Ethics Flashcards
When was the RICS founded?
1868
What does RICS stand for?
Royal Institution of Chartered Surveyors
What is the role of the RICS?
- Advancing ethical and technical standards for professionals in land, property and the built environments
- Protecting and providing benefits to consumers - enforcing standards and codes of best practice
- Providing expert impartial advice to governments, businesses etc
- Equipping RICS members with leading edge advice, market insight, professional training
- Promoting RICS status and standards in key worldwide markets as the mark of property professional
What is the Royal Charter?
- Given by privy council, gives RICS legal responsibility
- Requires RICS to promote usefulness of profession for the advantage of UK public and other parts of the world
- Awarded in 1881 by Queen Victoria
Where are the RICS international headquarters located?
12 Great George, Parliament Square, London
What is the motto of the RICS?
“Est modus in rebus” - there is measure in all things
What is the purpose of the RICS?
- Regulate and uphold standards
- Promote the industry
- Protect RICS businesses and members
- Provide guidance and advice
What is the Mission Statement of the RICS?
- Qualify and equip members to offer highest standards of professional service
- Promote and enforce standards
- Lead solutions to major challenges facing the built environment through professional expertise
What is the vision of the RICS?
- Act with integrity and champion the profession
- To be recognised in key international markets as the leading body that develops and enforces professional standards, giving access to the most sought after professional status
- I do this by (i.e. having integrity as my most important standard, attending career fairs, promoting the profession)
What are the goals of the RICS?
- Encourage younger members into the profession
- Greater global coverage
- Greater data protection
What is Lionheart?
- Independent charity run by RICS professionals, for RICS professionals
- Benevolent fund established over 100 years
- Services include financial support, health and wellbeing packages, free professional counselling, work-related support, legal advice and help if a member or loved one became seriously ill
What is RICS Matrics?
- Supports new members entering profession, working with RICS to shape the future of surveying, grow the size and respect of the profession across industries globally
- CPD sessions
- Aim to provide for every city and nationally
Why do you want to be a Chartered Surveyor (MRICS)?
- RICS is the largest international property institution in the world - global recognition, part of international professional community
- Promoting best practices in profession
- Elite professional status, guidance, information and support
What are the RICS’ 5 principles of better regulation?
- Proportionality
- Accountability
- Consistency
- Targeting
- Transparency
Why are principles of better regulation relevant?
- Proportionality - penalties and actions have to reflect scope and level of work involved
- Accountability - it’s important to take responsibility for our actions and be held accountable where necessary
- Consistency - promote confidence in profession
- Targeting - regulation must reach targeted audience or it won’t have the desired effect
- Transparency - ensure fairness and accountability. Ensure regulations are easily interpretable
How have you used one of the 5 principles in your private life?
- Transparency - I will let people know if my current workload and availability before I can commit to plans with them
What are the benefits of an RICS membership?
- Largest property organisation in the world - global recognition
- Invaluable networking opportunities, guidance, information, support
- Encourage and maintain my learning and development
- Help promote the profession
How does RICS communicate with its members?
- News and insights (website / MODUS magazine)
- Upholding professional standards - issuing professional statements, guidance notes
- Training events
- Products and services, i.e. isurv
(can communicate also via post, fax, email, phone, in person)
Can you describe the RICS logo?
- White lion
- Crown
- Tongue sticking out
- Purple background
Can you give me an overview of RICS’ governance structure?
- Corporate governance structure shaped by Royal Charter, Bye-Laws and Regulation. Combines governance bodies, Executive Team, Presidential Team.
- Self-regulated, internally monitored
- Bye-Laws determine how RICS is regulated
- Governing council manages and agrees RICS strategy
- Regulatory board, audit committee and management board execute strategy set by governing council
What is the role of the Governing Council?
- Highest governing body, sets global strategy, ensures RICS fulfils its Royal Charter obligations
- Strategic oversight on requirements for entry into the profession and the setting and enforcement of professional standards
How is the governing council elected?
Elected by members every 3 years
Who is the RICS president?
Ann Gray (since January 2023)
What is the RICS president promoting?
As per April 2023 update:
- Transformation, recruiting Diversity, Equity & Inclusion (DEI) and Sustainability panel Chairs to lead priority issues as part of new governance structure
- DEI panel chair - Dr Louise Brooke-Smith OBE FRICS (RICS first female president)
- Sustainability chair - Frank Hovorka MRICS
Who is the RICS president elect?
Tina Paillet (since January 2023)
Who is the RICS senior vice president?
To be elected in May 2023
How are the above elected?
By the governing council - vice president moves to president elect then onto president
What are professional groups within the RICS?
How RICS segments various technical specialisms of the profession - 18 groups covering broad spectrum of surveying services
What is the role of professional groups?
- Provide practical guidance
- Provide training
- Undertake research support for professionals
How many professional groups are there and how can you join?
- 18
- Express interest on the website (via email)
- Must pass professional assessment / demonstrate area of expertise
- You can only join a maximum of 3
How can you get involved with the professional groups?
- Join sector insight community (digital insight communities - forums connect professional membership with wider market)
- Participate in a Leaders Forum (forums/roundtables bringing profession and wider market together to discuss key issues that ultimately shape future standards, guidance and technical content)
- Join Working Group (contributors to technical content either through working groups / writing technical guidance)
Can you name 5 of the professional groups?
- Quantity Surveying and Construction
- Project Management
- Building Surveying
- Building Control
- Dispute Resolution
(- Valuation - Planning and development
- Rural etc etc)
How many levels of RICS membership are there?
- Training
- AssocRICS
- MRICS
- FRICS
Why was the Levitt Review commissioned?
- Alison Levitt QC - commissioned to conduct independent review onto historic treasury management matters and subsequent actions at RICS
What were the key objectives of the Levitt Review?
- Consider the way the internal report was commissioned and dealt with, determine whether any shortcomings
- Consider if any shortcomings represented a failure of governance
- Make recommendations for the future
Key conclusions of the Levitt Review?
- Sound governance principles not followed by RICS
- Non-Executive Board members’ concerns legitimate, they were wrongly dismissed from their roles
- Lack of clarity around roles and responsibilities of the various RICS Boards, senior leadership and management
What is the Bichard RICS review and why was it commissioned?
- Commissioned by Governing Council in Dec 2021, following recommendation in Levitt Review that ‘wide-ranging examination of purpose, governance and strategy’ should be conducted by external reviewer, replacing ‘Defining our Future’
What was Lord Bichard’s remit?
- Aimed to clarify purpose of RICS
- Make proposals on governing structure
- Make proposals for incoming leadership and governing body on the future culture and strategy of the institution
What are the key recommendations?
- Renewed + increased focus on public interest remit of RICS, amending Royal Charter and creating public interest panel to advise Governing Council
- Maintain self-regulation, through greater independence for regulatory functions
- Increased focus on D&I across 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
- Independent review of RICS’ governance and effectiveness at delivering against its Charter for the public advantage once every 5 years
- Simplified, clear, accountable governance structure
- Greater leadership on issues that matter most to society, i.e. sustainability and climate change
