[LIVE] Risk and Governance Summit (RGS) 2026
So if it's just like this, it seems like
Don't report this, you can't report that
We are also confused about what to do
The musut is yes, sis.
That's right. Okay next is this there is
Miss from Slik. Oh Slik. So
Hey, there was information in the previous session, Mas Yudia.
Especially for today's RGS participants
if
If you want to check SLIK, you can go directly here. But
if it is for the general public, you can go to
nearest OJK office or ee ke
website and for any complaints
Consumers can contact 157.
Okay, that's awesome.
Is there still time for gamaps,
Sir?
Okay, nothing. So later the gaps can be
just come straight to the OJK Booth and
of course because the main event will be
started, let's go straight to the event
main.
Good luck with RG.
It's where my demons hide.
Curtains
call. It's the last of all. When the
lights fade out, all the sinners craw so
they dug your grave and the maskade
will come calling out at the mess you
made.
I don't want to let you down. No I
don't want to let you [music] down. know
this is all for you. Don't want to hide
the [music] truth. No matter what we
breed, we still are [music][singing]
made of breed. This is my kingdom come.
This is my kingdom come. When you feel
my heat looking into my eyes, it's where
my demons
It's where my demon is.
Don't get too close. It's dark inside.
It's where my demons [music]
hide. It's where my demons hide. They
say it's what you make. I say it's
[music] up to fade. It's woving in my
soul. I need to let you go. Your eyes
they shine [music] so bright. I w to
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You
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H [music]
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member of the Board of Commissioners of the Services Authority
Finance of the Republic of Indonesia and guests
Another VIP arrived at the event venue.
Ladies and Gentlemen, we respect you. The event will be
starting soon. [music]
We respectfully request that Mr
Mother can take the seat
we have provided. Once again we
I ask for your willingness, ladies and gentlemen
we respect to be able to immediately
occupy the seat that has been
provided because the event will be held soon
started. Thank You.
I think it's a bit less or less increased
I didn't diet as much as yesterday
asked earlier oh reversed
earlier usually
And
Okay, let's get started. Let's get started, shall we? We
let's start. Let's start.
Audience,
Attendees are asked to stand.
Sing along with the national anthem
Indonesia Raya.
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Attendees may please be seated again.
Peace be upon you and Allah be upon you
blessings.
Peace be upon us all.
Hello, Uncle. Swastiastu. Namo buddhaya.
Greetings of goodness and mercy. Dear
the leaders and members of Commission 11
Republican House of Representatives
Indonesia.
member of the Board of Commissioners of the Services Authority
Finance Minister of the Republic of Indonesia, Mrs. Sofia
Watimena.
Chief Executive of Insurance Supervisory Agency
Guarantee and D and Pension concurrently
member of the Board of Commissioners of the Services Authority
Finance of the Republic of Indonesia, Mr. Ogi
Prasto Miono.
Respected Coordinating Minister
Economic Sector of the Republic of Indonesia
represented by the Deputy for
Management and Development Coordination
State-Owned Enterprises, Sir
Ferry Irawan,
Minister of Communication and Digital of the Republic of Indonesia
Indonesia represented by the Director
General of the Ministry of Digital Ecosystem
Communication and Digital, Mr. Edwin
Hidayat Abdullah, deputy commissioners
and the head of the Service Authority department
Finance, officials in the environment
institutions and ministries, officials in
Financial Services Authority environment,
members of the Board of Commissioners
Financial Services Authority 2012 period
until 2017 and the period 2017 to
2022.
the heads of associations, the leaders
financial services institutions, resource persons
and moderator, as well as the audience
happy who is present both physically and mentally
both offline and online. Good morning
and welcome to the Risk and
Governance Summit 2026 with the theme
Future Ready Governance for Sustainable
Growth and National Prosperity.
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Alright ladies and gentlemen, to start the event
us this morning as a form
gratitude to Almighty God
Esa, let us pray together
will be led by Mr. Muhammad Rizki
Ramadan from the Department of Enforcement
Integrity.
and special audits
Peace be upon you and Allah be upon you
blessings.
Ladies and gentlemen, our respected guests.
Let us take a moment to pray according to
with religion and belief
each.
Please allow us to guide the prayer
This is in Islamic religious procedures.
Ladies and gentlemen, allow me to lead
you in prayer before we proceed to the
next agenda. Please adjust as necessary.
Bismillahirrahmanirrahim.
All praise is due to Allâh, the Lord of the Worlds.
Alhamdulillahi hamdan katir thyiban
mubarakan fih. Allahumma inni as'aluka
bianni ashadu annaka antallah la
ilahailla ant al ahadus somad alladzi
lam yalid walam yulad walam yakun lahu
kufuwan ahad. La ilahaillallah wahdahu
la syarikah. Allah is the Most Gracious and the Most Merciful
wahua ala kulliin qadir.
O Allah, O Rahman, O Rahman. Lord
the most merciful, the most merciful.
On this day we humble ourselves and
begging You. We are grateful
at the Risk and Governance Summit forum
2026.
Oh Rabb, make this meeting possible
as a means of connecting hearts and intentions
holy us to strengthen together
governance and integrity for the country
that we love. O Allah, O Alim, O
Basir, God is all-knowing again
all-seeing. Guide our conscience
to always be based on honesty
and the right path. Grant us
inner sharpness to recognize every
evil before He comes. Give it
our souls from all forms of greed
and enable us to maintain our trust
You entrust this to me
as fair as possible accountability.
O Allah, O Wahab, the Almighty God
giver of gifts, soften your heart and
our behavior towards others so that
harmony of steps and
sincere concern for the nation and
country. Link mind and energy
as well as driving the wheels of prosperity
life of the nation.
Give us wisdom and wisdom
in the spirit of change. Make it
every effort that is born from this forum
become a shade tree for future generations
front. Oh Allah, Aziz, God is the owner
[snort]
to always be strong, dignified, and
full of Your blessings.
Bless our steps in delivering
golden age, namely a safe country,
Your forgiveness.
Akina
subhanaabika
amma yasifun wasalamun alal mursalina
Praise be to Allah, the Most Gracious, the Most Merciful
May Allah bless you and grant you peace
our respected mother next
Let's watch together
Astama Tara Pabar dance performance from
OJK Bedaya Kerta Yuga dance community.
Have a good time watching.
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yeah
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e
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Yeah.
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eh
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marang
field
[shout]
riot
Not Sulawesiang
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Which
Maring
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Asai bori yembe p y asai bori asai
[music] bori
Y tu a my
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asai [music]
y p y as bori as bori y [music]
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uyai [music]
hori [music]
respect first
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Alright, ladies and gentlemen,
as a manifestation of the Service Authority's commitment
finance in strengthening governance
integrity and also risk management in
the era of digital transformation. OJK is back
organizing RIS and Governance
Summit
2026.
[clap]
National data center server or PDM down
allegedly because of being attacked
that crosses the platform not only
ber
Previously the risks came one by one now
small is able to accumulate organization
at a time
modern risks no longer know boundaries
industry
organizations, regulators, and countries. In
an increasingly connected world, disruption
at one point can trigger an impact that
extends throughout the system. The question is,
Are we ready to face the risks?
[music] that we've never even heard of
imagine?
History always teaches that every
change brings two options. When
the winds of change are blowing, some
choose to build a wall. [music]
Some others choose to build
windmill. The question is what
what are we building today?
Amidst the complexity of full risk
uncertainty, [music] it's time
governance, risk and compliance
transform. [music]
It's no longer just a control function,
but rather a driver of resilience
organization, [music]
growth catalyst, and guardian
sustainability.
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Resilience is the ability of an organization
to anticipate, adapt, and
rise stronger from every disruption.
Through strengthening enterprise risk
management, [music]
early warning system, and management
OJK continues to build business continuity
the foundation of a strong [music] organization.
Various achievements are real evidence
of the commitment.
Growth means ensuring governance
and [music] risk management is not
become an obstacle to innovation. In line
with this spirit, OJK continues
strengthening the three lines model, combined
assurance, internal audit capability
models, utilization of technology, and
development of resource competencies [music]
human resources. Sustainable impact. More
than just building a strong system,
OJK is committed to bringing about positive impacts
sustainable. through cultural strengthening
integrity, ecosystem development
[music] GRC,
and cross-stakeholder collaboration
interests, OJK continues to create value
for the financial services sector and
public.
Transformation of governance, risk and
compliance is a real contribution
OJK in supporting the government's aspirations
Republic of Indonesia. Through governance
increasingly strong, digital transformation
safe, and public services that
trusted, OJK also helps build the foundation
towards [music] Golden Indonesia 2045.
Because in the end we can't
stop the winds of change. However
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we can choose what we will
get up.
Building resilience, enabling growth,
creating sustainable impact.
Welcome to risk and governance summit
2026.
Thank you, ladies and gentlemen, for those present.
we respect. This Financial Services Authority
continue to be committed to improving quality
governance and integrity enforcement. This
as a statutory mandate regarding
development and strengthening of the sector
finance. And ladies and gentlemen, this is important.
considering the rapid development of technology
has changed the order of life into
digital society and this condition
encourage all sectors to
adapt to implementing services
technology-based including the service sector
finance.
Ladies and gentlemen, next
welcoming remarks of the members of the Council
Commissioner of the Financial Services Authority
Republic of Indonesia, Mrs. Sofia Watimena.
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Thank you to MC. Peace be upon you
warahmatullahi wabarakatuh.
Hello. Om swastiastu. Namo buddhaya.
Greetings of goodness. Good morning. What we
respect the leadership and members of Commission 11
DPR RI, we apologize for not
mention them one by one. Whom we respect
Chief Executive of Insurance Supervisory Agency
Guarantee and D OJK Pension Fund Mr.
Ogi Prastomiono,
Coordinating Minister for Economic Affairs
which in this case is represented by the Deputy
Coordination and Management Field
Development of Mr. Feri's State-Owned Enterprises
Irawan,
Minister of Communication and Digital
in this case represented by the Director General
Mr. Edwin Hidayat's Digital Ecosystem
Abdullah.
