SEDCO Holding Annual Report 2012

Business Review 2012 / Key Group Functions continuedBusiness continuity planning (includingdisaster recovery) was initiated for theGroup, along with a development ofa dedicated IT disaster recovery plan.The division also reviewed the securityof data, strengthening the network byrunning vulnerability tests and closingdown threats and weak points.LegalLegal Division continues to developa specialist team to meet and supportthe growth of the SEDCO Group’sbusinesses and their requirements.The team advises on transactionaland dispute-related matters aswell as company secretarial andrelated administrative requirements,advising SEDCO’s operations aroundthe world. This includes the structuring,documenting, and negotiating of mattersrelevant to Shari’ah compliance.The division has also provided trainingon banking and finance to members ofthe SEDCO Group as well as to studentsat educational institutions, includingKing Abdulaziz University’s Facultyof Economics and Administration.Members of the team have beenrecognized by professional publicationsand have been commended for theirdiligence and broad outlook, and inparticular for being ‘very client-focused’.AuditInternal Audit completed 12 audits withinthe Group in all major focus areas, aswell as eight advisory assignments fordeveloping matrices, operational policies,financial policies, and compliance withregulation. A follow-up approach wasimplemented and adhered to for allissued audit reports.Self-assessment of controls in 2012indicated progress of 80 percent towardsachieving adherence to the Institute ofInternal Auditing Standards and bestprofessional practice.Successfully implementation of theEWP module of the ‘TeamMate’ auditmanagement software is contributingto efficient audit and resourcemanagement, issue monitoring andfollow-up, scheduling, and reporting.Internal Audit has also been recognizedas a talent provider for the SEDCOGroup, with two audit professionalsjoining SEDCO Capital.Marketing and CommunicationsIn line with SEDCO’s evolution as astrong and professionally governedinstitution, Marketing and CorporateCommunications department hasconcentrated on building a moreoutward and externally focused brandthrough enhancing its public exposure.The strategy is based on three pillars:forging links between SEDCO and itsoperating companies; showcasinghow a culture of impeccable corporategovernance pervades the entireorganization; and demonstrating howSEDCO’s long-term commitment tothe community upholds its values andembodies best global practice in CSR.In line with the international trendto digital media as a communicationsasset, SEDCO took a leadership rolein 2012 by launching a redesigned andmore interactive website, embracingsocial media, and converting itsnewsletters to digital format.SEDCO Capital and SEDCODevelopment have initiated awarenesscampaigns, defining key messages andcommunications objectives, and usinga comprehensive matrix of traditionaland digital media to convey a powerfulbranding impact. In their second fullyear of operation, the two companiesare now building on the foundationsof their formative phase.SEDCO Development and Elaf Groupare cooperating closely to create adynamic brand identity for the Galleriadevelopment, encompassing the retailcomplex and five-star hotel that are keycomponents. The undertaking will notonly position Galleria as the ‘must see’destination in Jeddah but will reinforcethe SEDCO Group’s status as a potenteconomic force in the Kingdom.14 Annual Review 2012 15