The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project coming up in Saudi Arabia, said it has been awarded ISO31000:2018 certification for its risk management standards.
With this certification, TRSDC has become the first Saudi developer to do so, following its assessment by the British Standards Institution (BSI), the business standards company that enables organisations to turn standards of best practice into habits of excellence, said the Saudi company in a statement.
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, it added.
On the key milestone, CEO John Pagano said: "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," he added.
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, the managing director for BSI IMETA Assurance, said: "We have played a leading role in developing a new generation of standards to help organisations 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 it was was well prepared with robust and agile plans," stated Kotze.
"On behalf of BSI, I would like to congratulate the entire TRSDC team for this fantastic achievement," he added.
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.