“Although we were under the assumption that processes had been properly and completely arranged, points still emerged that needed to be added in the context of ISAE 3402. Risklane has made several suggestions that could be directly implemented in existing processes, with which the ISAE 3402 statement could still be obtained. The practical approach and the extent to which they can make suggestions by all the companies they supervise have resulted in us being able to add extra value to our processes quickly and easily.”
- Lennard Hoekstra, Partner Valuations
“Through the implementation of ISAE 3402, Spring Real Estate has further professionalised internal procedures, so that valuations are demonstrably carried out by the highest quality requirements. Improvement initiatives identified by the Risklane team during the implementation have been followed up by Spring Real Estate in a pragmatic and adequate manner ”
- Koen van der Aa, Associate Manager Risklane
Summary
Spring Real Estate has grown into a national real estate consultancy organization since its foundation in 2011. Spring Real Estate advises tenants and investors of commercial real estate on transactions and valuations. The services consist of Agency (offices, industrial spaces, retail), Capital Markets (commercial and residential), Management, MidCap Investments, Valuations, Media, and Online Lead Generation. Research and knowledge form the basis of their advice. In the coming years, they will focus on expanding their services to all important economic regions in the Netherlands to provide their clients with optimal advice.
Together with Risklane, Spring Real Estate took up the challenge to implement ISAE 3402 in the organization to identify and minimize risks.
Challenge
Implementing the control framework allows Spring Real Estate the opportunity to demonstrate that they carry out valuations based on the applicable requirements according to the NRVT guidelines. The NRVT guidelines provide a formal framework with rules that cannot be deviated from by registered appraisers. Practical guidelines with practical recommendations were also provided which formed the basis of the implementation.
The biggest challenge was not so much implementing the control framework but making all control actions that were already taken within the organization measurable. In the interviews conducted by the Risklane team, it soon became clear that valuation procedures had already been set up in accordance with the NRVT guidelines but were insufficiently demonstrable. Spring has managed to realize this demonstrability in short term through a targeted implementation plan.
The cooperation between Risklane and Spring Real Estate went well and has led to a professional result: a successful implementation of ISAE 3402. Recently, Conclude Accountants has conducted the ISAE 3402 Type I audit which will be followed by an ISAE 3402 Type II audit in the second half of this year.
Solution & results
The ISAE 3402 implementation gives Spring Real Estate the ability to demonstrate that valuations are carried out in accordance with the NRVT guidelines and that risks within this process are minimized by using an effective and professional control framework.
