What does it mean for a professional body to ‘regulate’ its professionals?
Standards, regulations and their enforcement lie at the heart of RICS.
6 FEB 2019
Eight new firms are now being regulated by RICS, joining the list of firms in the built environment in the Americas that have committed to the standards and professionalism associated with the use of the strapline, 'Regulated by RICS'. RICS as a third party set and regulate standards for construction, real estate, valuation and facility management. Increased third party regulation means more firms are undergoing a program implemented to review and reduce risk for qualified professionals or firms.
"Firm regulation is a program implemented to review basic controls that a firm has in place and reduce risk for an organization. RICS educates the firm about internationally recognized standards and how to follow them," explains Michael Zuriff, Head of Regulation in the Americas. "Though the term regulation is often misunderstood, firms that are 'Regulated by RICS' demonstrate to their clients that they are working not just to high ethical standards, but also to globally recognized best practices."
We provide the support and guidance our firms need to remain in compliance with our standards and maintain a position of trust in the marketplace.
Head of Regulation in the Americas
Firms are using third party regulation to build trust with their clients in the quality of service they provide. Clients can have confidence that when they see the 'Regulated by RICS' logo, firms are committing to embed best practice through professional standards. Through its program of professional assurance, RICS helps identify business systems and process improvements, supports the use of international standards in everyday practice, fosters transparency and helps to identify and manage risks.
"RICS's role, first and foremost, is to work in the public interest, supporting the profession so that the public has confidence in the services provided to them," says Zuriff. "We provide the support and guidance our firms need to remain in compliance with our standards and maintain a position of trust in the marketplace."
To become a regulated firm, 25% of directors or principals must have attained an RICS designation through a rigorous assessment process that considers industry experience and tests professional competency. Applicants must pass an ethics test and be judged by a trained panel to attain the professional qualification of MRICS or FRICS.
Once the director has attained this designation, RICS regulators must be taken through the firm's policies and procedures to ensure a solid understanding of how it operates. Only once these steps have been completed are firms able to use the globally-recognized term 'Regulated by RICS' in their marketing.