All CEIV credential holders will be required to submit to an annual, proactive engagement-level Quality Monitoring Program. The goal of the Quality Monitoring Program is to provide confidence to markets and regulators that CEIV credential holders are performing high quality valuations in compliance with the Mandatory Performance Framework.
What should be reviewed and how often?
Quality Monitoring will encompass a combination of reviews of credential maintenance requirements and reviews of work performed, as well as reviews of complaints received (anonymously or otherwise). Reviews will be structured to gather and evaluate evidence needed to demonstrate core areas of the Mandatory Performance Framework
are being followed. The right to investigate a credential holder is also be encompassed in the quality control process in the case of complaints or a damaging story in the public domain.
Each CEIV credential holder will undergo an initial quality control review no sooner than nine months after obtaining the credential unless a complaint against the credential holder requires an investigative review. Thereafter, following the initial quality control review, an annual risk-based approach will be implemented.
In the risk-based approach, the CEIV credential holder will complete an annual risk assessment which will receive a confidential risk score. The results of the risk-based return will determine the level of ongoing quality control review required for the individual, if any. To confirm the effectiveness of the risk-based approach, there will also be a randomly selected control sample from the rest of the CEIV credential population in order to verify that the risk-based approach is a balanced approach.
Outputs from a Review or Investigation
If a review identifies one or more significant deficiencies, a Review & Disciplinary Panel will review the file and ask for representations from the CEIV credential holder under review for any information regarding aggravating or mitigating circumstances. The Review & Disciplinary Panel will decide what, if any, sanctions should be put in place. All individuals will have the right of appeal to a different panel.
The primary goal of the quality monitoring structure is initially to work with CEIV credential holders to help them incorporate the appropriate level of skill (through education and compliance with the new Mandatory Performance Framework) which, in turn, should raise quality and improve fair value reporting.
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