Scotiabank Cayman Islands for its “Valuer Registration Program”. Under the terms of the MOU, both FirstCaribbean and Scotiabank have agreed to prefer RICS-registered valuers as its choice […]

By Business Barbados

January 11, 2013

RICS continues to expand its reach throughout the regions it serves, announcing this week a memorandum of understanding (MOU) in the Caribbean with CIBC FirstCaribbean International Bank and Scotiabank Cayman Islands for its “Valuer Registration Program”.

Under the terms of the MOU, both FirstCaribbean and Scotiabank have agreed to prefer RICS-registered valuers as its choice to perform valuation services such as appraisals for the bank.

“I am pleased to support the efforts that RICS continues to make in the region with regard to consolidating and upholding standards in property valuation, according to Chris Docherty, Director of Property Sector, CRMD for CIBC FirstCaribbean.

Docherty went further to add that “the bank needs to be able to rely on good advice from trusted professionals throughout all our jurisdictions, and as such I am pleased to enclose a signed copy of the Memorandum of Agreement between the RICS and CIBC First Caribbean International Bank. We will continue to use RICS qualified professionals where possible, and we welcome the governance of quality that Valuer Registration is designed to provide.”

Scotiabank has been strong in its appeal to work only with approved and regulated professionals in the construction industry. The bank said it recently revised its list of approved Chartered Quantity Surveyors, stipulating that they must be associated with RICS and continue with such membership in order to be maintained on the its list.

“We are encouraged by the oversight aspect that RICS conducts on their members and their requirements for signing off certifications that relate to their field of expertise and accreditation; hence we only endorse their approved professionals,” explained Lewis Chernin, Scotiabank Director of Credit Solutions for the Corporate and Commercial Banking Centre.

At least two other bank MOU’s are currently pending, according to Melissa Salyk, RICS Caribbean Regional Manager.

RICS’ Valuer Registration was launched in the UK and Continental Europe between October 2010 and January 2011, and launched globally last year.

The program was a global response to the recent financial crisis and the demand from governments, business and the public to improve the quality and consistency of valuations, Salyk noted.

“This registration program is vital to the region because it gives quality assurance to end users of our members’ services that a registered valuer signed up for annual review of his/her work and has taken the extra step to be regulated under this program.”

The program is also designed to reduce risk for banks, government, insurers and the public because RICS does the back end reviews of members data input, Salyk further explained.

“We do the reviews of members work and check to make sure the process of the Red Book is followed and that valuations are done in an ethical and technically competent manner. It’s important to membership in order to differentiate themselves from other market practitioners, especially those without the MRICS/FRICS designations.”

“This collaboration represents a big step for RICS and the banks,” said Jim Andrews, Managing Director of Integra Realty Resources’ Caribbean office and senior advising member of RICS.

“It serves as a sign that financial institutions recognize the need for a higher level of understanding of best practices. It goes to show the trust these banks have in RICS standards,” Andrews added.

More broadly, the valuer program is one element of RICS’ ongoing initiative to identify and promote best practice across the Caribbean and every other region it serves.

About RICS

RICS is the world’s leading name when it comes to advancing and regulating global professional standards in land, property and construction.

Attaining RICS status is the recognized mark of property professionalism, especially in a world where people, governments, banks and commercial organizations desire greater certainty of professional standards and ethics.

To date, RICS has over 180,000 members in 146 countries, including the U.S., Canada and the Caribbean. Members rank from students interested in real estate careers to senior level professionals, who have established themselves as preeminent figures throughout the many disciplines within the industry.

Headquartered in London, RICS — which was founded in 1868 and granted Royal Charter in 1881 — is committed to setting and upholding the highest standards of excellence and integrity by providing impartial, authoritative advice on key issues affecting businesses and society. RICS regulates both its individual members and firms, allowing it to provide unparalleled client confidence in the sector.

For more information:

Chad Clinton

Communications Manager, Americas RICS

International Square, 1875 I Street NW, 5th Floor, Washington DC, 2006
T: (202) 775-6937  M(917) 843-6140
E: cclinton@rics.org  W: www.rics.org 

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