Andrew Knight from RICS on Thought Leadership, AI , ESG and The Future.
The Royal Institution of Chartered Surveyors (RICS) is a prestigious global professional body shaping the landscape of the built and natural environment since its establishment in 1868. At the heart of RICS is a dedication to upholding industry standards and driving innovation. With a history spanning over a century, RICS has evolved to become a beacon of excellence, offering standards and guidance that set the benchmark for professionals in the field. The institution's rigorous qualification process ensures that chartered surveyors possess the necessary expertise, knowledge, and ethical standards, empowering them to navigate the complexities of the land and property sector.
In a rapidly evolving landscape where industries navigate complex challenges, the role of thought leadership becomes paramount. We recently had the privilege of sitting down with Andrew Knight, a prominent figure at RICS to delve into the intersections of thought leadership, artificial intelligence (AI), environmental, social, and governance (ESG) initiatives, and sustainability. As the world adapts to unprecedented changes, Andrew offers insights into how these domains are shaping the future and what strategies are essential for organisations to thrive in this dynamic environment.
CRYSP: As a leader within RICS, how do you envision the future of the company amidst evolving trends and challenges in the real estate and construction industries? What strategies is RICS implementing to stay relevant and innovative in this dynamic landscape?
Andrew: ‘’In today's landscape, we witness the pervasive influence of data and technology, with artificial intelligence (AI) leading the charge. From an internal perspective, we're keen to leverage this trend, especially with our vast network of 110,000 members worldwide. While AI continues to shape our profession, it's essential to retain the human touch amidst the technological wave. Although there's much rhetoric about AI being a general-purpose technology, its effects remain profound yet imperfect. Our focus is on harnessing AI and technology to augment our capabilities, particularly in automating repetitive tasks and supporting reasoned advice in areas such as valuations and early cost calculations. We recognize the importance of aggregating data and tech resources to navigate a heterogeneous set of assets effectively. While AI can assist significantly, it's crucial for humans to make the final decisions. As AI becomes increasingly accessible, both in personal and professional realms, we anticipate its benefits and value, along with potential pitfalls. It's fascinating to contemplate how tools like ChatGPT may become as commonplace as using ecommerce sites such as Amazon, shaping the future landscape in ways we can only imagine.’’
CRYSP: Thought leadership often involves influencing and guiding industry perspectives. Can you highlight a specific instance where RICS has successfully impacted industry discourse or policymaking through its thought leadership initiatives?
Andrew: ‘’Absolutely, our thought leadership at RICS extends beyond just data and technology; it encompasses a comprehensive view of the built environment from a policy perspective. A significant focus area for us is sustainability within the built environment, considering its substantial contribution to carbon emissions. Through initiatives like our whole-life carbon assessment standard, we emphasise the importance of stakeholders across the sector understanding and addressing carbon emissions throughout the lifecycle of buildings. This involves not only optimising building operations but also making informed design and retrofitting decisions to minimise embodied carbon. Our standard for residential retrofitting further underscore our commitment to sustainability. While data and AI play crucial roles in managing buildings sustainably, it's essential to lead the conversation on solutions to mitigate carbon emissions. By continuing to drive this debate, we aim to ensure that the built environment fulfils its responsibility in combating climate change.’’
CRYSP: Certainly, Andrew, it's clear that RICS will have a significant influence on shaping decisions in the built environment. Given your expertise, can you tell us about your involvement in any specific panels or advisory groups where you contribute to influencing these decisions?
Andrew: ‘’Certainly, while I don't sit on any specific panels, I actively participate in various ad hoc events, engaging with industry professionals and our membership on crucial topics like AI and its impact on the property sector. This week alone, I've had the opportunity to share insights on this subject twice. It's essential for all of us to be proactive in raising awareness and encouraging informed decision-making at all levels of the built environment. Whether it's through discussing energy consumption, carbon emissions, or broader ESG considerations like health, safety, wellbeing and social impact, the goal is to ensure that properties are designed and constructed in a way that maximises positive outcomes. Additionally, we must address legacy properties that may not meet modern standards through the retrofitting process, highlighting the ongoing importance of sustainable practices in new build construction and retrofitting efforts.’’
CRYSP: Andrew, drawing from your experience, could you elaborate on the significant advantages of collaborating with external partners such as Chrisp for compliance management? Additionally, do you foresee any specific ways in which this collaboration could mutually benefit Chrisp?