Sir, Madam, Head of Ministry and Institution
or those who represent, the deputies
commissioners, department heads and
officials within the OJK, ranks
members of the OJK board of commissioners for the period
2012 to 2017 and 2017 to 2022
members of the OJK Audit Board for both periods
current and previous periods
OJK Governance Level Ethics Committee, Para
resource persons and moderators, the chairpersons
association, head of service institution
finance, as well as all attendees
who are present in this room or in person
on line. We offer our praise and gratitude
the presence of the Almighty God
the abundance of His grace and gifts to us
can gather today in
OJK Risk and Governance Summit event
2026,
an annual forum that brings together
policy makers, regulators,
financial services sector players, academics,
and leaders of various institutions
to strengthen shared commitment in
building governance and management
better risk. This year we
carrying the theme Future Ready Governance
for sustainable growth and National
Prosperity, which is an invitation to
strengthening ready governance
facing the future as an enabler
sustainable growth towards
Golden Indonesia 2045.
Dear Sirs and Madams,
The government has established Asta Cita
as the direction of national development towards
Golden Indonesia 2045
which includes various strategic agendas
starting from strengthening human resources, creation
employment, industrial downstreaming,
economic equality to reform
bureaucracy and eradication of corruption.
However, the success of development is not
just depends on the policy that
good, but also on governance that
able to translate it into results
real for society. And today
building the governance
faced with a risk landscape
increasingly complex and rapidly changing.
We are currently facing a risk that
moving much faster than
the capabilities of an organization or institution
perhaps to adapt it.
Before today's event, we
had the opportunity to carry out several surveys
brief to GRC function practitioners
and the results show that the risk
cyber and AI abuse is becoming
main concern. in addition to other risks
such as regulatory changes,
geopolitical uncertainty, and change
climate.
Interestingly, these results are also in line with
survey results from ee global institutions.
our financial services also try to see
from data from BSSN
and it is shown there that indeed
the transaction anomaly is quite significant
we are together in an integrated manner and
collaborative and supported by governance
strong governance and accountability.
Happy Father, Mother,
This year's RGS is the culmination of
a series of governance forums in the sector
financial services that have been started since
2013. Yes, maybe during COVID
had stopped. Then we start
again in 2022 to 2026. And in
It turns out that the period was quite enthusiastic
ee significant.
This year, ee animo audience
increased quite drastically, yes, increased
more than 25% compared to last year.
So those present in this room are around
700 to 800 eh audience. Temporary
Which
thank you [applause] for
the presence of ladies and gentlemen
and the online presence is amazing
exceeding 20,000 participants. So accept
Thank you also to the participants who have
present online.
We present resource persons who
competent in their fields and will be shared
to be general session 1 and 2 for
gain global perspective and practice
best. Then later at the end eh
the event will have GRC Inside.
And as a form of commitment to
inclusive development, RJS 2026
also present the actors
MSMEs. Sir, Madam can watch on Voy
in front of. Ee and also from among
Some of these MSMEs are from
DIVAB community too.
No less interesting, we also
presenting several performances. earlier
has been opened with the OJK Dance community
later followed by the OJK Choir and
of course Indonesian Symphony Nusantara
Orchestra.
We also express our appreciation to 23
JC professional association which has participated
collaborate
so that the presence of the association members
can be recognized CPE, continuing
professional education.
Then OJK also invited again
the academic community to
participate in Innovation Paper
Competition with the theme of Building Digital
Trust and Ethical Governance for
Indonesia's Future as input material
for regulators, academics, researchers, and
practitioners to strengthen the implementation of GRC
in Indonesia. This year the enthusiasm is also
increased drastically. we receive more
out of 1,000 paper ee more than 80% ee
increasing and then we also
appreciate the young generation who
has given his best contribution.
Ee on this occasion the top five will be
present at the end of the event and will later
received his award.
Before concluding these remarks, allow me
we again express our appreciation
thanks and appreciation to
all speakers, moderators, participants,
strategic partners, and the committee on
his dedication.
We have high hopes that various ideas and
insights born from this forum can
translated into concrete steps
to strengthen governance,
increase accountability, and
support the achievement of the Golden Indonesia vision
2045.
Let's ensure national development
going well for Indonesia,
our shared home.
Thank You. Peace be upon you.
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It's better here
[sing]
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our own home. [sing]
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all the blessings and [music] gifts and
[singing] power
[music] everyone [singing]
It is here
Thanks
Also here I was a bit surprised. when it comes
It turns out there are many of my seniors, friends
colleagues, is there a BTN CEO involved in crimes or not?
[laugh]
just said an old friend.
No
before my episode as
What? This Director General I e used to be a
corporate animal. I used to be a banker.
I used to be Mr. Prasetyo's student at BPPN.
Is Mr. Pras awake yet?
Uh, so
What is this like to the OJK? Going back to
the past of my life. I was in the
financial sectors.
Hey, ladies and gentlemen. Oh yeah, me
forgot to say hello to Mr. Feri,
[laugh]
Deputy Coordinating Minister, yes. and also ladies and gentlemen
all heads of institutions and
ministry,
financial industry leaders,
academics, practitioners,
There are also
Prof. Ilya,
former PLN commissioner,
former chairman of the audit board.
Where are you now? Not visible. Oh,
there is Mr. STO. Mas Sapto, me and also
former chairman of the BPK. Eh, it's an honor for
me to be here. just told you ma'am
Minister yesterday. The Minister should
can attend but ee
somehow he said it was me because it was morning
he just landed from
Jenev attended the conference
if I'm not mistaken, also with the Coordinating Minister
there are several ministers representing Mr.
President
in
the title is called keynote but
inspirational story. I'm a bit too
confused why there is comig at the event
rise.
But anyway, eh my first
say thank you. It's an honor to
be here risk and government summit.
Eh,
secondly, I apologize, Minister
unable to attend. Well, because I
asked in the rundown it is inspirational
story, I like to start with this.
That we are different, even though we are different
sectors,
different time, different zone, but
actually we share the same value
namely regarding trust.
I'm a fan of books eh
philosophy either
Western philosophy or Chinese
philosophy. But there's one one book
that I read. I read it roughly
about 15 years ago 15 years ago.
That's the title of the book Confucious from the
heart.
The Author is a professor from
China's name is Yutan.
There is one episode ee in the book, that
conversation
2500 years ago between Chukil
Liang. Chukili Liang is a counselor.
So like a prime minister in the Empire
China.
He asked his teacher,
"What makes a country resilient,
strong?" Earlier you said resilient.
The teacher replied,
"A country must
must be able to provide food
healthy economic activity to
all its people.
So all the people must be provided for
his economic life."
Then Cang asked again, "What if the
country does not have the ability to do
such?" What if you can't?
Then a country must have a strong must
have power
to withstand
attacks from outside,
defense, or maintaining order
in the country. Ustaz, the economy will
grow. Okay.
But what if this doesn't work?
There is still chaos and there is still
attacks from outside.
There are still foreign stooges
which messes up the situation.
And the masters confuse us.
Then at least
you need to have a well-trusted
government.
Because trust is
the key to the resilience of a country.
Well, trust is one thing that must be there.
earned. Harmony must be enforced. It's
not given.
So, through this governance and
summit, we have to see how
the economy is growing, prosperity can be
achieved in the era of artificial intelligence
this is by implementing governance and
risk so that we can achieve prosperity.
This is the story I brought.
Well, next I am because I'm
I'm actually in charge of the digital
ecosystem eh that includes the adoptions
of new technology. So, I'm going to
speak about a bit about the artificial
intelligence.
So what is relevant 25 years 2500
years ago is actually relevant today.
Yes, now we see by name
artificial intelligence is used in
everywhere.
Problems in the era
defix all sorts. Wow, welcome
Mr. Mardiasm.
In this era, trust is no longer
merly a value. Trust is not a value.
Is in economic infrastructure that diust
as important as the fiber network
optic. In comigi we say trust
is the new bandw. Why? The more
economic growth with data
exchange or technological change,
why the name? The economy will be driven
not only by its name velocity of
money, but velocity of data. Because of that
the need for trust.
This is as strategic as capacity
computing, is as vital as
model
or capital. The most valuable asset in
The digital era is not just data, no
just technology, not just capital. Asset
the most valuable is the terrace,
public trust in institutions,
to investors, to the ecosystem, and
world trust in Indonesia.
Ladies and gentlemen, today everyone
wearing the national clothes of Wastera
archipelago, batik clothes
ee kebaya encim. This teaches us
that
a beautiful piece of cloth is not built
by one thread, but by thousands
threads that strengthen each other. So,
weaving trust. If one thread breaks,
the strength of the entire weave is weakened.
Likewise with Indonesia,
digital transformations are impossible
built by blackmailers alone, no
maybe built by industry alone,
nor by technology alone. He
can only be realized if
government, industry, academia,
community, and society is declining
the same confidence towards the future
digital Indonesia. Ladies and gentlemen, in many
compliance forums are often understood to be
uh compliance
it's an administrative burden.
Incidentally, I have worked from the start
multinational NGO governments,
multilateral up to
multinational company model
it varies how it is applied.
There are even US companies that are very
rigid
with compliance and we consider
it's an administrative burden
and formality but and ee hinder
innovation. But actually
after 30 years of my experience
said that often
we misunderstood compliance.
compliance
is enler
en is not an inhibitor, not a controlling one
because there is transparency there
meaning that trust is the real
bandwidth for growth and the capital for
long-term sustainability
and ethics. Oh yeah, I joined in '96
the exam called C
there is an il that is tested.
Eight I passed, one I failed. Ehics
because there are too many words. But maybe that
ever had a CFE exam and experienced something like that
The same. Ehicsnya pas actually test the
test. But after 30 years of experience,
I understand that ethics is
the clothes are from trust. The way we
behave, the way we interact, the way we
treat people, that's what brings the terrace.
In other words, good governance
not hinder progress.
Good governance is the foundation
perhaps progress lasts long. There is
simple but fundamental circuit
that we apply.
regarding compliance enabling innovations.
So we have the name six, right?
Compliance one of them is for
innovations. Transparency creates trust
trust exates adoptions. Adoption
attracts investments. Investment fuel
innovations and innovation creates
prosperity.
This is the logic that underlies the whole
digital governance policies that
we are building. Within the framework
that is the Ministry of Communication and
Digital runs digital transformation
through two national strategies which
support each other.
The first strategy we call value
retentions.
The digital economy must grow
rapidly. But the growth must be
followed by our ability to maintain
economic value within the country. We
want more and more innovations to be born from
Indonesia, more and more talent details
developing in Indonesia. More and more
startups grow in companies
national technology, getting stronger
AI cloud data center capacity, industry
digital content and
our national digital infrastructure.
No less important, we want to
creating a digital ecosystem that
healthy, competitive, and providing
fairer contributions and values
to all ecosystem actors.
Because the big diesel economy is not yet
of course the income is big benefits
if the added value is more
flowing abroad.
