A new Project Monitoring Guidance Note expected to become a major tool for funding and development agreements, was launched at RICS Briefing 2007 today (12 April).

Project monitoring is a service that involves assessing and advising on the exposure of clients to risks, and how best to mitigate those risks.

It is now a core component of many development projects involving a third party client, such as banks and other funders, and tenants and purchasers.

Author Joe Giordano said:

"Project Monitoring is an added value service that provides third party clients with timely, independent and professional advice. 

"This enables them to proceed with development projects confident of a successful outcome".

Author Michael Griffiths added:

"Although primarily used in the private sector we can see increasing opportunities to apply these principles to improve performance in the public sector."

RICS spokesperson Richard Aitchison said:

"Chartered Building Surveyors and Quantity Surveyors have all the skills needed for project monitoring.

"The Guidance note will provide a standard framework for Chartered Surveyors and their clients, who practice in this important and growing area."

For the full press release please see the Downloads panel.

The full RICS range of Guidance notes: www.rics.org/guidance.