It is important as part of our requirement as a regulator to carry out risk based monitoring of our members and regulated firms.

We have a range of information to help members and firms understand the process and what to expect

Construction site, reviewing plans

Benefits to firms and members

A single integrated risk-based system for all regulatory reviews:

  • Has the capacity to regulate firms and members across all world regions
  •  Recognises good regulatory practice and limits regulatory intervention for those firms and members who pose low risk
  • Reduces duplication for firms, members and RICS
  •  Reduces the reliance on routine site-based review visits which are replaced with control or risk-based visits
  •  Provides far greater opportunity for supporting compliance through expanding education and promotion of best practice and risk management
  • Is delivered at no greater cost than the existing system for firms and members.

Integrated regulatory reviews

We have changed the way we monitor firms' and members' compliance with our rules and associated standards. The new review process works on the principle that no inspection should take place without a reason.

This improves the efficiency and targeting of our regulatory activities while ensuring that the public and the profession are protected.

Previous review process

We previously operated a number of separate review programmes including:

All regulated firms holding clients' money were subject to a visit, predominantly conducted by RICS staff.

New review process

Now firms and members should not expect a site-based review visit as a matter of course.

The previous review programme meant that firms in more than one scheme might have to prepare for a number of regulatory visits over a short period. The programme did not fully take account of risk and could produce a disproportionate or overly invasive regulatory burden.

We have devised an electronic questionnaire: the desk-based review. It is used to indicate what level of risk a firm or member poses, based on their activities and other associated criteria. The responses a firm or member submits will determine whether a complete regulatory review visit is required. An information sheet on what to expect from a desk-based review is available for download below.

The desk-based review is in addition to the Annual Return process which firms will still need to complete when requested to do so.

Where appropriate, RICS will conduct further enquiries in the form of a telephone review to clarify any information submitted to prevent an unnecessary visit being requested. A visit will be determined primarily using a risk-based approach but regulated firms and members should be aware that a number of routine visits will be undertaken in addition to these.

Benefits to firms and members

A single integrated risk-based system for all regulatory reviews:

  • Has the capacity to regulate firms and members across all world regions
  • Recognises good regulatory practice and limits regulatory intervention for those firms and members who pose low risk
  • Reduces duplication for firms, members and RICS
  • Reduces the reliance on routine site-based review visits which are replaced with control or risk-based visits
  • Provides far greater opportunity for supporting compliance through expanding education and promotion of best practice and risk management
  • Is delivered at no greater cost than the existing system for firms and members.

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