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A message from LIXI CEO
On the 31st of March 2008, LIXI tested, with great success another concept which we are hoping will become a mainstream method for improving the quality and relevance of standards in the industry.
The concept utilises the power of discussion and LIXI’s demonstrated ability to bring together all the necessary parties involved in a particular transaction type [a valuation in this case]. We are calling the concept “advisory forums” and in the case of the valuations industry we called it the Valuation Advisory Forum.
I will take a few lines to outline the purpose and structure of these forums, before we look at what was achieved, and how we can apply this concept to all of the standards that LIXI develops.
The foremost purpose of the forums is the advancement of the LIXI standards. We believe that this can be achieved by increasing the relevance and fit of the standard to the real world transactions that take place on a daily basis and improve the take up of standards by the transacting parties. The second part of the purpose is quite challenging as it involves a number of components to come together; to list a few we could include business cases with attractive propositions, development effort, tight implementation guidelines, consensus from multiple transacting parties and many more.
The structure of the forum has been designed as a means to address as many of the key issues arising from the purpose of the forum, in the most open and accepted way by all the involved parties. As such, we employ an independent facilitator with industry experience, an advisory panel representative of all the types of parties involved [selected by vote by the participants] and of course all the participants.
The role of the participants is to raise issues and concerns that are seen as obstacles in the further adoption and development of the standards. These could range from issues with the standard itself, to implementation and relationships with the transacting parties.
The advisory panel, working together with the facilitator, help distil all raised matters to essential units of work that need to be undertaken by the most appropriate entities. High level timeframes and expected outcomes are also agreed at the forum to promote a structured and timely resolution. All minutes and documentation generated by the forum is then available to all the forum participants and the relevant LIXI Working Group email list. The same notification process will also be followed for subsequent meetings of the forum.
The first Valuations Advisory Forum followed this formula with success based on feedback by all the participants. Valuers, lenders, software development companies, the API, NICTA and LIXI all met and discussed the key issues faced by the industry and distilled a number of activities and timeframes that need to be actioned. A full account of the event was sent to all participants and registered members of the LIXI Valuations WG.
This is a significant step forward for LIXI as it is recognised by specific industry associations as the peak standards development body for the whole industry and the common denominator of a diverse group of entities.
We hope that more advisory forums will be formed to address all the other areas of the lending market. LIXI, as always, is willing and able to facilitate these events as the outcomes will positively impact the fit for purpose and adoption of standards.
If you would like the minutes of the Valuations Advisory Forum email admin@lixi.org.au with your request or join the valuations WG to keep abreast of developments.
Socrates Vasiliadis
LIXI CEO
ceo@lixi.org.au
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