RICS to set out action agenda for future of the profession

The Royal Institution of Chartered Surveyors (RICS) is setting out an ambitious action agenda to keep the chartered surveying profession at the heart of the built and natural environment amidst unprecedented change, says RICS Global CEO Sean Tompkins.

The RICS 2020 Futures Report, which will be released in full in the coming weeks, will outline a number of areas the global professional body will focus on to ensure it continues to fulfil its mission to deliver confidence, act in the public interest, and support its professionals.

“For over 150 years, chartered surveyors have helped build our towns and cities, pioneered better environments, and been a force for positive social impact,” Mr Tompkins says.

“However, the skills, ways of thinking and diversity of the profession must evolve to keep up with market needs. We cannot rest on our laurels.

“The pace and scale of change surveyors must adapt to is immense. The whole built and natural environment sector must get to grips with the impact of technological advances, changing occupier and investor requirements, while at the same time becoming more sustainable and diverse.

“RICS plays an important role in leading the development of respected international standards and assuring the conduct of the profession through robust and independent regulation. In order to maintain public trust, we know that - just like the profession - our work to guide and regulate the profession must evolve too.

“That’s why over the last 18 months we’ve been consulting extensively with our professionals, their clients, and stakeholders to ensure we have a clear action agenda to help us respond to change.

“RICS’ strategic response is focused on three key areas – data and technology, talent and skills, and sustainability. Our initial priority is to ensure that our foundational standards appropriately reflect advances in these areas and are fit for purpose for the years ahead.

“Throughout 2020, we will particularly be focusing on reviewing our ethical standards (or code of practice), educational requirements, and valuation standards (commonly known as the Red Book).”

The review of valuation practice will focus on valuation for financial reporting with the aim of ensuring the services provided by RICS regulated professionals remain relevant and trusted in the context of:

• Rapidly evolving investor and occupier demand in relation to environmental sustainability
  
• Increasing involvement of AI in valuation assessment
  
• Changing occupational trends (and their impact on investment worth)
  
• Changing public expectations over the independence of professionals, especially statutory auditors
  

“Understanding investor and occupier demand in response to these major market changes is critical and we must ensure RICS professionals have the full toolkit at their disposal for dealing with these issues,” Mr Tompkins says.

“RICS is already leading the way in the built environment, with our Value the Planet campaign in the UK, highlighting how surveyors are using their unique position as the only professionals involved in the entire life cycle of a development, to make a positive impact."

“Our global Futures work, including these reviews, sit alongside our business-as-usual work to constantly evolve and improve standards in other areas like construction or land measurement, and the leading role RICS is playing to introduce global fire safety standards.

“We know there will be a range of views from our professionals and stakeholders who rely on our standards, so we will be consulting widely to ensure that all viewpoints can be heard.

“Fundamentally, this is about retaining this profession’s status as one of high-quality and trusted custodians of the built and natural environment.”

The full RICS Futures 2020 paper and the consultations outlined above will be available at rics.org/futures in the coming weeks.