RICS General Information Flashcards
What does RICS stand for?
Royal Institution of Chartered Surveyors
When was the RICS founded?
1868, in London
When did the RICS gain its Royal Charter?
It was granted by the Privy Council in 1881
What is the RICS motto?
“Est Modus in Rebus” which translate to “There is measure in all things”
What is the structure of the RICS?
The Governing Council manage the overall strategy of RICS, underneath are the RICS Board and Standards & Regulations Board (SRB).
How is the RICS regulated?
The RICS is self regulated and internally monitored meaning it not regulated by the Government or any external parties.
Who is the president of RICS?
Ann Gray
Who is the president elect of RICS?
Tina Paillet
Who is the senior vice president of RICS?
Justin Sullivan
Who is the CEO of RICS?
Justin Young
Who is the senior executive officer?
Chris Alder
What is the Levitt Review?
It was an independent review into the RICS governance following a failed Treasury management audit in 2018.
What was the conclusion of the Levitt Review?
It identified an internal power struggle due within the RICS and poor governance principles.
Can you name some of the recommendations of the Levitt Review?
There were 18 recommendations made including:
- The RICS Governing Council are to have more oversight over internal dealings of the RICS.
- The RICS Governing Council are to be briefed by the Management Board as opposed to a single CEO.
- The RICS Governing Council are to oversee executive management bonuses.
- The report calls for greater transparency as the CEO could have involved other board members in order to rectify the Treasury report issues.
What was the Bichard Review?
The Bichard Review is an independent review of the RICS’ purpose, governance and strategy.
Why was the Bichard Review undertaken?
The aim of the Bichard Review was to create a new sense of purpose and direction for the RICS.
What was the outcome of the Bichard Review?
The outcome was 36 recommendations, all of which the RICS agreed to and intend to implement “at pace”.
Can you tell me about some of the recommendations?
- The RICS needs to significantly improve its technology.
- The RICS should reaffirm its commitment to work in the public interest and public advantage.
- RICS should make it clearer how clients can complain or seek redress for inadequate service.
- The Board and Standards and Regulation Board should commission an external evaluation of its performance every three years
- Governing Council should consider the global strategy and a delegation framework to give appropriate freedoms, resources and responsibilities to regional and area boards, whilst maintaining globally consistent standards.