So if we understand the name economic
digital, gentlemen, you may enjoy
players in the industry but actually
economic digital is like a for
building story. The bottom one
the name of the basement, the foundation
that is physical infrastructure. What
Is that physical infrastructure? Digital
connectivity. All the cables, fiber,
Arctic, the satellite is called digital
infrastructure, physical infrastructure.
First floor is called virtual
infrastructure. What is that? It is
cloud
uh data center cyber security.
Above it is the name
platform. What is the platform? Yes, like
the giant multinational companies, there are
e-commerce, there are search engines,
there are big AI platforms too. And the one in
the top one is called
applications. Well, if we look at
here the higher risk, the highest risk
it's in the basement, in the foundation
support. But if we look at who gets
the more benefits out of the ecosystem,
or the foundations,
but it is precisely what is in
above it.
This is what causes unfairness
The second strategy has a spill over to
the real economy.
The success of digitalization is not measured
of the many applications that we have
have.
BUMN likes to make a lot of things
applications
yes. There is a large BUMN complaining to
I, it turns out, am in
the company has more large factories
of 99,000 applications.
Tanking his annoyance at the root
said, "Why not just 100,000?
all."
So ee this is one thing that
happened in BUMN. I don't know where I am
another company because I used to be a deputy
at the Ministry of State-Owned Enterprises. So I told the
story about the eh that I heard when I
was in a state on enterprise.
As for or high valuation
technology companies, success
the truth is when technology
increase productivity
community, farmers, strengthening MSMEs,
accelerate health services,
improve the quality of education,
strengthening the manufacturing industry,
expanding access to financing, creating
employment and encourage growth
national economy.
Digitalization is not a final
destinations.
Digital is a lever for
all economic sectors. Because of that,
digital transformation must be
catalyst for increasing national productivity
and community welfare.
And these two strategies, ladies and gentlemen
at the same time, can only walk on top
one and the same foundation. Trust. trust
that we are building the nations.
Without trust, there's no investment
that will stand for value
retention. Without trust, there will be no
adoption of new technology that can
extends to all real sectors. Ladies and gentlemen
guys, let me say one thing
the thing that I believe to be the core
today's problems. The greatest race of
artificial intelligence or emerging
technology is not that machine
become smarter. not a good machine
smarter. The greatest risk is when
society
no longer trust how intelligence is
being used.
When people no longer believe
how the algorithm makes decisions
on how the data is used or on
who is responsible for the system
fail. there is the point of technology adoption
stop.
Therefore AI governance, God willing
the Presidential Decree will be issued soon
what we are preparing is aimed at
ensuring AI develops innovatively
but still safe and transparent and
accountable and ethical.
I also convey other things
from Komdi is
the most touching when
those big boys commit to comply with
PP Tunas is indeed for protection
our generation
it makes one what trust between
government society and industry occur
there. That's the PP Tunas registration
biometric SIM card that we do
for identity KYC, identity holder
this is also to disappear reduce
online scam
is a form
responsibility from the seller provider.
There are many things we can do, right?
Please let us collaborate to build
governance together creating trust. We
can make our future better.
Dear Sirs and Madams,
natural resources. Today the country
compete with technology. But I
believe that in the future the country will
compete through trust.
A trusted country will be easier
attract investment, faster
adopt technology, faster
giving birth to innovation, and being more resilient
facing change. Therefore,
our job is not just to build
large digital economy. Our task
is to ensure that the digital economy
able to create value for Indonesia,
value retention, while spreading
benefits to all economic sectors and
layers of society. spill over to the
real economy. The ultimate goal is not just
growing Indonesia's digital economy,
but ensure the distribution of values
digital chain. Starting from
infrastructure, platform, creator, actor
business to society as
users.
Technology will continue to change, algorithms
will continue to grow, but the foundation
the progress of the nation remains the same, namely
trust.
earned. Fibers cares data. Bws,
trust moves the nations. Let's get up
governance that hinders not
hinder innovation but instead
foster innovation. Thank You.
Peace be upon you and Allah be upon you
blessings.
[clap]
Alright, ladies and gentlemen,
all.
Next is the Minister's keynote speech
Coordinator for the Republic of Indonesia's Economic Affairs
Indonesia which will be delivered by
Deputy for Management Coordination and
Development of Owned Enterprises
Country, Mr. Feri Irawan.
[music]
Peace be upon you and Allah be upon you
blessings. Good morning, greetings
prosperity for all of us. What we
respect Mrs. Sofia Watimena as sir
house, member of the OJK Board of Commissioners.
Dear Mr. Ogi Prasto Miono,
Chief Executive of Insurance Supervisory Agency
Pension Fund Guarantee,
Minister of Communication and Digital, eh?
The Republic of Indonesia was opened by Mr.
Edwin, Director General of Digital Ecosystem, the
deputy commissioners, and department heads
financial services authority, officials
institutional and ministerial environment, the
speakers and attendees who
happy who is present both physically and mentally
both offline and online. Ladies and gentlemen
at the same time, there were already many things that
delivered by Mrs. Sofia and Mr.
Edwin. Ee first maybe Mrs. Sofia
an apology from the Coordinating Minister, Ma'am.
until last night we communicated with
Mr. Kus, the Coordinating Minister is still scheduled to attend
[ __ ] per this morning ee ask to be represented yes
we are ready to implement it ma'am
earlier. Ee of course the second one we are in the office
The Coordinating Minister appreciated the OJK ee which has
gather us all here who
discuss one thing in context
we are a very important nation as a nation
namely the risk and governance Summit 2026.
the theme is future governance for
sustainable growth and national
prosperity. Of course with us eh
organize and attend events
this reflects a shared commitment
us to strengthen governance
as the foundation from earlier that ee
conveyed by Mr. Edwin
trust, resilience and determination
economy in the long term. Ladies and gentlemen
at the same time, of course as we ee
both monitors,
we live in the midst of various
possible uncertainties with
seeing the existing developments, this is not
again we could say temporarily, but ee
conditions that might be the new normal, right?
geopolitical tensions ee market volatility
financial and supply chain disruptions
has led to a chain of risks that
complex and interconnected. So
if previously Iran and the US had
signing MU for them both
agreed to make peace today still
It happened again, people were throwing missiles at each other like that
yes. of course then raises some
fluctuations starting from commodity prices
rise again then price increase
commodities cause expectations of ee rates
interest rates that were previously thought to have fallen
this will now even go up. This
then of course ee has an impact on
We are a small open country
economy. Of course with the context of risk
this, effective risk management and
strong governance is certainly a
one essential thing we need
wake up together.
Well, in various ee uncertainties
various conflicts that exist globally
if we look at various ee publications
for example, for example, at the IMF in the World
Economic Outlook July 2026 edition eh IMF
still maintain
our economy at 5% level in 2026
while in other developing countries or
in the Asian region it was cut from
previously 5.1% to 5% in the year
2026. We are even more optimistic, of course.
can see ADB's publication. ADB still
maintaining our ee outlook in the edition
This July ee remained at 5.2%. Temporary
at the same time ADB
projecting countries in the region
Southeast Asia was reduced from 4.7 to
4.6 is already below 5 then it is lowered
like that too. So this is one thing that ee
with the various challenges mentioned above, what is it?
published by ee institutions
internationally, we have to
consider it as a positive signal
that the fundamentals of the Indonesian economy are
still have high resistance with
ee environment which is indeed very
dynamic.
We can also see resilience from ee
our financial markets.
after a while ee moved very much
dynamic if we look at ISG already
back to 6000s yesterday as of yesterday
afternoon. Hopefully it will still be around 6,000
ribuan ya Pak Ogi, Ibu ee Sofia. This
we, if we were at the Penko office,
hopefully this momentum includes
Yesterday we just got the release too
from SNP this also becomes a momentum
which is easy, we can continue to push
to ee positive aspects of the economy
We. Jadi sesuai dengan rating SNP yang
yesterday, Indonesia was still in
investment grade rating or
this investment grade is in
This status is maintained, right?
both by MUDIS, FIT and finally SNP.
Even if we look at the SNP it is more
both from FIT and Moodis previously
release with earlier on the side remains in
sofrend rating remains at eh
triple B or E E minus E 2 with
this stable prospect hopefully
once again reflects the trust that was
given by the rating agency to
our economic resilience. This is the momentum
which we continue to maintain.
Then it's the same too ee
other institutions also recognize
Indonesia's progress continues to strengthen
governance.
Some things we all have in common
pay attention. several assessments from institutions
international starting from effectiveness
institutional, then plain
practicability, market accessibility,
transparency, and market infrastructure
we hope for efficient finances
become the main foundation for maintaining
investor confidence and growth
long-term. I agree with that
delivered by Mr. Edwin ee
Trust has to be earned, right?
it was taken like that. So that trust
it is already in us that we need to continue
we keep our raw materials
improve.
Mr. Edin also said earlier that
good governance is not just
compliance issues but again
foundation. This once again reinforces ee
institutional credibility, providing
certainty for business actors and
investors, and ultimately encourage
sustainable economic growth.
government and I'm sure the authorities too
financial services will continue to strengthen
integrity and market trust through
actions ee various actions that
coordinated. some policies that
continue what has been done as is
for example, shareholder disclosure in
above 1% then the implementation of the framework
high concentration of share ownership work
minimum limit incremental increase
public shares and market deepening
finance is part of our commitment
to maintain or improve
the trust of investors who have been in ee
obtained by ee economic Indonesia
reforms and improvements in the sector
we also continue to do financial
overcome the hand again for example
for ee volatility of the rupiah exchange rate.
We also continue to work together with the Bank
Indonesia
develop local currency transactions.
Ee many countries are partners
Our trade also has work
together with us to continue to strengthen
local currency transactions. Then
the government also continues to encourage
national or bulian gold ecosystem
national ecosystem since 20
February
2025 we have accumulated a total
gold both at pawnshops and at banks
in un around 153 tons. This is one thing
which we will also continue to develop.
Then increase literacy and
financial inclusion and various schemes
strong financing for sectors
productive. For people's business credit
itself, for example, the total program credits
what we distribute is in the total ceiling
we have 340 trillion that we have
provide to support ee growth
the economy of creators of work and earlier
support the sectors that ee
productive
in the field of natural resources as well.
we have done various things
including the restructuring of governance
export policy revision regarding deficit
the results of our export of natural resources
expected to strengthen governance and
transparency then also helps
addressing price manipulation practices
online lower under invoicing and
transfer pricing
while also ensuring added value
greater than natural resources
Indonesia. This was also a thing yesterday
which is recognized by SNP in eh
rating policy. Then forward
various growth engines we expect
can continue to be pushed. Earlier the opinion that
delivered by Mr. Edwin too
digital transposition and artificial charging.
