The Red Sea Development Company (TRSDC) has released its Internal Control Toolkit, a guide to best practice in governance, for other organisations in Saudi Arabia to implement and benefit from, as part of its Corporate Social Responsibility (CSR) effort.

The toolkit offers step-by-step guidance through the governance procedures that can be rolled out from day one of any project or business set up. It is available for download on the company website.

This is the same framework that TRSDC has used and will continue to follow for the management of both The Red Sea Project and AMAALA.

“Regenerative tourism is at the heart of everything we do, and our strong governance principles underpin our entire operations. We are committed to setting a new standard as we deliver world-leading destinations which is why we have developed this toolkit to guide our planning and implementation.

“I am especially proud that we are sharing our knowledge and experience with other organisations to encourage the adoption of high governance standards across the Kingdom,” said John Pagano, CEO of TRSDC.

The company’s approach to governance focuses on four key principles: transparency, fairness, accountability, and responsibility. The Internal Control Toolkit has already been shared with several organisations who have all welcomed the guidance and implemented positive changes to their businesses as a result.

“Our approach to good governance is so much more than simply complying with a set of rules and regulations. It ensures that all functions of an organisation live and breathe the same set of ethical standards and promotes transparency and accountability, so that business goals are monitored and met.

“We hope that by making our Internal Control Toolkit publicly available through this CSR initiative, we help and support other entities on their governance journey thereby improving governance in the Kingdom and achieving one of the cornerstones of Vision 2030,” said Dr Maryam Ficociello, Chief Governance Officer at TRSDC.

TRSDC is committed to international frameworks and reporting structures that go beyond national legal requirements.

This includes developing the toolkit following guidelines provided by the Committee of Sponsoring Organisations of the Treadway Commission (COSO) which sets out a comprehensive methodology for setting up and continuously monitoring internal control to allow organisations to continuously assess and improve their internal control environment.