Ethics, Rules Of Conduct And Professional Practice - Level 2 Flashcards
(18 cards)
How do you ensure that you comply with bribery legislation?
To comply with anti-bribery legislation, organizations must implement robust policies, procedures, and risk assessments. These should include clear guidelines on acceptable gifts, reporting suspicious activity, and zero-tolerance for unethical practices
How do you ensure you comply with money laundering regulations?
To comply with money laundering regulations, I must adhere to Customer Due Diligence (CDD) procedures, conduct regular risk assessments, monitor transactions for suspicious activities, and report any red flags to authorities. I also need to undertake comprehensive AML training and keep records.
How do you ensure you comply with your firm’s bribery and gifts policy?
To comply with my firm’s anti-bribery and gift policy, I would familiarize myself with the policy, understand the potential risks, and seek guidance when needed. I would ensure compliance by being aware of the policy’s specific guidelines, understanding the legal requirements, and reporting any suspected violations.
Tell me about an instance of when you have been offered a gift or hospitality by a client?
Never by a client, but I was offered ice hockey tickets by the GC, which I declined as it could be seen as a favorable gesture or a bribe.
Tell me about what you would do if you felt that an instruction was outside your scope of experience or knowledge?
If an instruction from a client is outside my experience or knowledge, I would acknowledge the situation and take proactive steps to ensure the client’s best interests are served.
Tell me about an instance of when you have handled client’s money?
I have reimbursements as part of my fee structure. I document everything and I always maintain clean and detailed records of every transaction, including receipts.
I use a debit card, credit card, or prepaid card instead of cash.
I keep all receipts.
I review each transaction for compliance with Linesight reimbursement process.
How would you keep client’s money securely and safely held?
To securely and safely hold client money in accordance with RICS guidance, I would establish a separate client money account, ensure it’s properly titled, and maintain meticulous records. Regularly reconcile the account, implement strong internal controls, and adhere to anti-money laundering regulations.
Tell me about how you would handle a client complaint?
To handle a client complaint according to RICS procedures, acknowledge it promptly, investigate thoroughly, and offer a clear explanation of the complaint process and any actions taken. If the client remains dissatisfied, escalate the matter to the appropriate RICS channels for independent redress.
Tell me about your understanding of your firm’s process for escalating a complaint to Alternative Dispute Resolution (ADR)?
My firm has an established complaints handling procedure, including an ADR provider. If the initial complaint resolution process doesn’t lead to a satisfactory outcome, I can escalate the complaint to an appropriate manager who will investigate and respond. If the issue persists, the firm must then involve its chosen ADR provider for further review and potential resolution.
Tell me about a conflict of interest check you have carried out?
I identified a potential COI, I disclosed the COI and received informed consent and documented the COI.
If you identified a potential or actual conflict of interest, how could you handle this?
I would handle this by disclosing it, receiving informed consent, documenting all disclosures, consents, and follow-up per my company policy.
Data Center Project, WA - How did you approach preparing fee proposals for professional services?
I would start by understanding the project and the client’s needs, calculating costs and outlining them clearly, and then I would present my proposal with a strong executive summary, scope of work, and realistic timeline.
Data Center Project, WA - Why did you reject the offer of ice hockey tickets?
I rejected it because this could be seen as a favorable gesture or a potential bribe.
Data Center Project, WA - Why did you declare the offer in the gifts and hospitality register even though you rejected the offer?
I wanted to ensure the offer was documented so my company was aware of it.
Retail Project, SF - How did you handle the clients funds with due care?
I acted responsibly and prudently when managing money. This included taking the necessary steps to prevent loss of funds. I also ensured funds were used appropriately.
Due care also involves acting with competence, diligence, and in the best interests of those who entrusted you with the funds.
Retail Project, SF - Does the RICS provide any guidance on handling client money?
Yes, Client Money Handling, 1st Edition.
Retail Project, SF - Why did you reject a clients lunch offer?
I rejected the clients lunch offer as it was over $100 and this would be considered lavish. It was also close to a GC bid negotiation so it was a sensitive time.
Retail Project, SF - With the offer being made to you by the client, why did you feel the need to reject it?
Accepting a very generous meal could create the perception that you are being influenced by the client, even if unintentionally. This can undermine your ability to provide unbiased advice or make decisions solely in the best interest of the client.
