global performance report 2017-18 q3 · rics convened visionary thinkers, global disruptors, ......
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Q3 – Global Performance Report 2017-182
IntroductionReflecting the strategic direction we are taking, and the expectations placed on us, we continue to deliver on our ambitious vision set out by Governing Council: Through our credentials and our professional standards, we will create confidence in markets and be known for effecting positive change in the built and natural environments.
We believe demand for our profession will continue to grow as the forecast pace of global urbanisation builds to 2050, coupled with an increasing and shifting population, climate change and rising pressures on food, water and energy supplies.
Professionals must lead the way in addressing these trends, working to consistent technical standards and upholding the highest standards of ethics. A willing acceptance of and adherence to independent self-regulation and scrutiny distinguishes RICS and the profession around the world.
Our business plan for 2017-20 sets three strategic priorities that will position RICS as a fit, globally relevant and trusted professional body for the 21st century:
• Trusted: the standards to which RICS professionals work are demanded and adopted in the major economies of the world; as a result of market demand for RICS standards and credentials, highly talented individuals choose to qualify and work to our standards, and we remain trusted to set and enforce standards for the profession.
• Influential: RICS is an influential body on issues of global significance and brings about beneficial change in the world.
• Sustainable: the organisation is efficient and financially stable, and the profession and RICS employees are highly engaged, proud and increasingly diverse.
As a body aspiring to create standards of global relevance, our collaboration with like-minded organisations is essential to set a framework of standards that will help us realise our vision to create confidence in markets and effect positive change in the built and natural environments.
Significant milestones in this quarter:
• In our 150th Anniversary Year, the third Summit of the World Built Environment Forum lifted our profile on strategic issues to new levels. The Summit attracted around 1,000 delegates from China to Panama and showcased RICS’ credentials as a global convener of influential figures. Working collaboratively, our profession is unquestionably at the forefront of setting the future direction for the built environment.
• MIPIM 2018 in Cannes saw RICS deepen relationships with global leaders in our world, with a particular focus on the impact of technology on real estate.
• Members of our profession in the field of valuation will now be admitted as members of the Hong Kong Institute of Surveyors (HKIS), a statutory body, through a reciprocal agreement.
This Q3 report is a summary of RICS’ worldwide performance against our objectives and strategic goals in the third quarter of the 2017/2018 financial year (February – April 2018). It is available to all members of the profession, employees and other key stakeholders.
We welcome all comments on this report.
Paul Marcuse Chairman, RICS Management BoardSean Tompkins Chief Executive Officer, RICSe [email protected]
Context To achieve Governing Council’s vision, Management Board established strategic goals for the 2017-20 business plan period.
Strategic goals• Our standards adopted The standards to which RICS professionals
work are demanded and adopted in the major economies of the world.
• Profession in demand As a result of market demand for RICS
standards and credentials, highly talented individuals choose to qualify and work to our standards.
• Trusted by our stakeholders We remain trusted to set and enforce standards
for the profession.
• Influential profession RICS brings about beneficial change in
response to the major challenges the world faces.
• Sustainable professional body The profession and RICS employees are highly
engaged, proud and increasingly diverse. The organisation is efficient and financially stable.
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Key achievements this quarterBuilding trust in valuation The Valuers Registration Board of New Zealand (NZVRB) now recognises RICS qualified valuers.
Members of the profession in the field of valuation will now be admitted as members of the Hong Kong Institute of Surveyors (HKIS), a statutory body.
The Eastern Caribbean Central Bank will include the RICS qualification as a required certification for commercial banking.
BerlinHyp, a major provider of commercial real estate financing services in Germany, has adopted the RICS Red Book for valuations within Germany for international clients and valuations outside of Germany for nearly all clients. CBRE South Asia has confirmed its use of International Valuation Standards and the RICS Red Book. Savills Investment Management has adopted the RICS Conflict of Interest Professional Statement.
RICS published a new global Professional Statement on Conflicts of Interest helping regulated firms test their compliance frameworks to identify, prevent and manage conflicts of interests.
Our Future of Valuations Report considers the impacts on valuers of technology and changing client demands.
International Standards adoption Four major organisations in cities across China have adopted International Construction Measurement Standards (ICMS). The Electric Power Construction/China Electric Council, lntertek Engineering Service, Cheurope International Construction and Zhuhai Bigao Consultant Company will recommend ICMS to their clients and encourage their staff to achieve RICS qualifications and become Chartered.
