Internal Control Toolkit

A best practice approach towards governance

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Governance High Standards

At The Red Sea Development Company, our ambition is to preserve and enhance the natural environment as we deliver on our commitment to become the world’s most ambitious regenerative tourism project. To continually do this to the highest standards, we have established a strong set of governance principles.

Ahead of welcoming our first guests to the destination by end of 2022, we have embedded a holistic approach to structural governance into the business at every stage, from construction through to hospitality partner management. We are not just complying with local legal and regulatory framework requirements, we are setting our sights higher, and plan to exceed these by adopting global leading governance practices.

We have committed to international frameworks and reporting structures that go beyond legal requirements to guarantee that we are developing sustainably and in accordance with our core principles: accountability, transparency, fairness and responsibility.

Support good governance across the Kingdom of Saudi Arabia

Enable agile deployment of best practice internal controls

Provide guidance on the implementation and phasing of internal controls

Our Toolkit aims to help organizations implement a best practice approach towards good governance.

The Toolkit offers step-by-step guidance, roadmaps, templates and tools through the different governance elements that can be implemented from day one of a project or organization.

This is the Toolkit that The Red Sea Development Company has followed and will continue to follow, and is now proudly sharing for the benefit of all.

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Paul Sobel

COSO Chairman

The Red Sea Development Company's Internal Control Toolkit is impressively easy to use and follow.

By embracing COSO's Internal Control – Integrated Framework as a foundation, they have compiled a comprehensive, and simple guide to structuring governance practices. Bringing this guide into circulation will assist entities in adopting a principles-based approach towards developing, managing and monitoring their internal controls.

H.E. Dr. Majed Al-Qassabi

Board Member and Minister of Commerce

Governance is a key enabler and cornerstone of the Kingdom of Saudi Arabia’s ambitious Vision 2030. I am impressed by the Internal Control Toolkit that has been developed and implemented by The Red Sea Development Company. This Toolkit aims to help organizations develop and enhance their governance, risk and compliance practices in order to ensure that they are not only adopting world leading practices in terms of governance, but also to support in complying with all applicable laws and regulations. I hope to see many more organizations follow suit in adopting such governance practices.

H.E. Dr. Fahad Toonsi

Secretary General of the Board

As the Secretary General of The Red Sea Development Company, one of my main responsibilities is to ensure that our Shareholder and Board of Directors are provided with the requisite reporting in relation to our governance practices, whilst providing them with the assurances that the Company has both the adequate and appropriate controls and mechanisms in place. In order to do this, we have developed a comprehensive Internal Control Toolkit, which has supported and guided us throughout our journey. Accordingly, we are pleased to share this tried and tested Internal Control Toolkit to support other entities with their governance journey and thereby improving governance practices across KSA. As more and more entities in KSA become better governed, our economy will become more sustainable over the long term.

John Pagano

Chief Executive Officer

At The Red Sea Development Company, preserving and enhancing the natural environment whilst we deliver regenerative tourism is why we exist. This means regeneration of the environment, society, and the economy. In order to do this successfully, we have set ourselves ambitious goals and a clear pathway to success. The governance standards we have established are what informs how we deliver what matters most and I believe the Toolkit can be just as significant in driving success for other organizations across the Kingdom.

Dr. Maryam Ficociello

Chief Governance Officer

Good governance is so much more than simply complying with a set of rules and regulations. It binds all functions of an organization together, irrespective of their different priorities by ensuring everyone abides by the same set of ethical standards. Our experience has taught us that organizations should view governance as an opportunity to not only set themselves up for success but to demonstrate responsible business management, and with this in mind, I am delighted to share with you our Toolkit.