Bichard Review and Levitt Review Flashcards
What was the Levitt Review?
A review published in 2021 which investigated the events that led up to the commissioning of a Treasury Management Audit in 2018.
What are the Bichard Review aims?
To review the Institution’s purpose, governance and strategy
What caused the events leading up to the Levitt review?
In November 2019 four members of the Governing Council were dismissed. this was because they had asked for sight of a report by Auditor BDO into treasury controls in the RICS. the report, once circulated showed the RICS had the lowest possible “no assurance” rating for treasury controls. Essentially the RICS didn;t know what bank accounts it held in which countries and how much money was in them, leaving them open to misuse.
Following new of the dismissals resignations of CEO, COO and other members including president followed and calls for a inquiry resulted in the Levitt review and report.
What were the Bichard Review main recommendations?
36 recommendations including:
- A renewed and increased focus on the public interest remit of RICS, including amending the Royal Charter and creating a public interest panel to advise Governing Council
- Maintaining self-regulation, through greater independence for regulatory functions
- Increased focus on Diversity and Inclusion across the profession and within RICS governance
- Empowering and enabling members through greater support for regional boards, alongside increased member engagement, with renewed focus on younger members
- Undertaking an independent review of RICS’ governance and effectiveness at delivering against its Charter for the public advantage once every five years
- A new simplified, clear, accountable governance structure
- Showing greater leadership on the issues that matter most to society, such as sustainability and climate change
