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Ethics, Rules of Conduct and Professionalism > RICS History and General Knowledge > Flashcards

RICS History and General Knowledge Flashcards

1
Q

When was RICS founded?

A

1868

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2
Q

When was the Royal Charter granted to RICS?

A

The Privy Council granted the Royal Charter In 1881 (by Queen Victoria).

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3
Q

Describe, in general terms, the governance of RICS?

A
  • Self-regulated
  • Internally monitored
  • Regulated by Bye-Laws
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4
Q

What is RICS Matrics?

A
  • Community set up to support new members entering the profession
  • Works with RICS to shape the future of surveying
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5
Q

What is Lionheart?

A
  • Independent charity
  • Run by RICS professionals, for RICS professionals
  • Established over 100 years ago
  • Services include financial and work-related support, legal advice etc.
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6
Q

What is the Royal Charter?

A
  • Granted in 1881
  • Awarded by Queen Victoria
  • Requires RICS to promote the usefulness of the profession for the advantage of the UK public and in other parts of the world
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7
Q

Where are RICS’ international headquarters located?

A

12 George Street, Parliament Square, London

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8
Q

What is the motto of RICS?

A
  • ‘Est Modus in Rebus’
  • Latin
  • ‘There is measure in all things’
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9
Q

What is the role of RICS?

A
  • Advancing the highest ethical and technical standards for professionals in land, property and the built environment 🏆
  • 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.
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10
Q

What is the Standards and Regulation Board (SRB)?

A
  • Responsible for RICS’ regulatory functions including governance, policy and operational oversights in the public interest.
  • Independently led
  • Comprised of non-members (independent) and RICS members
  • Reports to Governing Council
  • Oversees activities of RICS’ professional standards, entry and admission to the profession, education and qualification standards, dispute resolution services and the Regulatory Tribunal.
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11
Q

What is the function of RICS’ Governing Council?

A
  • The governing body of RICS under the Royal Charter
  • Approves RICS strategy, and delivery of that strategy
  • Responsible for approving RICS strategy and vision
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12
Q

Provide an overview of the RICS’ governance structure…

A

(1) Governing Council - Manages and agrees the strategy for RICS.

(2) RICS Board + Standards and Regulation Board (incl. audit, risk assurance and finance committee)

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13
Q

Why was the Levitt Review commissioned?

A
  • Commissioned to Alison Levitt QC.
  • Independent review
  • Into historic treasury management matters and subsequent actions at RICS
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14
Q

What were the key objectives of the Levitt Review?

A
  • To consider the way in which the internal report was commissioned, dealt with and to determine whether there were any shortcomings.
  • Whether any shortcomings represented a failure of governance.
  • To make recommendations for the future.
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15
Q

What were the key conclusions of the Levitt Review?

A
  • Sound governance principles were not followed by RICS.
  • Non-Executive Board member’s concerns were legitimate and they were wrongly dismissed from their roles.
  • Lack of clarity around the roles and responsibilities of the various RICS Boards, senior leadership and management.
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16
Q

What is the Bichard Review and why was it commissioned?

A
  • Lord Michael Bichard was commissioned by the Governing Council in December 2021
  • Followed a recommendation in the Levitt Review that a “wide-ranging examination of purpose, governance and strategy” should be conducted by an external reviewer
  • Replaced ‘Defining our Future’ (strategic review launched by the previous leadership in March 2021)
17
Q

What was the remit of the Bichard Review?

A
  • Clarify the purpose of RICS
  • Make proposals on RICS governing structure
  • Make proposals for incoming leadership and governing body on the future culture and strategy
18
Q

What were the key recommendations from the Bichard Review?

A
  • Renew focus on the public interest remit of RICS, including creating a public interest panel to advise Governing Council.
  • Increased focus on Diversity and Inclusion.
  • A new, simplified, clear, accountable governance structure.
  • Showing greater leadership on the issues that matter most to society such as sustainability and climate change.
  • Undertaking an independent review of RICS’ governance and effectiveness at delivering against its Royal Charter for the public advantage once every five years.
19
Q

What was the methodology used for the Bichard Review?

A

Lord Bichard…

  • Held a series of meetings with hundreds of members & others from the UK and internationally
  • Drew on responses to previous reviews, including Defining our Future
20
Q

What is the Bichard Review’s proposed timeframe?

A

Lord Bichard recommends the reforms are implemented quickly and in three phases:

  • Phase One: Transitioning the Chair of Governing Council’s responsibilities to the President…
  • Phase Two: Creating the new RICS Board…
  • Phase Three: Establishment and population of the five key Committees; the new Professional Group Panels; and World Regional Boards. Elections for the new disciplinary Governing Council seats.
21
Q

What was the endorsement from RICS following the Bichard Review?

A

RICS Governing Council strongly endorsed the recommendations.

  • Now working on the practical implementation.
  • Five working groups being established to progress the recommendations.
22
Q

What is RICS’ mission statement?

A
  1. To qualify and equip its members to offer the highest standards of professional service.
  2. To promote and enforce standards.
  3. To lead solutions to the major challenges facing the built environment through professional expertise.
23
Q

What are the 5 principles of better regulation?

A

“PAACT”

  • Proportionality (making the penalty proportional to the breach)
  • Accountability (to all members and the public)
  • Consistency (treating all members the same)
  • Targeting (serious breaches)
  • Transparency (to all members, clients and the public)
24
Q

What is your RICS member number?

A

127 93 47

Ethics, Rules of Conduct and Professionalism (12 decks)

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