If in some publications that ee can
we quote that we can push this
continue to increase economic growth
it's between 0.8 and 1, right?
starting from the construction of the data center
itself, then increase
productivity that is created or also
then earlier, the context of MSMEs was
how we can also improve
productivity in MSMEs.
Then to strengthen market access
as well as ee ee investment, the government also
continue to encourage various forms of cooperation
involving international forums starting
from the OECD, eh BRIs, ASEAN, IPEF, as well as
other global forums. This is of course part
from our efforts to be able to follow
benchmarks or best practices
which is international. I hope so
again this is our support for ee
can invite as many as possible
investment coming into our economy.
Once again, it's not that strong
it is very important to open earlier
investment opportunities and change
digital transformation and green economy
become a source of new growth. Father,
Ladies and gentlemen, ladies and gentlemen
dear. Governance ready
present the future or futur-yes
government governance of course
anticipate risks before they become
crisis. Then also respond through
credible coordinated policies.
Because once again with various
complex challenges that exist ee not
maybe we can handle it ourselves,
need coordination, need collaboration.
Then we also need to make sure
that the existing rules can
implemented consistently.
Hopefully the RESAN Governance Summit 2026 will be...
become our momentum to continue
strengthening synergy and managing governance
management that is ready to face the future
for sustainable growth.
We hope that our collaborative efforts can
paving the way for the financial services sector
which is more resilient, transparent, and
sustainable. This is what we hope for
a more resilient financial services sector
this way we can reach the target of 80%
as observed by the President.
Ee, more or less, I apologize. E bill
guidance and guidance. Peace be upon you
warahmatullahi wabarakatuh.
[clap]
We ask Mr. Feri Irawan to
willing to remain on stage.
Ladies and gentlemen, next is the ceremony.
opening of the RIS and Governance Summit
2026. We respectfully invite you to
on stage Mrs. Sofia Watimena, Mr.
Edwin Hidayat Abdullah. And we too
invite to accompany above
stage for leaders and members
Commission 11 [music] of the Indonesian House of Representatives.
[music]
Ladies and Gentlemen, Indonesia is blessed
mountains
storing meaning.
Mount Rinjani symbolizes resilience.
Mount Gamalama teaches
preparedness
in the face of [music] change and
Mount Sinabung becomes a symbol
resilience and enthusiasm to continue
rise. These values are aligned
with the theme that we carry on the day
this, Future Ready Governance for
Sustainable Growth and National [music]
Prosperity. With that spirit,
let's follow the series together
today's event as [music] step
towards the future of Indonesia.
of course we hope for the future
Indonesia is becoming more resilient,
adaptive, and of course [music]
Also
prosperous.
[music]
KOJK West Nusa Tenggara is ready.
KOJK West Nusa Tenggara is ready.
North Maluku KOJK is ready.
North Maluku OJK is ready.
KOJK North Sumatra is ready.
Financial Services Authority of North Sumatra Province
North is ready.
Alright let's [music] press the button
together.
3 2 sat.
[music]
Ladies and Gentlemen, hereby R and Governance
Summit 2026 has officially opened. Let
one more [shout] we give
thunderous applause.
[music]
Ladies and gentlemen to stay on top
stage because next we will
hold a photo session together.
[music]
we invite you to go to the area
center stage. Ladies and Gentlemen, we
will immortalize [music]
ee for today's moment in
together.
[music]
We invite you.
[music]
Okay, I'll help with [music]
count
Are you photographer friends ready?
Are you all ready?
[music]
Okay,
one two,
tig. Baik, boleh sekali lagi teman-teman
photographer. 1 2 3. Maybe with style
other ladies and gentlemen once again style
Spirit.
Okay. Sat two t. Okay, we ask you, sir.
Mother to stay on stage.
Next for ee photo session together
we also invite [music]
Mr. Bahrullah Akbar and all
resource persons and moderators to join
in a group photo session. We
please.
[music]
[music]
[music]
this photo session. We will start in
count of three.
Okay, one, two, three.
Once again. One two three. Possible
may be another style. Spirit style,
OJK style, [music]
the style of this risk and governance Summit. S
du t.
Okay ladies and gentlemen, next we will
photo session with all
participant. For that we ask you to
Sir, Madam to go to the place that
has been determined and all participants
we ask you to stand. So [music]
we will take a photo together which will
taken by fellow photographers from
on stage [music]. For that we
I ask for your willingness, sir, ma'am
everyone stood up. And to ee who
be [music] on stage, sir, madam
we respectfully invite you to
head to the understage area to [music]
designated place.
For those of you who are still sitting, we
please respectfully [music]
to stand. We will have a session
photo together. [music] We will
immortalize today's moment at the Ris event
and Governance Summit 2026. [music]
How are you guys? Okay.
Okay, I'll help you count again.
One, two, ta, [music]
once again.
One two three. Want freestyle, style
more spirit, here we will
give everyone a chance.
Sarango style is fine, spirit style is fine.
Okay, all the hands are like this.
Sarangeo.
Okay, one,
two,
three.
Okay, thank you everyone. Ladies and gentlemen
we invite you to return to occupy
[music] each seat. And
to Mother
Sofia Watimena, we beg your permission, Mother
to continue the next agenda,
[music]
doorstop located in the Flyer area.
Thank You.
[music]
[music]
[music]
[music]
[music]
[music]
Alright, happy guests,
Next is the OJK Kaya offering.
Have a good time watching.
[music]
[music]
[music]
Jesus gave [music]
back there
while [music] laughing Danger
both hands [music]
beautiful
Left and right
happy Days
oppress [music] his face
[singing] face
in penu [music]
gather together
[sing]
and [music] have fun [singing]
[music]
lagah [singing]
cloud
[music]
above the stars [singing]
there [music]
all the angels [singing]
join [music] to [sing]
you go there
fly [music] with [singing] me
play giving birth
with the gods [music][singing]
all [music][singing] stars
and below
go home [music][singing]
[music]
[sing]
cendil [music]
who can't [sing]
sit quietly
her hips are always [music] shaking
her hips are always shaking
he [sings] promised
tonight there will be [music] coming
with friends, [singing]
with friends [music]
Javanese
we are pintang pintang doors [music]
door
tempulah [singing]
he
[music]
lukur [singing]
[music] awa
Above [singing] the starsala
there
[singing][music]
all the angels
down [music] happening [singing]
oh do you want to go there
fly with me [music] me [singing]
play again.
with the gods [singing].
[music]
Physically
all [music][singing]
and take it home.
Give me a star [music][singing]
and take it home.
give to [singing][music]
my beloved
[music]
give to [music]
Trusted teachers give it to trusted teachers
[music]
[music]
[music]
We sing [singing][music]
install
membiri pasa [music][singing]
watch
spectacle
the call will not be forgotten
[singing][music]
[music]
[sing]
[music]
[music]
[sing]
Paris
[music]
[sing]
[music]
Your Name
[music]
Muaya name
[music]
[sing]
[music][singing]
ray
[music]
[music]
Ku ja ku meni
[music]
[singing] Aceh from Acehb
[music][singing]
Goya
hut
jaembang
[music] far away valley becomes [singing]
Aceh becomes Aceh
[music]
give in [singing]
beautiful goyap
[music]
[sing]
[music]
take it for granted
[music]
[sing]
[music]
[sing]
no [music]
[music][singing]
[music][singing]
Jembah
[music]
[music] cing cing cing cing cing cing
[sing]
cing cing Cik [music] hands with
cing cing cik cing cing [singing] cing
cing cing cing cing cing colong cing
satuleneng [music][singing]
to satar gulenengeneng
guleneng cing canging cangeling
cangeling cangeling cangeling cing
[music] cing cing cing cing cing cing
cing canging cing cing cing [singing]
canging cing cingcing [music]
[music]
Kij jang jangerang [music]
jang jangerang jang jangerong
segang sedempong
seang sedepanong [music]
sap series
The accompaniment [music][singing] is diabang
jang
jang [music]
we jang
delicious pop that is currently
popak [music]
the one who sucks
loud noises
[singing] in the position of director [music]
his
n [singing]
[music]
[music]
yes
[music]
C
[laugh]
[music]
[music]
There is
[sing]
[music]
Amen. [music]
[music]
[music]
give a round of applause to OJK Khoir.
So this is a talent that
owned by OJK as well as those that have
entertain us with his extraordinary voice
normal.
One of the performances that always
Summit is this OJK. Because of this
members of the OJK staff who
have extraordinary talent. And
Of course, ladies and gentlemen, we still have
a number of ee next event agenda
which is no less interesting. Furthermore
we will move on to the agenda
RIS and Governance Summit
2026
the first is general session 1
which raises the theme of Strategic
Longterm Organizational Value. And to
this first general session, sir
The session will be moderated by Wahyu Wiwoho.
We invite you.
[music]
Okay, thank you Zaki [music] Arfan.
Good morning. Peace be upon you
warahmatullahi wabarakatuh.
Very good morning everyone. Happy
come, welcome
rejoin the annual Risk event
and Governance Summit 2026 annual event
OJK together with professional institutions and associations
GRC or risk governance field, and
also compliance which is an event
the culmination of a series of strengthening forums
GRC and the enforcement of integrity in the service sector
finance. In the channel session that
First of all, we will discuss the matter
strategic transparency, redefining trust
and long-term organizational value. from
four resource persons or panelists who
will join me upstairs later
the stage that will tell
their respective experiences and best
practices that we can certainly
apply what is expected to be
learning together with all
stakeholders and of course the industry
in the financial services sector. Later, ladies and gentlemen
we will give you the opportunity to
asked the panelists in the session
Q&A. After I discuss it later
with the panelists and also the panelists
will convey his views
each through a short presentation
at the beginning of the session. Later this session will be
conducted in two languages, Indonesian
and also English pingually. However
Ladies and gentlemen, you can still ask questions directly.
Indonesian because later the panelists
who come from outside Jakarta outside
Indonesia will use interpreting
device.
And we'll just get started right away, sir.
Madam to start to begin the first session
I would like to invite our panelists.
First we have director of internal audit
corporate function and global SOX
compliance at Meta and North American
board member of the institute of
international auditors IIIA Mr.
