Podcast
Questions and Answers
What must RICS regulated firms do to comply with bribery and corruption standards?
What must RICS regulated firms do to comply with bribery and corruption standards?
Firms are required to verify clients only with advanced ID checks.
Firms are required to verify clients only with advanced ID checks.
False
Name one key requirement for managing money laundering and terrorist financing risks.
Name one key requirement for managing money laundering and terrorist financing risks.
Evaluate and review the risks to the firm.
RICS professional standards encourage __________ in the workplace.
RICS professional standards encourage __________ in the workplace.
Signup and view all the answers
Match the following parts of RICS professional standards with their correct descriptions:
Match the following parts of RICS professional standards with their correct descriptions:
Signup and view all the answers
What is one of the primary purposes of establishing a Diversity and Inclusion Panel within RICS?
What is one of the primary purposes of establishing a Diversity and Inclusion Panel within RICS?
Signup and view all the answers
RICS published new rules of conduct on February 2, 2022.
RICS published new rules of conduct on February 2, 2022.
Signup and view all the answers
What should RICS members comply with according to the PCD requirements?
What should RICS members comply with according to the PCD requirements?
Signup and view all the answers
The main aim of RICS is to create a sustainable, resilient and __________ environment.
The main aim of RICS is to create a sustainable, resilient and __________ environment.
Signup and view all the answers
Match the following RICS panels with their roles:
Match the following RICS panels with their roles:
Signup and view all the answers
Which of the following is NOT a strategic goal of RICS?
Which of the following is NOT a strategic goal of RICS?
Signup and view all the answers
RICS members must only engage in formal learning to meet their professional development requirements.
RICS members must only engage in formal learning to meet their professional development requirements.
Signup and view all the answers
When was the RICS published material on Rule 4 regarding Diversity, Equity, and Inclusion?
When was the RICS published material on Rule 4 regarding Diversity, Equity, and Inclusion?
Signup and view all the answers
RICS aims to be a __________ professional body that is easy to do business with.
RICS aims to be a __________ professional body that is easy to do business with.
Signup and view all the answers
What is one of the obligations of RICS firms regarding complaints handling?
What is one of the obligations of RICS firms regarding complaints handling?
Signup and view all the answers
Which membership level of the RICS requires five or more years as MRICS?
Which membership level of the RICS requires five or more years as MRICS?
Signup and view all the answers
The RICS has a single governing body that oversees all its operations.
The RICS has a single governing body that oversees all its operations.
Signup and view all the answers
What is the main goal of the Bichard Review?
What is the main goal of the Bichard Review?
Signup and view all the answers
The RICS was founded in the year _____ and received its royal charter in _____ by the Privy Council.
The RICS was founded in the year _____ and received its royal charter in _____ by the Privy Council.
Signup and view all the answers
Match the membership levels of RICS to their definitions:
Match the membership levels of RICS to their definitions:
Signup and view all the answers
Which of the following is NOT a benefit of being an RICS member?
Which of the following is NOT a benefit of being an RICS member?
Signup and view all the answers
The Bichard Review's recommendations included merging commercial activities with the overall governance structure of RICS.
The Bichard Review's recommendations included merging commercial activities with the overall governance structure of RICS.
Signup and view all the answers
Who is the current President of RICS effective from January 1, 2024?
Who is the current President of RICS effective from January 1, 2024?
Signup and view all the answers
Study Notes
RICS Background
- Founded in 1868
- Granted a Royal Charter in 1881
- Governed by the Royal Charter, internal councils, and boards
- Governing Council has over 20 members
- Current Chief Executive is Justin Young
- Current President is Tina Paillet (effective from 1 Jan 2024)
RICS Membership Levels
- FRICS: Fellow - Requires 5+ years as MRICS; a leadership role; professional/technical achievement; academic achievement; or raising the profile of RICS
- MRICS: Member
- AssocRICS: Associate
- Trainee/Student
RICS Role
- Promotes and enforces high professional qualifications and standards in land, real estate, construction and infrastructure development and management
- Maintains high standards of education and training
- Protects consumers through strict professional standards regulation
- Serves as the leading source of information and independent advice on land, property, construction, and associated environmental issues
Benefits of Being a RICS Member
- Status: Professional credentials provide client confidence
- Recognition: RICS promotes professional excellence to governments and markets.
