 She is a Regent of the Royal College of Surgeons of Edinburgh.In 2002 she was elected a Fellow of the Royal Society of Edinburgh (FRSE), and a Fellow of the Royal Society of Arts (FRSA) in 2004.Rice was appointed a Commander of the Order of the British Empire (CBE) for services to banking in the 2005 New Year Honours and elevated to Dame Commander of the Order of the British Empire in the 2018 New Year Honours.