Related provisions for BIPRU 3.2.11
1 - 9 of 9 items.
(1) The requirements about monitoring of property values referred to in BIPRU 3.4.60 R (4)(b) are as follows:(a) the value of the property must be monitored on a frequent basis and at a minimum once every three years for residential real estate;(b) more frequent monitoring must be carried out where the market is subject to significant changes in conditions;(c) statistical methods may be used to monitor the value of the property and to identify property that needs revaluation;(d)
Market value means the estimated amount for which the property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. The market value must be documented in a transparent and clear manner.[Note: BCD Annex VIII Part 3 point 63]
All material aspects of the rating and estimation processes must be approved by the firm'sgoverning body or a designated committee thereof and senior management. These parties must possess a general understanding of the firm'srating systems and detailed comprehension of its associated management reports.[Note: BCD Annex VII Part 4 point 124]
(1) With regard to the development and use of internal models for capital requirement purposes, a firm must establish policies, procedures, and controls to ensure the integrity of the model and modelling process. These policies, procedures, and controls must include the ones set out in the rest of this paragraph.(2) There must be full integration of the internal model into the overall management information systems of the firm and in the management of the non-trading bookequity
(1) A firm must be able to satisfy the appropriate regulator that the firm's risk management system for managing the risks arising on the transactions covered by the master netting agreement is conceptually sound and implemented with integrity and that, in particular, the minimum qualitative standards in (2) – (11) are met.(2) The internal risk-measurement model used for calculation of potential price volatility for the transactions is closely integrated into the daily risk-management