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

Riyadh, (18 Feb 2021): The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has been awarded ISO31000:2018 certification, the International Organization for Standardization’s highest available standard in risk management.

TRSDC 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, CEO of 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, 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.