In the bowl of a stand mixer, combine cheese, butter, shortening and salt on medium-high speed. Reduce speed to medium, slowly add flour and water. If adding red pepper flakes, do so now. Continue mixing until dough is smooth.
Divide dough into two, creating discs and wrapping in plastic. Chill for at least 30 minutes (I let mine chill overnight).
Preheat oven to 375°F. Prepare two baking sheets with silicone baking mats or parchment paper.
Roll out dough to 1/8" thickness. using a ruler as a guide, cut long horizontal strips. Rotate ruler to slice vertically, creating squares. Carefully transfer individual squares to prepared baking sheet. Repeat process with remaining dough. Using a toothpick or cake tester, create holes in the center of each square. Sprinkle with course salt.
Bake for 10-15 minutes. I removed mine at 12 minutes. The time will depend on the thickness of your squares as well as the crispness you prefer. Watch your oven closely from 10 minutes on.
Best eaten the same day. Store remainder in an airtight container.