HOT TOPICS Flashcards
What are the new RICS PII Requirments for 2022
A change in the maximum unisured excessed
a. For firms with a turnover of £10m+, there is no limit of uninsured excess
b. For firms with a turnover of less than £10m, the maximum uninsured excess is the greater of £10k or 2.5% of the insured sum
What is the RICS Futures Report
In 2015 the futures report was lauched which highlighted key trends such as
- Urbanisation
- Big data
- Climate Crisis
Are you aware of any guidance that applies to RICS Members when using Social Media
RICS Guidance Notes ‘Use of Social Media: Guidance for members’
Explain your understanding of the RICS Black Book updates
Black books provide best practice guidance to QS’
RICS is undertaking a review of some, which have been withdrawn due to contract, legislation and case law changes
Please explain your understanding of the RICS Inclusive Employer Quality Mark
Scheme launched by the RICS to improve D&I
Firms will be assessed against performance in leadership, recruitment, training and development
What are the main benefits of Diversity & Inclusion
It helps to:
Attract skilled professionals from diverse backgrounds
Increases productivity
Reduces staff turnover
Allows employees to feel valued and accepted
What are the RICS doing to improve Diversity & Inclusion
RICS Inclusive Employer Quality Mark has been introduced
D&I board and events
RICS has set up at D&I knowledge hub
What are the pros and cons of hybrid working
Pros
Improved work/life balance
Saving commuting time and cost
Improvement for parents with childcare commitments
Cons
Reduced collaboration
Burnout
What was the Levitt Review
The Levitt Report was commissioned by the RICS following a Treasury Management Audit in 2018
Prior to the audit, the RICS had to extend its overdraft by £3m due to inaccurate cashflow forecasting
Levitt concluded that there was an internal power struggle due to its 2 board structure (Management Board & Executive Board)
Recommendations
The Governing Council are to have more oversight over internal dealings
The Governing Council are to oversee execs bonuses
Greater Transparency
What is the Birchard Review
An independent review commissioned by the RICS Governing Board
It was commissioned following the Levitt Review and aimed to create a new sense of purpose and direction of the RICS
The review advised 36 recommendations. Some are
- Commercial activity will be separated from other RICS activities
- RICS Matrics should give younger members a stronger voice and a young member seat created on the Governing Council
- A D&I and Sustainability Panel will be set up
What is the difference between Professional Standards and Practice Information
Following the Bichard Review, RICS split Professional Guidance into Professional Standards and Practice Information
Professional Standards - Contains Mandatory and Best Practice requirements. Must and Should separate this
Practice Information - Provides guidance and is not mandatory
What is the Latham Report
- A report commissioned by the Government to look at inefficiencies in the construction industry
- The report recommended more use of NEC Contracts and encouraged the production of codes of practice and guidance documents to standardise practices
Please explain your guidelines around the use of the RICS Logo
RICS have guidance for firms use of the logo and personal use
Qualifies members can use it for personal use but it cannot be altered
Are you aware of any key updates to the RICS Leadership Team
Tina Paillet was appointed in Jan 24
She works to advance strategic goals and create positive impact, particularly in the field of sustainability
What is IPMS
International Property Measurement Standards
There was previously standards which targeted sectors
In Jan 2023, IPMS All Buildings was introduced
It’s shorter and more concise
