RICS Flashcards
What is the role of RICS?
- Advancing the highest ethical and technical standards for professionals in land, property and the built
environment. - Protecting and providing benefits to consumers by enforcing standards and codes of best practice.
- Providing expert impartial advice to governments, businesses and the public.
- Equipping RICS members with leading edge advice, market insight and professional training.
- Promoting RICS status and standards in key worldwide markets as the mark of property professionalism.
What is the Royal Charter?
- Awarded in 1881 by Queen Victoria
- The Royal Charter requires RICS to promote the usefulness of the profession for the advantage of the UK public and in other parts of the world
Where are RICS’ international headquarters located?
12 Great George Street, Parliament Square, London
What is the motto of RICS
‘Est modus in rebus’ - there is measure in all things
Can you tell me what Lionheart is?
- Lionheart is an independent charity run by RICS professionals, for RICS professionals
- Benevolent fund establish over 100 years ago
- The services include a range from financial support, health and wellbeing packages, free professional counselling, work-related support and legal advice and help if a member or loved one become seriously ill
Why do you want to be a Chartered Surveyor (MRICS)?
- RICS is the largest international property institution in the world. By joining I will get global recognition and will become part of an international professional community.
- I will get elite professional status, guidance, information and support.
- I will be part of promoting best practice in the profession.
What is RICS Martix?
RICS Matrics supports new members entering the profession, as well as working with RICS to shape the future of surveying and grow the size and respect of the profession across industries globally.
What is the role of the Standards and Regulation Board?
- The Standards and Regulation Board has exclusive responsibility for exercising RICS’ regulatory functions, including strategy, governance, structure, policy and operational oversight in the public interest.
- SRBs aims are to operate in the public interest, and develop the technical and ethical competence of the profession and its ability to deliver ethical practice to high standards globally.
- It oversees the activities of RICS’ professional standards, entry and admission to the profession, education and qualification standards, regulatory operations, dispute resolution services and the Regulatory Tribunal.
- The Board is independently led and comprises of non-members (independent) and members of RICS, and reports to Governing Council.
Can you give an overview of RICS’ governance structure?
Under the Royal Charter, RICS governing body is the Governing Council, which is responsible for approving RICS strategy and vision, overseeing the effective delivery of the strategy as well as standards and regulation.
Governing Council is also responsible for approving changes to RICS constitution.
Can you explain your understanding of why the Levitt Review was commissioned?
Alison Levitt QC was commissioned to conduct an independent review into historic treasury management matters and subsequent actions at RICS
What were the key objectives of the Levitt Review?
- To consider the way in which the internal report was commissioned, dealt with and to determine whether there were any shortcomings
- To consider whether any shortcomings represented a failure of governance
- To make recommendations for the future
What were the key conclusions of the Levitt Review?
- Sound governance principles were not followed by RICS
- The review found that the Non-Executive Board member’s concerns were legitimate and they they were wrongly dismissed from their roles
- A lack of clarity around the roles and responsibilities of the various RICS Boards, senior leadership and management
What is the Bichard Review and why was it commissioned?
The Bichard Reciee was commissioned by the Governing Council in December 2021, following a recommendation in the Levitt Review that a “wide-ranging examination of the purpose, governance and strategy” should be conducted by an external reviewer, replacing “Defining our Future”
What was Lord Bichard’s remit?
The review aimed to clarify the purpose of RICS, make proposals on its governing structure, and make proposals for the incoming leadership and governing body in the future culture and strategy of the Institution
What are the key recommendations from the Bichard Review?
The report’s recommendations include:
- A renewed and increased focus on the public interest remit RICS, including amending the Royal Charter and creating a public interest panel to advise the 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.
