December 1, 2023

The Red Sea Development Company becomes first Saudi developer to be awarded highest level of certification for risk management

 The company has been awarded ISO31000:2018, the highest level certification in risk management

Riyadh, KSA: The Red Sea Development Company (TRSDC) has been awarded ISO31000:2018 certification, the International Organization for Standardization’s highest available standard in risk management.

TRSDC, the developer behind the world’s most ambitious regenerative tourism project, becomes the first Saudi developer to achieve the certification, following its assessment by the British Standards Institution (BSI), the business standards company that enables organizations to turn standards of best practice into habits of excellence.

The audit was conducted at both the corporate and project level and recognizes TRSDC’s approach to risk management, with the company successfully passing with zero non-conformities.

“We continually strive to set new standards as we develop our flagship project and this certification recognizes our professional, organized and process-driven approach to risk management. Beyond the prestige of achieving this, it confirms to our investors and partners that they can have full confidence in our company and in the exciting project we’re building along the Red Sea coast,” said John Pagano, chief executive officer, TRSDC.

TRSDC’s approach to risk identification, analysis, evaluation and treatment was praised within BSI’s assessment. It also highlighted strong involvement from the top in managing risk and compliance at TRSDC.

Theuns Kotzé, Managing Director BSI IMETA Assurance, said: “BSI has played a leading role in developing a new generation of standards to help organizations become more agile, sustainable and resilient. The adoption and compliance against ISO 31001 standard, demonstrate TRSDC’s ongoing commitment in managing risk across the organization. During our audit, we found that TRSDC was well prepared with robust and agile plans. On behalf of BSI, I would like to congratulate the entire TRSDC team for this fantastic achievement.”

In pursuit of its business objectives, TRSDC has adopted leading risk management practices to ensure confident risk reporting and enable effective decision making and accountability across the business at all levels.

The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the international airport and the first four hotels will open.

Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and around 1,300 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment and leisure facilities.

Last Updated on 3 years by Editor – PK


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