The Red Sea Development Company wins ISO31000:2018 certification for risk management

ISO Certificate February 2021The Red Sea Development Company has become the first Saudi developer, to be awarded the highest level of certification by the International Organisation for Standardisation

The company has been awarded ISO31000:2018 for risk management, following its assessment by the British Standards Institution (BSI). The audit was conducted at both the corporate and project level, and recognises TRSDC’s approach to risk management, successfully passing with zero non-conformities.

“We continually strive to set new standards as we develop our flagship project and this certification recognises our professional, organised 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 has adopted leading risk management practices to ensure confident risk reporting, and effective decision making, and accountability across the business at all levels. The BSI’s assessment highlighted strong involvement from the top in managing risks and compliance at TRSDC

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

TheunsKotzé, managing director BSI IMETA Assurance, said: “BSI has 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 organisation. 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.”

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.

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