To: TEGOVA Members
Ladies, Gentlemen
TEGOVA’s Requirements and Recommendations on the Use of Artificial Intelligence in Valuation
The document is attached. The only difference with the version ratified by the Vienna General Assembly is a title better adapted to the content and some improvements to syntax.
It covers:
- Valuation under the AI Act
- Context
- Relevance of the AI Act for the practicing valuer in the EU
- Valuation beyond the AI Act
- Data collection and processing
- Analysis of market data
- Application of valuation methodologies
- The risks of opacity, bias, lack of accountability and correlated errors
- The formation of professional judgement
- Valuation review
- Automated valuation models
- Environmental awareness
- Ethical Challenges and the Blue Books’ Code of Conduct
- Data governance and confidentiality
- Data integrity and security
- Transparency and client information
- The Blue Books’ Code of Conduct
- AI Literacy
- Status and scope
- Core competences
- Critical judgement and the risk of undue reliance
- Competences that the use of AI makes more important
- Acquisition, maintenance and evidence
- Review
As is stated in the document, “These requirements and recommendations are evolutive and subject to regular review.”
We really think this merits exposure to your members.
With kind regards,
Paulo Barros Trindade REV REV-BV
Chairman
The European Group of Valuers’ Associations
Boulevard Saint-Michel 45
BE-1040 Brussels
Tel: +32 2 503 32 34
www.tegova.org
