RICS in General 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 inside 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 the RICS’ international headquarters located?
12 Great George Street, Parliment Square, London.
What is the motto of RICS?
‘Est modus in rebus’ - There is measure in all things.
What is Lionheart?
- Lionheart is an independent charity run by RICS professionals, for RICS professionals.
- Benevolent fund established 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 becomes seriously ill.
Why do you want to be a Chartered Surveyor?
- RICS is the largest international 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 Matrics?
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.
- 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 Board.
The Board is independently led and comprises of non-members (independent) and members of RICS and reports to the Governing Council.
Can you give me 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 regulations. Governing Council is also responsible for approving changes to RICS’ constitution.
Can you explain your understanding why the Levitt Review was commissioned?
Alison Levitt QC was commissioned to conduct an independent review into historic treasury management matter and subsequent actions at RICS.
When was the Levitt Review published?
11th August 2021.
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 members’ concerns were legitimate and that they were wrongfully dismissed from their roles.
- A lack of clarity around the roles and responsibilities of the various RICS Boards, senior leadership and management.
What was the Bichard Review and why was it commissioned?
The Bichard review was commissioned by the Governing Council in December 2021, following a recommendation in the Levitt Reivew that a ‘wide-ranging examination of 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 on the future culture and strategy of the Institution.
What are the key recommendations from the Bichard Review?
- A renewed and increased focus on the public interest remit of the RICS, including amending the Royal Charter and creating a public interest panel to advise 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 a 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.
- Showing greater leadership on the issues that matter most to society, such as sustainability and climate change.
What does RICS stand for?
Royal Institution of Chartered Surveyors.
