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What is this week's blog about?
In this week’s blog, we look at three key RICS updates for the Spring 2021 RICS APC and AssocRICS assessments.
These are:
RICS independent review of real estate investment valuations – candidates undertaking the Valuation competency should be aware of this;
RICS Covid-19 Recovery Business Plan 2020-2021 – all candidates should be aware of this in relation to the Business Planning and Ethics, Rules of Conduct and Professionalism competencies;
Changes to RICS governance structure – all candidates should be aware of this in relation to the Ethics, Rules of Conduct and Professionalism competency.
This is essential reading for all RICS APC and AssocRICS candidates, irrespective of region, route or pathway.
What is the RICS independent review of real estate investment valuations?
The RICS have launched their independent review of real estate investment valuations. This is in response to ‘structural shifts in investor and occupier demand for real estate – many accelerated by the impacts of COVID-19 – resulting in changing market, public and regulatory expectations of valuers’.
Further details of the review are available on the RICS website.
The review is being led by Peter Pereira Gray and the RICS Standards and Regulation Board, with the support of an expert advisory group and consultation of representatives from various sectors and global markets.
It will look at the way that assets are valued for investment purposes, specifically considering:
Valuation methodology;
Property risk analysis, also known as the ‘forward look’;
Independence and objectivity;
Measuring market confidence in RICS valuer performance.
Feedback on the Call for Evidence is invited by 31 March 2021. This will form part of the evidence reviewed by the expert advisory group, who will publish their findings by September 2021.
What is the RICS Covid-19 Recovery Business Plan 2020-2021?
In response to the Covid-19 pandemic, RICS have published their Recovery Business Plan 2020-2021: A global professional body fit for the 21st century shaping the built and natural environments.
This updates the former RICS Business Plan 2018-2021 and can be downloaded via the RICS website.
The business plan sets out the strategic direction and objectives of RICS and how these will be delivered in the context of a dynamically changing and extremely challenging geopolitical and economic climate.
The RICS set out their 3-year position, with a particular focus on the next 12 months. The aim is to create a ‘new, more resilient RICS, fit for the future and capable of responding rapidly to ongoing and significant socio-economic changes and trends that impact our profession’.
The key priorities of RICS over the next 12 months are:
To be an influential thought leader, trusted by key stakeholders;
To be a sustainable 21st century professional body;
To enhance RICS’ Environmental, Social and Governance (ESG) programme;
To grow a high-performance culture.
RICS also set out how they will measure success, with specific recovery plan targets set for 2020/2021, together with strategic risks.
What changes have been made to RICS governance structure?
2020 saw changes to the structure of governance at RICS. The aim of the changes were to streamline governance and promote public trust in the procession, through ‘introducing more diverse and global expertise, alongside increased independent-led oversight of our standards and their enforcement’.
The key changes to governance are:
A new Governing Council were elected, with professionals from 12 global regions and 6 strategic areas of the profession. The current (interim) chair is Chris Brooke FRICS;
A new Standards and Regulation Board was established, with the chair and majority of members being independent from the profession. The role of the Board is to ‘provide assurance across all RICS standards and how they are enforced globally’.
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Stay tuned for our next blog post to help build a better you.
N.b. Nothing in this article constitutes legal, professional or financial advice.