The Irish Housing Agency has confirmed the use of both ICMS and International Property Measurement Standards (IPMS) coalition standards to inform construction cost analysis and floor measurement.
Influence through insightIn April the RICS World Built Environment Forum reached new heights at Summit London 2018.
RICS convened visionary thinkers, global disruptors, heavyweight investors and city leaders within a single programme focused on the major global trends shaping society and our sector. Together, they told a new, positive story about the future of the built environment and how our industry can help make it a reality.
The Summit generated a wealth of insights and ideas to help shape our standards and professional qualifications.
We continued to demonstrate our market knowledge to key audiences
• Our UK Residential Market Survey once again generated significant media coverage. The Times described the survey as a key indicator of the residential market used by Government, the Bank of England and the IMF. 1,800 members contributed to RICS’ Q1 2018 Global Commercial Property Monitor, representing 36 cities from around the world.
• At MIPIM 2018 in Cannes we deepened relationships with global leaders on investment risk, PropTech and future talent.
RICS insight adopted The World Built Environment Forum has opened doors for RICS to shape others’ thinking
• The World Economic Forum invited RICS to recommend best practice on BIM as part of a report for the global construction industry.
• The Bank of England invited RICS to shape recommendations under the Government’s Green Finance Initiative, aimed at accelerating investment into sustainable assets.
• President John Hughes FRICS met the UK Minister for International Trade to discuss standards, mutual recognition of qualifications, skills and immigration.
Summit London 2018
“altered my perspectives”
“unimprovable”
“intensely innovative”
“probably the best professional event I have attended”
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A sustainable profession • IFMA and RICS have agreed further steps
towards offering a comprehensive catalogue of professional development qualifications in Facilities Management.
• RICS also unveiled its Technology Affiliate Programme at MIPIM, a PropTech portal to help professionals navigate the technological advances impacting the built environment. Featuring nearly 50 affiliate PropTech companies, the programme is open to any business offering data and technology solutions to the property sector, from start-ups to large multi-national organisations.
• Summit London 2018 featured dedicated sessions on how the sector can attract and retain female talent, and on young professionals. Around 100 “Rising Stars” were sponsored to attend the Summit.
“Mankind’s trek towards the city is synchronised with
many other important factors: the climate imperative, technology’s
exponential rise, a globalising economy, a new form of engaged
citizenry and rising populism.”
Professor Greg Clark CBE
“The network has ended up being a
valuable part of the product. It’s a key insight into what’s
happening with electric vehicles but also transportation in
general – everything is becoming networked in a system.”
JB Straubel, Tesla CTO and co-founder
“In the Internet of Things, data security should be at the heart
of design and constantly re-assessed.”
Claire Penny, IBM Watson Internet of Things
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followers on Instagram5,221
people in the global LinkedIn group and 72,180 followers
79,640followers on Twitter87,400
fans on Facebook25,000
subscribers on YouTube4,431
new candidate enrolments at the end of quarter three
5,874 operating deficit at end March 2018. We are in an agreed period of considerable investment in our strategic direction and commercial performance is behind Plan.
£0.9 million
66,000 people have visited The Cities For Our Future competition website
250 competition
entries received
769,000 people saw Summit London social media content
Our key financial health indicators all remain positive.
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81%of service complaints resolved within five days
3,972 of our assessor population now using ARC (over 40% of our existing pool of assessors) – giving us their availability for assessments and carrying out those assessments
new professionals awarded RICS designations at the end of quarter three
3,044 newly qualified professionals are based outside the UK & Ireland, notably Europe (13%), China (11%), East Asia (6%) and South Asia (5%)
50% RICS-qualified professionals worldwide108,501
17,541 candidates (in 116 countries) using our on-line assessment resource (ARC) to prepare for their professional assessments
5,336 counsellors are now using ARCand
11,564 supporting candidates
Confidence through professional standardsRICS promotes and enforces the highest professional qualifications and standards in the valuation, development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to markets and effecting positive change in the built and natural environments.
Americas Asia Pacific EMEALatin America [email protected]
ASEAN [email protected]
Greater China (Shanghai) [email protected]
Oceania [email protected]
Africa [email protected]
Ireland [email protected]
United Kingdom RICS HQ [email protected]
North America [email protected]
Greater China (Hong Kong) [email protected]
Japan [email protected]
South Asia [email protected]
Europe [email protected]
Middle East [email protected]
rics.orgMAY2018/DML/22938/GLOBAL