Professional Practice Flashcards
What is negligence
In terms of RICS,:
it is a breach of duty or care by an surveyor professional towards their client or third party.
What can result of negligence?
Disciplinary Action
Reputable Damage
Legal Consequences
Financial
What is professional indemnity insurance?
To provide financial cover in the event a client suffers financial loss as a result of a breach of professional duty e.g. neglect, errors or omissions.
What are the requirements of indemnity insurance set by RICS
- cover must be ‘each and every’ claim basis.
- The RICS sets out the minimum levels of indemnity.
- The RICS sets out the maximum levels of uninsured excess.
- Run off cover must be in place for at least 6 years.
- The policy should include cover for past and present employees, directors and partners.
On what basis is PII underwritten in the UK
On a claims made basis
This means the insurance policy that is in place at the time of breach discovery will provide indemnity.
What benefit does it provide for professionals?
From financial loses
If you put together a fee proposal, but a couple of months into the job
you realise that you have under forecasted your resources, would you
go back to the client and ask for more money?
- If project requirements such as the services, scope or value of the project has increased then I would go
back to client and request a fee increase. - If the scope of works had remained the same, this highlights a mistake within our fee bid and the
additional work would need to be carried out without reducing the level of service being offered and
without requesting additional fees from the client.
What is a conflict of Interest
A conflict of interest is where someone in a position of trust
has competing personal or professional
interests making it difficult for them to fulfil their duties impartially.
How could the conflict of interest be managed internally if two separate departments were working for the same client?
I could put in place procedures to ensure exclusivity of staff to avoid cross over of information between the departments.
- Separate communication channels with the client.
- Separate geographical locations and secure office and data storage would also need to be provided.
- Staff could also sign up to confidentiality or non-disclosure agreements.
- I would also need to monitor the potential conflict and keep the client updated on progress.
What is the main legislation around bribery?
Bribery Act 2010
What are the offenses under the bribery act 2010
o Making a bribe.
o Receiving a bribe.
o Bribery of a foreign public official.
o Failure of a corporate entity to prevent bribery on its behalf.
what are the 6 principles of prevention for bribery
- Proportionate Procedures.
- Top Level Commitment.
- Risk Assessments.
- Due Diligence.
- Communication.
- Monitoring & Review
What are some RICS publications that your are aware off
Surveying Safely 2018
Dilapidations in Scotland 2015
Surveyor as expert witness 2nd edition
What RICS articles have you recently read?
Application and appliance of drones
How AI will affect Roles in the built Environment
How are documents categorised in RICS
Exercise currently underway to classify all documents to:
RICS professional standards
RICS Practice Information