Andrew: Certainly, one of the key aspects we emphasise through our RICS partner program is the integration of data and technology to support our core objectives, particularly in developing and maintaining standards and ensuring regulatory compliance across jurisdictions. It's not just about adopting technology for the sake of it; rather, it's about leveraging it as a tool to enhance processes and improve compliance. Whether it's embedding our standards, adhering to international or local regulations, or meeting the specific requirements of our members and regulated firms, data and technology play a crucial role in facilitating compliance. Through partnerships like the one with Chrisp, we aim to highlight how technology can streamline compliance efforts, making it easier for our members and member firms to adhere to standards and regulations, ultimately delivering tangible business outcomes. It's about utilising technology effectively to fulfil our commitments and enhance productivity and effectiveness in both professional and personal realms.
CRYSP:As we look forward, what is your vision for the future of RICS, or should we broaden the scope and consider the future of the industry as a whole?
Andrew: Certainly, looking ahead, the future trajectory of both RICS and the broader industry is deeply interconnected, reflecting our shared commitment to adaptability and advancement. Our role at RICS is not only to evolve alongside the industry but also to proactively support its growth and transformation. As we navigate the dynamic landscape shaped by technological innovation, demographic shifts, and sustainability imperatives, it becomes evident that the future will be marked by significant changes. The integration of AI, data and technology stands out as a pivotal force driving these shifts, revolutionising traditional practices and paving the way for a more efficient and sustainable future.
Beyond technological advancements, demographic trends and societal shifts are also influencing the real estate sector. With the rise of hybrid working models and the lasting impacts of the pandemic, the way people utilise and interact with properties is undergoing a profound transformation. These changes necessitate an agile approach, where professionals must anticipate and adapt to evolving needs and preferences.
In the realm of technology, the role of automation and artificial intelligence (AI) cannot be overstated. These tools hold the promise of streamlining routine tasks, enhancing decision-making processes, and improving overall efficiency. However, amidst this technological revolution, it is essential to recognize the enduring value of human expertise. While AI can provide invaluable insights and data-driven recommendations, human judgement remains indispensable, particularly in complex scenarios where nuanced analysis and critical thinking are required.
Moreover, as stewards of the built environment, we bear a collective responsibility to prioritise sustainability and societal well-being. Embracing technology is not merely about efficiency gains but also about fostering environmentally conscious practices and enhancing the quality of life for all stakeholders. By leveraging data and technology responsibly, we can make informed decisions that not only drive business success but also contribute to a more sustainable and equitable future.
Ultimately, as we look ahead, optimism prevails. The real estate profession, like many others, is poised to embrace the opportunities presented by technological advancements while upholding human values and principles. By maintaining a balance between innovation and tradition, we can chart a course towards a future where technology serves as a catalyst for positive change, underpinned by the enduring wisdom and expertise of professionals dedicated to shaping a better world.
CRYSP: In navigating the complexities of the real estate and construction sectors, what are the most pressing challenges RICS is currently facing, and how is the organisation working to overcome them?
Andrew: Absolutely, looking towards the future, it's clear that sustainability and the broader ESG agenda will continue to shape the trajectory of our profession. Our focus extends beyond mere environmental concerns to encompass the social and governance aspects of real estate. As cities around the world experience unprecedented growth and transformation, we must ensure that this urbanisation is managed responsibly and inclusively. One of our key priorities is nurturing the next generation of surveyors to meet the evolving demands of the industry. This involves not only equipping them with the necessary technological skills but also fostering a culture of diversity and inclusion within our profession. By embracing a diverse range of perspectives and backgrounds, we can better serve the diverse communities that rely on our expertise. The challenges posed by urbanisation are particularly acute in regions of the global south, where rapid population growth strains already limited resources and infrastructure. Our members play a crucial role in managing this urbanisation process, not just from a physical perspective but also in addressing the social and economic implications. Issues such as access to affordable housing, property rights, and equitable development require innovative solutions that prioritise the well-being of all residents.
Looking ahead, we anticipate continued population movement, both within and between regions. While recent events like the pandemic may have prompted temporary shifts in migration patterns, the long-term trend towards urbanisation remains unabated. It's essential that we proactively address the challenges and opportunities presented by this urbanisation, leveraging technology and expertise to create sustainable, inclusive, and resilient communities.
Ultimately, our vision for the future of the profession is one where real estate serves as a catalyst for positive social change. By embracing sustainability, fostering diversity, and championing inclusive urban development, we can create a future where cities are vibrant, equitable, and environmentally sustainable for generations to come.
