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Banks should clearly document in collateral policies and procedures the frequency of collateral valuations. The policies and procedures should also provide for the following:
a)
Banks monitor the value of each type of collateral on a defined frequent basis.
b)
More frequent valuations where the market is subject to significant negative changes and/or where there are signs of a significant decline in the value of an individual collateral.
c)
Defined criteria for determining that a significant decline in collateral value has taken place. These will include quantitative thresholds for each type of collateral established, based on the observed empirical data and qualitative bank experience, taking into consideration relevant factors such as market price trends or the opinion of independent valuers.
d)
Revaluation of collateral for restructuring cases should be done only where necessary, and should be done in accordance with the requirements of these rules.
ii.
Banks should have appropriate IT processes and systems in place to flag outdated valuations and to trigger valuation reports.