[music]
And next there is the former managing
director risk and sustainability of
Danantara Indonesia, Mr. Lengw.
And next, ladies and gentlemen, we will
invite the President Director of Bank
Mr. Nikon's State Savings or BTN
Napitupulu.
[music]
And the fourth, the next panelist
I will call the Director of Legal
Compliance Corporate Affairs and also
Legal of CIMB Niaga, Mrs. Fransis.
Right. Good morning everyone. Ma'am
Fransiska gentlemen, thank you for
joining us on the first channel session
on today's agenda.
And as we discussed, ladies and gentlemen,
session will begin with one single
question to each panelist and you may
all answer the first question with the
presenting a very brief
10 minutes each and the first panelist
will be Mr. Adnan Mr. Can you
audience to the participant
experienceally in meta and also at IIIA
on the existing SOX framework versus the
proposed modernization with particular
emphasize on how the proposed changes
strengthen transparency and also
mitigating the capital markets. Please
Sir, thank you.
Thank you Mr. Wu can you all hear me?
Okay.
Okay. Good morning everybody and
Peace be upon you, and Allah's mercy and blessings
blessings.
As Mr. mentioned my name is Adnan Rahim
and I head up internal audit for all
corporate functions at Meta and I also
oversee the company's socks compliance
program.
Besides my day job, I'm also a volunteer
with the IIIA, which is the institute of
internal auditors and I was recently
elected to their global board of
directors and serve as the chairman of the
audit committee.
like to thank our esteemed host Ibu
Sopia for providing this opportunity for
You happen to have the quicker.
Oh, right.
Thank you so much.
See,
excellent. And uh maybe before we jump
overview
let's see
familiar with the organization. So the
internal audit. uh they are based in the
US and comprise of 117
members across 170 countries
provides guidance standards
guidance to all internal audits
practitioners globally
Along those lines they have developed
what's called the global internal audit
standards and these standards help
promote consistency and quality and how
internal audit is performed across
companies, industries and geographies.
Along those lines, they have captured
the body of knowledge of those standards
and other guidance provided by the IIA
in their flagship certification which is
the certified internal auditor or the
CIA designation.
This designation is held by more than
200,000 practitioners globally.
In addition to all of that, the IIIA
also um advocates on behalf of the
profession and the objective there when
you think about advocacy, some people
may think about it as public awareness
campaigns or marketing programs. But for
the IIIA, the objective here is to
engage with local regulators and
lawmakers and help inform decisions
making on policies in areas such as
corporate governance, risk management,
internal audit.
And give it that spirit in mind, uh
recently the IIIA undertook an
initiative to support uh or propose
changes to enhance and modernize the
Sarma's Oxley Act.
To recap the Sarley Acts, you may recall
it was implemented back in 2002 in
response to some catastrophic corporate
failures like Worldcom and Endron. Those
failures exposed deep weaknesses in
internal control, internal auditor
independence and board oversight.
This act, this law changed the landscape
of how corporate governance is exercised
when it comes to internal control over
financial reporting.
So what happened I guess from you
viewpoint you may be thinking if the
act has been so effective uh section 302
404 and specific requirements of the act
came out that put the responsibility and
the burden on the CEO and the CFO to
personally be responsible for the
integrity of the financial reports being
published by their companies. So you may
be thinking if the act has already come to that
effective why change it. Um I would
agree that the Socks act has been the
cornerstone of corporate governance and
financial integrity but we also have to
keep in mind that this law passed 24
years ago and the risk environment the
risk landscape has evolved significantly
over the last two decades.
digital assets, artificial intelligence
and new types of cyber and data threats
have come up that have created new
categories of risks that can and do
impact financial reporting.
With that in mind, several US lawmakers
over the past several years have
expressed interest in revisiting the act
and reevaluating certain aspects of it
to make sure that the compliance
requirements are in line and sync with
the risk environment of today. In
response to that request, the IIIA
convened a working group of audit
leaders and socks professionals from
across the globe to do exactly that to
revisit the act and identify specific
opportunities on how it can be
modernized.
The outcome of that exercise was
publication of this white paper titled
modernizing the Sarmaxley Act and it was
focused on strengthening um capital
markets protecting capital markets
strengthening the investor protection
and reducing compliance costs. The full
document is available on the IIA website
and I would encourage all of you to
review it in detail but I'm happy to
share with you five key recommendations
coming out of this report.
The first recommendation
recognizes a basic reality that internal
audit already plays a significant role
when it comes to compliance but the
internal audit profession is not
explicitly called out in that
regulation.
So the recommendation here for the US
lawmakers is to clearly define internal
audit as a function maybe using some
criteria such as independence from
demonstrate compliance with the act. US
system of internal controls.
effectively.
providers in that assurance ecosystem.
And more specifically, the PCOB is being
called out by the IIA to clarify the
role played in how external audit
engages with internal audit in a way
that preserves the independence of the
external auditor but also allows them to
leverage a lot of the work that is being
done by internal audit.
The I believe that level of clarity
will provide better opportunities for
organizations to leverage the work, the
assurance work that is already being
done within the company and hopefully
alleviate some of the burden on the
compliance functions.
The fourth recommendation encouragement
exploring opportunities to reduce
compliance costs. I'm sure all of us
would agree that cost of compliance not
only for socks but in general has been
growing increasingly year over year. So
the proposal here is for encouraging
functions such as internal audit to
leverage leading technologies such as AI
and leading practices such as data
analytics and continuous monitoring to
provide deeper and broader assurance
while reducing the cost of compliance.
And finally, the last recommendation
centers around strengthening the
engagement between regulators and the
internal order profession. More
specifically, the II is calling out for
this SEC to publish specific guidance on
staff on the registered companies to
establish a well structured, well
organized and well-resourced internally
audit function to provide at least
baseline assurance to their
constituents.
And the PCOB is being asked by the IIIA
to include representation of internal
audit practitioners on their standards
and emerging issues advisory group so
they can glean meaningful information
about emerging risks from these internal
audit practitioners who are on the front
line providing assurance on controls
that mitigate those risks.
So you may be thinking what has happened
since this report was published in March
of this year.
Uh since then the IIA leadership team
has met with several key US lawmakers
including the SEC, the PCAOB,
the uh Senate commissions on housing,
finance and banking. And the purpose of
those discussions were to walk them
through the recommendations, but also
provide additional context and clarity
on how those recommendations can be
operationalized.
Subsequent to those meetings. I'm happy
to share with you. Several lawmakers
have reached out to the IIIA and have
asked them to provide specific policies
proposal that does exactly that.
Translating those recommendations to
policy changes.
The IIIA is working on that request
right now and plans to share specific
time. In conclusion I believe the steps
with regulators you know demonstrates
with you on LinkedIn.
Thank you, Mr. Adman Rahim for the
enlightment, the insulted felation. And
Next, ladies and gentlemen, we will hear that there is
quite an interesting presentation. I've already
take a peek at the deck too because our panelists
the following is from the beginning
participate in setting up danantara. Let us
sustainability of danantara Indonesia
Mr. Lengway
implemented
wealth please sir.
Thank you. Good morning.
Um,
I've worked 42 years but the last 36
area of risk management. About 16 months
sovereign well fund. It is so big that
I would like to share
which is uh transparency.
Okay. Uh
the first message
is
that we must specify
what goals we have uh whatever we are
doing. It sounds very simple but put it
in the Danantara context. What do we
mean by we must specify our goals and of
course beyond goals to specific targets?
So you all know that when Danantara
started we really have two goals. Okay.
It's an investment company with two
goals in the beginning 16 months ago we
would take over the entire portfolio of
Indonesia state own enterprises.
00 billion US in operating assets a000
companies and our jobs are to improve the
performance the financial performance of
these 00 billion dollars of assets with
the longer term objective of improving
the competitiveness of the Indonesian
economy. So that was our first goal.
We also have another goal because we
were supposed to build a new portfolio
of investments for the people of
Indonesia. So we would source we would
decide we would look across the world
and look for what investments
can or should give us adequate returns
for the risks that we have to take.
More recently as you all know the
president added a third objective or
third mandate. We will have what is
called what will be called Danantara
Development Management Fund. Think of it
as in this portfolio we are supposed to
make investments that are in the for the
objectives of strategic economics
development and impact.
Okay. So basically doing developmental
and impact work for the country through
investments. Now if you look at what we
do we only do one thing which is what we make
investments. Okay. So what is what is
risk management then? What are we trying
to achieve with those investments? I put
a number of things here for you to see.
Um if we only had time for one
objective it would be financial returns.
Okay. So Darantara should be held
accountable for financial returns. Okay.
How we do it is in the slide but let me
move on first. The second message is in
order to achieve those objectives as an
investment company, the only thing we do
is to find appropriate risks, take the
risks and hopefully manage it well
enough to achieve those objectives. But
What is the risk?
I will suggest to you that it may not be
something you see very often, but I'm
asking you to visualize a distribution,
a spread of possible outcomes. If I have
only one objective, if Danantara has
only one objective and that is IRR or
financial returns
and we are promising you let's say 9%
returns
there is a problem. The problem is maybe
we'll do better than nine. We like to
think we could do better than nine. And
in this uh picture maybe we could even
make 13% returns for you. You look
around at the several hundred sovereigns
funds in the world. Once in a while a
couple of them do that well. However,
risk is that I may not make the 9%. I
may make less than 9% and in this
distribution I could even make zero
returns and that's a reason why I did
not put negative okay but anyway this is
what you need to take away as risk not
red yellow green not some number from a
range from 1 to 25 but this is the risk
that Danantara is taking
My third message is where does this risk
come from?
Now I show you a rather technical uh
framework that you can use for anything
when you're looking at risks. Okay, we
objective. So let's say IR IRR again.
But why is IRR risky? Why can't I just
guarantee you a return? Because in this
Danantara. Okay. To make that return
Here I'm taking bets. I am actually
taking batches. I'm taking a bet that the
assume if not higher. I'm taking a bet
build rails. I need to build stations.
I'm thinking a bet that I had
anticipated the cost correctly. Now how
could be much worse. the blues could be
one IRR that I think I should make. I
reds are actually quite short and the
blues are actually taller. So I have the
right side of that IRR distribution.
Okay. So think about this.
This is where the risk comes from. Now I'm
sure you've seen something like that. Um
people here like to call it the taxonomy
of risk. I don't use that term because
taxonomy just simply means definitions.
Now you can look at you whether you did this
five years ago, you did this year or you
do this five years later, the underlying
batch are going to be in this same
categories. So this is not where the
value is. Okay, the value is in this.
