From 1 May 2018, RICS Property Measurement Professional Statement 2nd Edition becomes mandatory for all RICS professionals and regulated firms. But what does this mean from a regulation perspective and how can you ensure that you or your firm remain compliant?
The aim of this statement is to ensure the highest levels of professionalism and consistency when undertaking property measurements, as well as to ensure the industry is in step with evolving global trends.
As with all our standards, there is an emphasis on transparency to clearly define work.
Property measurements are critically important, and understanding them is equally vital. Accordingly, consistency and transparency ensure that anyone who relies on a professional or firm we regulate knows what standard is being used to perform measurements; and, when performed to the globally recognised IPMS standards, precisely what that measurement means.
Once this standard becomes mandatory, all property measurements by our professionals and regulated firms must comply. If RICS professionals rely on measurements performed by others, reports must be transparent about the source of that work and the standards to which it was performed.
As this is implemented, RICS regulation will focus activities on assisting professionals to comply with the new standard through our ongoing Valuer Registration (VR) reviews.
During our VR reviews, we will look for compliance with the requirements of Part 1, Section 1. Specifically, whether an RICS professional has provided the requisite information about measurements that are being used, including, where applicable:
In the event of a complaint, we will assess conduct based on standards in the professional statement.
Head of Regulation, Asia Pacific
Ilana is an experienced attorney with expertise in professional assurance, compliance, complex investigations, remediation of systemic deficiencies, risk management, litigation, and crisis management.
In the past, she conducted and oversaw internal investigations for two of the largest law enforcement agencies in the United States — the Chicago Police Department and the Los Angeles County Sheriff's Department. She also launched and led Chicago Independent Police Review Authority, a one-of-a-kind civilian-staffed department with broad powers to investigate and impose discipline on police officers; investigate officer-involved shootings; and conduct criminal investigations of police officers to refer for state and federal prosecution.