- Market Advantage: RICS status and standards provide competitive advantage
- Knowledge: Access to international practice standards, professional guidance, CPD, and knowledge sharing
- Network: Access to professionals worldwide (over 140,000 members)
Bichard Review
- Independent review commissioned by the RICS Governing Board in December 2021
- Aimed to create a new sense of purpose and direction for the RICS
- Recommended 36 changes that are currently being implemented
- Key recommendations include:
- Separation of commercial activity from other activities within RICS
- Enhanced governance structure for younger members with increased representation on the Governing Council
- Establishment of a Diversity and Inclusion Panel
- Improved technology within RICS
- Establishment of a Public Interest Panel
- Updated governance structure with Public Interest Panel, Sustainability Panel, Commercial Committee, and Audit, Risk, Finance & Assurance Committee
RICS Mission and Vision
- Vision: A natural and built environment that's sustainable, resilient, and inclusive for all
- Mission: Inspire members, advance knowledge, uphold standards
RICS Strategic Goals
- Lead and influence on sustainability
- Attract a diverse next generation
- Strengthen trust in the profession
- Enhance member value and engagement
RICS Values
- Professional
- Collaborative
- Inclusive
- Ambitious
RICS Rules of Conduct (2021)
- Effective from February 2, 2022
- Single set of rules for members and firms
- Provides a simple structure with clear example behaviors for each rule
- Accompanied by 12 supporting case studies
RICS Rules of Conduct (2021) - Key Requirements
- Rule 1: Honesty, integrity, personal obligations, and compliance with RICS obligations
- Rule 2: Professional competence, service provision by competent individuals, and necessary expertise.
- Rule 3: Providing good quality and diligent service.
- Rule 4: Treating others with respect and encouraging diversity and inclusion.
- Rule 5: Acting in the public interest, taking responsibility for actions, and acting to remedy any adverse consequences.
RICS Professional Standard: Countering Bribery, Corruption, Money Laundering, and Terrorist Financing (2019)
- Sets out mandatory requirements for RICS members and firms
- Divided into three parts: Mandatory Requirements, Guidance, and Supplementary Guidance
RICS Professional Standard - Part 1: Mandatory Requirements
-
Bribery & Corruption (B&C)
- Regulated firms must not offer or accept bribes.
- Firms must have procedures in place to comply with anti-bribery laws.
- Firms must report suspicion of bribery to the relevant authorities.
- Firms must act with due diligence, perform periodic written evaluations of B&C risks, and keep records of their compliance.
-
Money Laundering & Terrorist Financing (ML & TF)
- Firms must not facilitate or be complicit in ML or TF.
- Firms must have systems in place to comply with ML/TF laws.
- Firms must report suspicion of ML/TF to the relevant authorities.
- Firms must evaluate and review ML/TF risks, use third-party reliance for checks only when confident in the quality of information provided by the third party.
- Firms must take appropriate measures to understand the client and the purpose of instructions, verify clients with basic ID checks, and retain records demonstrating compliance.
RICS Professional Standard - Part 2: Guidance
- Establish a written policy and appoint senior management to oversee procedures.
- Publish a code of behaviour and provide staff training.
- Encourage transparency in business dealings.
- Set up a gifts register to track items received from clients or other parties.
- Keep up-to-date with relevant legislation.
RICS Professional Standard - Part 3: Supplementary Guidance
-
Risk-based Approach: Consider the "three W's" when evaluating risk.
- WHO You act for
- WHAT You are doing
- WHY You are being asked to do something.
- PEP (Politically Exposed Persons): PEPS are considered higher risk and require enhanced due diligence.
- Beneficial Ownership: Identify beneficial owners of companies (use documents like the Certificate of Incorporation, Annual Return, and information from Companies House).
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Explore the Royal Institution of Chartered Surveyors (RICS), founded in 1868 and governed by a Royal Charter. This quiz covers RICS membership levels, the current leadership, and the organization's role in promoting high professional standards in land and construction. Test your knowledge on the benefits and requirements of RICS membership.