But anyway, just for completeness if you
want to know then you can think of it as
there are internal bets. Bet that
within your business model, within your
investment and there are external bets
or you can look at this and say there
are strategic bats, there are
operational batch and then there's macro
batch. Next message.
Risk is not good. Risk is not bad by
itself.
The problem why is this a message I want
to share with you? Because very often we
take a job and we look at risk
management and we're asking the guy are
do you control your risks?
Are you minimizing your risks? Are you
minimizing your losses? But take a look
at this. I could have two investments.
The top one is less risky than the
bottom one. But are you only going to
take the top one or are you always going
to take the bottom one? The answer is
you really have to decide right based on
your capacity, based on your objectives,
your stakeholders, what they expect of
you and based on your capabilities. So
the top one you know I can make
one uh million dollars let's say but I
could lose 700
the bottom one I could make 1200 I could
lose 600
maybe in some cases you want to take the
higher risk okay last message.
I'll skip this one.
We need to always ask ourselves, do we
know what is the unexpected risk? Okay,
it is the unexpected risk. If you look
at a lot of disclosure when they talk
about risk, when people ask you to go
into a uh a risk workshop, you're
thinking of what's likely to happen.
What's likely to happen is in this case
the dark uh range, in that case the gray
range, but what you really need to know
is the red parts. The speaker before
this before we came out said something
about anticipation.
What you want to anticipate are the
really nasty stuff. Now this does not
mean I'm being negative. This does not
mean I'm being pessimistic. This means
that I'm really asking the risk
question. Thank you.
Right. Thank you, Mr. Leng.
And next we have next we
will listen to the presentation
delivered by the President Director of the Bank
Mr. Nikon Napitulu's State Savings.
We invite you to tell us
How
strong governance is built through
long journey, passing
quite an important transformation that
now you can feel the results
at BTN. Please, sir.
Thank You. Peace be upon you
warahmatullahi wabarakatuh. Happy
Morning. I have 8 slides. My time 10
minute. So, one slide is 1 minute. So
I'm trying to make it more efficient
even though ee tells the turn round
on-site risk management
I work today. Ee
can you help with the slides?
while waiting for the screen yeah. Ee what we
do since 2019 until the end
years until now.
Well, first of all, the principles we adhere to
it is a transformation process in the Bank
The State Savings that we do is
Transformational changes are also supervised by
director.
Because if the transformation is not maintained
by the director, our concerns are
manage because BTN was problematic that year
2019 plunged in and we fixed it
totally serious.
And ee, in 2019 we have a problem, Sir,
Ladies and gentlemen you can see it appearing because
the existence of governance, especially in the field of
quite large credit at that time
That. Then we agreed in the team
do a turn around with Mr. Pahala
at that time. Then we change the mission, okay?
indeed, he said it internally so that
more exciting eh best mortgage in Southeast
Asia at that time. Because it is a bank
This is a mortgage bank and we do it
many good changes in KC, KCP, CBC,
CBC is a commercial unit. We are separated from
branch. So we make the units
from the branch. Because the source of the problem
used to be at the branch. Then the processor
we also do the name separation
Now the name is centralized
National Loan Processing Center. So
the three pillars of the road. Sales formation
center. Sales center. So the power in
we really pruned that branch.
Then expand the credit ee to the one
safer, namely light credit or
home collateral credit and business credit
people who are guaranteed.
Then 2025 starting at the end of last year
we start ee change bravely towards
digitalization. Ladies and gentlemen, you can see it at
the bottom right of the slide is visible
that we have digitized eh
our branches are like this. So
now open the account besides being able to
use online onboarding when coming to
That branch no longer has officers
it's only 2 minutes now open
account at Bank Tabungan Negara. So
can be very fast. And that's even better.
Why? Because the one who did it
direct to consumers. Plug in your ID card and read it
The capil immediately appeared to be open
account and he can customize debit
the card itself. This process is indeed
it takes a long process. 1 year more
we design to do this.
Then continue
next slide. Well, here are some processes
the transformation we have been working on for 5 years
last year from the start of governance
for ice and the process of changing it or
change management office we put in
director of risk management. So, all
decisions related to change are indeed
through consideration of the risk committee
management. Well, then the second one
implementation of anti-swap management system.
we have started to implement this because in
2019 and back this news has been a lot
appeared at our place. So this is us
tidy up centralized operations and back
office. So our back office
centralize is no longer there
branches. Then form SBU
SBU. Then we put it
supervisors at regional and local levels
we call it branch
ee 1 half line of defense like that.
So ee is a bit more of a business unit
actually they are. Then form
loan processing center. Then we
make a lot of changes in consumer
especially in the mortgage itself. Because before
mortgage decision long after we did it
ee reengineering in mortgage business processes
now more use of AI ee
and so on so that the process can be 3
up to 5 days. Yes. Those who can't yet
digitized is the valuation of
KJP. We are still waiting for that.
Then we do 8
advanced digitalization especially in post
this credit. So every year the business process
We continue to improve this credit. Then
in UKM we also do the process
decentralization of all business processes
SMEs.
Then we also develop
risk management from digital start,
operational, and proud management. Honest
BTN risk management today contents
Indeed, we hire a lot from outside the country, right?
So really make the changes that
very serious and we do it
governance development and framework
ESG. Our ESG is also quite good now,
quite serious. Then we also do
application of early warning, risk modeling,
and stop and go mechanism. So, stop
and go-nya is already running continuously. So,
once a threshold is reached or
when he was almost there he stopped immediately.
There will be an immediate inspection later
ee can be continued if the threshold is
has gone down. Then we also do it
many things regulatory transformation
internal and this is also what we use
AI like GBT chat so that our employees
That's learning from the correct SOP, isn't it?
from ee what is the knowledge of the
his senior. That's our bad habit
change so that our SOP can be made into an application
similar to GPT chat. So he searched
whatever he wants he gets it straight away
can immediately find out along with
examples of cases. Then 2025
until today we do balance
sheet optimization. So many projects
what we are doing includes assets
we tidy up those that are no longer productive
Now. Then we also digitize
efficiency and reduce operational
cost. So, the KP is the director of RIS and
finance director today is one of them
is to reduce operational costs.
2026 and we also start to scale up
installment payment program using less
installments with trash. Continue again.
Then according to us
just this, but we also apply it
in various aspects. From the start of the process
There are various types of credit decisions,
then also in transaction approval
we also include the process. Then
also the most important thing in front of
we have also developed the product
enter the GRC process. Carry on.
Well, this is it
strong GRC in our opinion should be started
from a very strong risk culture.
Indeed this has to come from the very top
from the CEO himself, yes. The way I always do it
spend time with the RIS director in person
consistent.
Not only listening to the business director,
especially now that we know
liquidity is tight again. This is us
talk to director ris with
Trecery director 1 month before
this tightening occurred. Because of us
reading to it will happen. So this is it
who will drive us, drive us,
make decisions so that we don't
offside.
The next one is
we definitely need accountability
very strong and especially in terms of
take the decision-making process
that's the fast one, yeah. I never
make your own decisions. Of course all
can go through the committee. There must be a directory,
there is a compliance director and so on.
Then also governance of the policy process
must be lined
because if the turn around process is
there must be a lot of chaos. We are boiling
regulations of 1600 regulations at BTN
it's only around 400, right? This too
we continue to streamline. Then
we do what is called speak up
culture yeah. Everyone at BTN can make it
uh a letter or whatever communication to
management including the CEO including
we also include it in the GRC
in KPIs and then also in rewards
the system that is in the ee eh office.
Then also
what is certain is system driven
initiative. So it's not just because of ee
diut or business director initiative,
but there is a committee, there is business
the process that determines each ee
ee initiatives that we will implement
we broke up together. Then
what is certain is that there is continuous
improvement that will never happen
stop. Next, it seems like the last slide
last or is this finished? Well, this one
the results. We'll see the results or not
jump, sir. Because if you jump too
must be careful. But all panels
BTN's finances are much better today
from when 2019 when we entered into
BTN. I think so. Thank You.
Peace be upon you and Allah's mercy and blessings
blessings.
And peace be upon you, warahmatullahi
blessings. Thank you, Mr. Nikon.
Okay our next panelist will be
listen
the story is also definitely the best practices
governance strategies that have been
adopted by CB Niaga especially with
strong and robust performance in ASEAN
Corporate Governance Scorecard or
ECGS. We invite Mrs. Fransiskawi.
Thank You. I ask permission to sit down
yes.
It's free, Mom.
Okay, before I start maybe uh I
start with the question first. Eh,
the question is is it true eh
one regulation, yes, only regulation only
can really prevent misconduct?
So, we all agree the answer is no
maybe yes, the regulation can be done, eh, only
with regulation alone we can prevent
the presence of misconduct. Because if so
the answer is yes of course now we
no fraud, no name
money laundered and so on. So actually
don't have enough of regulations. In
Yes. The challenge is that you know how
that everybody can act correctly but in
a natural way. Yes. So this is actually
beyond compliance. So then you know
good management. We start from the beginning
actually is the purpose of CMB
Commerce. CMB Niaga purposeen-nya buat apa
what? CMB Niaga is here. So our
customers and society. And here we are
where is our vision and mission?
we say that we are
committed to empowering our customers
aspiration. Well, here is our customer
which is called achieve aspiration
or dream, I'm sure not only
but I'm sure as we are a bank,
what they expect how actually they can
partners so we can be transparent and
so on. So this is actually really the
of that you know we have five value. Yes
if we said yesterday we said
keep spirit if we are always alert
show it with five fingers because
accountability in the middle. So if
actually the highest. So for us
important thing eh what we do I mean our
business and so on integrity and
accountability is very important then
you know the right side you can see our
the balls there. Of course you know we
start with regulations we know that
regulation is something that really has
to be comply but regulate itself
As I started earlier, it's impossible
can prevent what is called eh
misconduct. So actually expand
regulations that have to follow SCGS.
Actually, Mr. Mas Diamo was here earlier
so I also remember actually not
onlygs but we also comply with PUGI
yes. PUGI is a general corporate guideline
Indonesia. So then you know we also
comply with ICGS andugi and beyond that
not only that we also look at our
organizations we look at our product
certain things beyond this ICGS or Pugi
itself I will explain some of them later
on in my next slide
so then you know for us that you know to
do all of this of course we must have a
This
organization we know that the most
important thing is tone from the top and
compliance is not responsibility of
compliance only but actually for
everybody one thing that's in this
organizations that I think kind of a bit
different compared to the others and
maybe some banks already do the same as ours
KPI on the RCU yes RCU is we have it
actually we call risk control unit this
risk control unit now about 147 staff
plus is a head the head is really high
directors and this 147 staff plus eight
people actually sit in the
business so they are embedded in the
business but their race I mean know
their KPI 40% is a we who assess
compli
40% from risk management. So what is
actually their job? Their job is to make
sure because they are embedded in the
business they make sure that compliance,
governance and risk management
management is really happening from the
beginning from the start when they start
actually come with the product when they
management is already on the start. So
organizations
and then
there are also more important things
and so on we were like eh what yeah
like chanting eh keep on keep on
repeating we think and we
have mandatory online training and
also of virtual courses
compli about as a mandatory training. So
governance and so on must be appropriate
every year because we see it used
the system is monitored. Without them
his name can be promoted. There will
training. So we are very serious about
colleague for example in the
point our internal
KPI
score of everybody in the bank. So
I can demarit them. So this is already
procedure.
incidents have to be escalated up to the
our body you know to the top level
without or failing this they are
actually being sanctioned so it takes time
for us you know to do this a couple of
years but now actually it's part of us
business. Next is on the sanction
committee. We also have to make sure
that what happens in the bank has to be
actually a when actually there is
something
fraud or something like that then you
know we have to make sure that everybody
got sanction
you know equally yes equally then you know
that's why the sanctioning committee will
go up to my level to HR director and so
on. I won't explain this much either
because I look at my time
continuous improvement we actually
continue doing this one the next page is
on the ICGS I think this is a message
from Ibu Sofia that I really have to
talk about ICGS so that I mean I have to
explain this you know from those
people who are not aware of what ICGS is
SGS is actually a like you know like
a benchmark a global benchmark
benchmark. This is developed by Asian
Capital Market Forum back in 2011 and
they actually keep continuing improving
this SCGS is to evaluate that a public
listed company in Asia. So it's about
six countries that join in this ICGS and
this is the result of the ICGS. I just
go back to 2018 there are two
different you know evaluation on the
ICGS one is the Asian asset class is for
those companies that already reach about
you know the point is 97.5
and then you know top Asian they will go
from the top the highest score and then
go back to the you know whatever you
know that's actually so the Asian asset
there is about 135
companies from this Asian eh from this
Asian countries that are achieving this
Asian eh asset class for the 135
companies eight companies coming from
Indonesia and from the eight companies
five from SOE yes so beten is one of them
Shambin Niaga is the non so SOE but
actually also there so the SOE there
actually BTN BRI Antam Mandiri and Services
the 2025 and 2025 there are 250
companies reach this point or score of
97.5
I mean almost double and from 250
companies 23 companies coming from
Indonesia and these 23 companies you know
11 of these 23 companies are SOE SOBMN
they scored the highest you know so
actually 2018 Asian scorec said that the
for this SCGS. So the 50 companies four
coming from Indonesia and these four
Scorka says I'm not going to talk about
companies
there is none Indonesia zero yes so at
governance
but a journey. Thank you.
Right. Thank you, Mrs. Fransiska. Yes
applause ladies and gentlemen.
[applause] Yes. Good. Before me
give the opportunity to the ladies and gentlemen who
join this room to
asking questions in the Q&A session, I
want to try to elaborate a little what
which was previously presented by
our four panelists. The first one
eh presented Mr.
audit sir?
an enabler. I know a lot of them a lot
Those AI enabled workflows are indeed
effective along those lines you know us
at Meta are being encouraged
two ways asking us audit use AI across
the business encouraging us
with our today audit work right it is
quite similar to what has been done
on BTN yes Mr. Nixon earlier Mr. Nixon too
compress
from the presentation earlier about digitalization
become one of the instruments or keys
it is important to reorganize governance
then risks and also ee complaints
How do you see it all, sir?
once again Mr. Nikson.
Thank you. So indeed
Yes, earlier in the first slides it was just me
Just cut it because it's time, ee
This disruption technology is indeed
it's everywhere and we
seeing it as a good enabler.
It's the same thing that we see as one
enablers that enable now in
all aspects. If earlier the frontliners
We use digital brands, right, sir?
yes. Ee just when we implement digital
This brand is indeed quite exciting. Person
Indonesia doesn't have any officers either
want that. So we finally made it
his name is supersta. Superstaff is just
accompany customers to
teach him, educate him using
digital so that people are not afraid.
Well, that has happened too. That's it
that's definitely what we do. So ee
This application of AI also turns out not to be
can the machine work 100% straight away? Ee di
prontend is what we see. Then
if it's in the middle office, it's already on loan
processing, transaction processing
surely a lot of AI reads behavior,
read historical data and then arrive
Just cancel your credit with us, sir.
Even now for credit, yes, sir.
Our credit reaches R billion
Do you dare to use other people? So
We
up to R billion
The R billion mortgage is no longer in use
people at all. So it's all done
using the decision engine has already happened,
Pack. So this is to speed up the process
Actually. Well, only Rp billion and above remains
we who really want to still use people
but we'll review it again later, okay?
Then if it's really in the back end, sir
for example in the collection. Collection
Yes, in the past, officers could
scattered can work anywhere.
Now we know they have priority
which ones to collect, which ones to keep
no need to greet, which one should
greeted and so on. So on the cellphone
they've already appeared. Well, this is what
cause ee how it works too
his behavior changed. So eh AI is it
are eh enablers that enable us
to work more efficiently and more
actually effective.
Okay, thank you Mr. Nixon. I would
like to jump into Mr. Lis. Mr. Lis uh we
know that the future rated government
governance requires lining on the
multisectoral like innovation and also
risk and also transparency. How do you
think Indonesian government and also BUMN
Sir SOE
can do to minimize
all the risks sir on the GRC process?
I'm sorry. Can you repeat the question?
Yeah. How do you think that Indonesia
government including the SOE or BUMN to
minimize all the risk in order to
prepare the future rance? Sir,
the future rance.
Yeah. To prepare the future rance, what
What does the SOE or BOMN do?
the GRC. Oh, okay. Thank you. Sorry
about that. Well, I don't think there
is
governance. Um, all the speakers have
constitutes good governance. Um and the
uh is transparency.
Right? So we all know what's good
governance requires.
is useful. The problem the question is
Right? So that is the same thing as why
billionllar of KPEX. So that's where it
fails, right? You want me to be
transparent? I'll tell you to do this
development projects, it takes 10
billion. Maybe you don't want to hear
that. Maybe you thought it could be done
with 5 billion. So I I think the
challenge is we all have to want to make
it works. We know what it takes. It is
very uncomfortable. It's very difficult.
It's very difficult for all of us. is
very difficult for all countries
is not an Indonesian problem is not an
Indonesian SOE problem so everywhere in
the world struggles because by definition
when it's a state own enterprise
the state has typically multiple
objectives right if you okay matter has
just whatever their shareholders
expect matter to do but an SOE has some
political objectives right has some
social objectives have some development
objectives and not just performance so I
think that's the that's the real issue.
It is difficult to do we got to want to
do it.
Right. Okay, fine, thank you. Hey, Mr.
Listen. I want to go to Mrs. Fransiska
now, Mom with best practices
It was told earlier from success
story at CP Niaga. According to you,
what is the biggest challenge to be tackled,
Mother on the GRC in Indonesia? Mother in
Indonesia both in the private sector and
also government or institutions.
I think the biggest challenge is the
balance yes as just mentioned is that you
know the balance between for example
long term and short term the balance is
actually between the business and
actually governance itself I think the
challenge is that you know because if
people measured only their KPI actually
measured only based on the target
business or growth and not based on the
really integrity or governance then I
I'm quite sure that people will shortcut
yes will shortcut so if then you know
it's really a challenge then becoming
that you know the governance itself is
not really becoming is the culture of
the company itself so for me actually
tone from the top and being consistent
is really the most important thing not only
actually from the management I believe
is also from the shareholders and even
from other stakeholders
So and also law enforcement you know the
enforcement is also a very important one
thing that I believe that culture will
not exists if actually there is no
measurement on that yes actually that you
know when people are not measured on it
so then you know I know we're talking about
governance transparency is very
difficult how to measure it but we must
start to do measure it by that's why you
know in Biaga we put it as a KPI so each
box that I actually mentioned earlier
there is a really smoke there is
actually KPI number came from there so
really really have to be measured so
because we believe that you know what
can get managed when company regularly
track really measure evaluate then
people will start to take it you know
accountability and you know will start
to act on
Okay, thank you, Mrs. Fransiska. I
will continue to the floor because of time
we are limited. I only have one
just the opportunity to give you
Mother the opportunity to ask questions with
panelists or speakers who are already present
with me on stage. We
Please stand up, ladies and gentlemen
the name and institution are mentioned
represented and the questions.
Just one question and it's addressed to
Who. We invite you
Ladies and gentlemen. Anyone? Yes.
Please. There is a microphone already
Please prepare while standing
mention the name, institution and also
the question is what and for whom.
Good morning. Thank you for the
opportunity. My name is Wild Malonas
Mualim. I'm from Institute Governance of
Home Affairs or IPDN.
I would like to ask Mr. Lee Singwe
Alri eh
there was a slide on your presentation
about SC risk and its extreme downside.
recently in January 2026 I was deployed
by my institution directly to Aceh
Tamiang after the devastating floods.
economy and wiped out critical
infrastructure.
downside.
The problem is our planning often gets
strap in a bell-shaped bias. So we tend
trillions of rupiah.
our nation's final asset
what is your fundamental strategy to
Thank you.
Thank you. Um I think it is it is a very
very important question. Now when it
comes to uh natural disasters, there's
actually a lot of data, right? There's a
lots of data from very long history and
then we can say oh but there's climate
change. So what does it mean? It may
meaning that whatever you've seen
historically the shape of the downside
the disasters may be worse. It also
might mean and you you can test this you
can model this. might mean that in the
past uh what took longer than certain
changes to lead to let's say extra heat
or extra uh rainfall and flooding maybe
Now things happen faster. So I think in
your questions let's say for Danantara
um and for any investment portfolio
company
in this area
when we talk about climate factors or
environmental factors we need to model
the potential downside impact given our
given how our physical assets
are configured given how our investments
might depend on physical assets, you
need to actually measure or model how
extreme climate situations can then
translate into um his example was uh
fatality, loss of life. He also talks
about you know loss of let's say
economic capability and you know you can
go in any aspect at the end of the day
all downside is going to come out as
costs okay it could cost you can
think of it as cost and capital because
it's not just losses but it's also new
capital to rebuild um so we can do the
modeling
It doesn't have to be precise. We are
not making decisions that depend on uh
precision. If I say that we might lose
or let's say we might uh
100 people might be killed if it were 80
if it is 120 is better that I modeled it
as 100 versus thinking that most of the
time people don't get killed. Now
take some things much much simpler. We
have a lot of um you know petrochemicals
industries right petrochemical plants
are dangerous but they are also very
valuable. So you don't even have to get
into natural disasters. You could model
when
uh uh failures do happen, people do make
mistakes, people do get tired, people do
overlook things. All these can be
mathematically modeled. So I think uh
that's that's the first step we need to
do. But the reason I showed that chart
is because most of the time when we ask
about risk, we are not asking about the
extreme. We are also not answering the
question thinking of the extreme because
of two things. One is in my lifetime I
might not have seen that extreme before.
Number two is I don't want to come
across as pessimistic. What I'm trying
to tell you is risk is risk. is not
about being pessimistic or optimistic.
It's about knowing what could happen.
Then you have a chance to make decisions
beforehand. Thank you.
Thank you so much.
Right. That's enough, Mr. William. Accept
love.
Enough.
Okay, ladies and gentlemen. We feel sorry
Sir, your time is up. Only one
only questions we can provide
to the audience or participants.
Can you clap your hands one more time?
the panelists who have joined
the first channel session that has been
end. Eh, it was closed earlier, there were a lot of them
input, there are many best practices and
also strategic and also many aspects
fundamentals and also frameworks that
he has prepared, which has been served
earlier together with the panelists.
But still necessary
sustainability in all aspects. Need
balance. it was mentioned earlier
by Mrs. Fransiska also to create
future ready covenance of course for
can improve sustainability
national growth. My final words
Wahyu Woho said goodbye and left. Accept
love once again. Thank you once again
Mr. Mr. Lway Bu Fransiska and also Sir
Nixon. Thank you for joining us on the
first channel session and I will return
session to TMC Aran. Okay, thank you
Wahyu Wiwoho we can give it once
again applaud and we beg
to the moderator and resource persons
to stay on stage and we
inviting the Acting Deputy Commissioner of Audit
Internal Risk Management, and
Quality Control by Mr. Kus Darmawan
to go up on stage and
hand over souvenirs to
resource persons and moderators. [music] We
please.
[music]
[music]
[music]
[music][bell]
And after the handover of the plaque
[music] We will continue with the session
group photo. We invite you to
the speakers, moderators, and Mr.
Kus [music] Darmawan to be able to
step up to center stage and we will
getting ready to take a photo together. We
invite fellow photographers to
immortalize
session of the first general session
This. OK, I'll guide you
counting. One.
Two [music] three. Once again. One two
t.
Okay, thank you. We invite you
Ladies and gentlemen to return to the place
sit down each. [music]
[music]
Okay ladies and gentlemen, of course we still
have a number of upcoming agendas.
But before we [music] enter
for the second general session of course
with extraordinary speakers and
also an amazing moderator.
Before we will [music]
together
ee witnessed a performance.
We invite you [music] to
back to the seat again.
Okay ladies and gentlemen, let's move on.
watch Indonesian Symphony Nusantara
Orchestra. This is a music group that
was founded in 2021 which has
mission to strengthen nationalism. Orchestra
This was founded by a songwriter
and pianist Isnaini Ahdiat. Happy
watching.
[music]
[music]
[music]
This
the new one
the new one
[music]
[music]
[music]
[music]
[music]
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[music]
[music]
[music]
[music]
[music]
[music]
Pack
there is one
[music]
[music]
[music]
[music]
Alright ladies and gentlemen, let's welcome you.
together. This is Indonesian Symphony
Nusantara Orchestra. Have a good time watching.
[music]
[music]
in
[music]
everyone could
in my heart hope
[music]
understood
We are afraid
much to
we will move the mountains [singing]
[music]
before we
[music]
can be miracles [singing]
when you be [music]
H
it's hard [music] to
know
you can achieve [music]
when you be
[music] so
you [music] will
leave
[music]
to swift l [music]
flown away
seeking [singing]
I never [music] thought I say
there [music] can be miracles
when you believe [singing][music]
though hope is rest
it's hard to
knows What [music] miracles
you cannot [singing] change
[music]
when you believe
somehow you will [music]
you [singing] will when you
[music]
[music]
[music]
always [singing]
happen where you are.
[music]
fear.
But when you blind [music][singing] it
through [singing]
a small but still
and [music] seems [singing] only very
deep
[sing]
when you [music]
go [singing] home is
his [music] heart to
who knows [singing] what
she [music]
when you
[music]
[music]
will
[music]
will when you will when you
believe.
[sing]
[applause][music]
Okay, ladies and gentlemen we respect.
Moving on to the next event, let's go
let's watch together general session 2
with the theme Ethics in Action Building a
Values Driven Culture for Sustainable
Performance will be moderated by
Love Rompas. We invite you.
[music]
Thank you, Ms. Zakia Arfan. Yes
let's give a round of applause to
Ms. Zakia who has
guiding the event since morning
earlier with full warmth. Very
I'm Cinttia Rompas again. Thank You.
Because this afternoon we will
listen also in the discussion session
second. It is an honor and a pleasure
for me to be present in guiding the session
This second one has the theme Ethics in Action
Building a Values Driven Culture for
Sustainable Performance. If earlier we
have listened to the discussion in the session
first is very extraordinary, very
provide inspiration and insight.
In this second session we will also
listening to insights from a number of
amazing resource person. And if
maybe we talk about trust, there is
some parties stated that it was possible
trust is the most valuable asset
in the financial services industry in particular.
But trust is not born only from
regulation alone or technology or
strong control system.
True trust is built from
informed decisions
values and integrity which then
of course it can form a culture
organization. For that reason, organizational culture
can be used as a strong foundation
to make an extraordinary performance
normal. In this second session we will
discuss how ethics does not stop
as a principle. Ethics can be realized
in leadership, governance,
management, risk, and utilization
technological developments to create
sustainable performance.
Without any further ado, let us welcome
the speakers who will share their
perspective and insight.
Let's give a big applause for our first
speaker, Prof. Dr. Peter Fizen.
[music]
[music]
Prof.
will send our message this afternoon
compass building future r organization
for the global stage. So another big
applause for our second speaker Mr. No
hero Morr.
[music]
the insurance industry. He will send the
messes about integrity driven risk
resilience for a sustainable future. So
speaker
Mr. Daniserman.
[music]
Mr.
Welcome. He will send the topics about
creation. Let's give a big applause to
our speakers. this afternoon.
afternoon our speakers and
rapid change. As we know the real
strong governance
guides every decision.
minutes. So Mr. Verhaen our first
resilience. Professor Fan, the floor is
yours. Thank you. Good morning.
It's a pleasure being here. I'm waiting
Oh, there we are. Oops.
All right. I want to talk about trust.
Um, how do we gain trust? How do we lose
trust?
three factors. It is based on one as you
give in. Two, being competent having the
talent be able to do the job.
Three, charisma. be able to inspire
subordinate people,
people that believe in you. The
difference between trust and confidence
is we can we have trust in individuals
and we have confidence in institutions.
and confidence institutions is basically
the result as you can guess
foundation of governance that we heard
earlier today. I want to just mention
five issues that are related to building
confidence in institutions and the trust
in individual leaders and that's related
to the notion of resilience or even more
so anti-fragility which is a notion that
Ojika asked me to elaborate on. The
first one is
learning velocity what does that mean?
It really means how is institution
able to learn for artificial instances
intelligence and embrace that kind of
new technology. If it's able to do so,
then it has that learning ability.
Two, does the institution have ethics
resilience?
When we are under pressure, that's where
you see a real leader appearing,
standing up. It's easy when everything
goes everything goes well, or everybody
is ethical.
It's when it's difficult
leaders with the ethical integrity. So
the resilience is when an organization
in a country like today is under
pressure that's where ethical resilience
becomes important. Number three, having
the technological adaptability.
In other words, today's workers are those
ready to embrace artificial intelligence
and automation. Their job is on the line
for some, not all.
Three, number four, knowledge
redundancy. What does that mean? It
means basically
that if talent leaves the organization,
has the organization, the institute
still the ability to have that
knowledge? In other words, is it
one big two three four let's say people
really master the subject? If that small
group of people leaving the institution,
does the institution still have the
ability to have the necessary knowledge
to remain relevant to remain
competitive? And three, recovery
capacity. If something happens, a
crisis, how quickly will it be able to
recover?
I just want to also mention very briefly
We should not forget history. I was very
fortunate to be in this country for the
last 40 years.
And one of the things that
I did see, sorry, one of the things I
did see and that we should not forget is
when the Asian flu appeared in 97 and
same when the global financial
crisis started in 2007-2008,
it's been proven that it's good
foundation helps a lot.
In fact, these figures show you that
investors
value governance as important, if not
more important as pure profit at one
particular point in time. meaning 78% of
all investors
really want governance and willing to
pay a premium prize for the stock
corporations that are known to have the
reputation of having good governance and
Indonesia those days 25%
on top of the stock price uh that of
course was down during the crisis but
those organizations that are
wellgoverned are indeed organizations
that will attract money.
This is also showing this slide
showing you um
the difference between
what has been said accountability and
responsibility. Accountability is to do
with your fiduciary duties of care,
loyalty, and prudence as an organization
or as a board member to make sure that
the organization does the right thing
compliant with the rules and regulations.
And yes, I agree with Francesca that
rules are not the only thing. In fact,
they're necessary but not sufficient. So
you can have an organization that
complies but not necessarily excels. It's
the same like we all look watching not
all but soccer today is popular right
the world cup you have 11 players on the
pit deserve value.
You are working within the law
framework
but you don't need to create
something. It's when you excel when you
do more as the minimum requirements that
you create something that you are
legitimizing your behavior legitimacy of
your organization
and god forbid you leave a legacy
behind. That's only possible when you do
more as the minimum requirements.
This slide is the one that I've been
asked to talk about a little bit more um
by the OJK [clears throat] staff. What is
this? This is a story or a case um about
the capital markets.
Walter Ingo, professor at
ST business school New York do a study
and this is about organizations that are
not necessary doing
fraud or committing fraud but are within the
gray area of what we call creative
accounting.
It's legal but it's borderline.
It's about interpretation of certain
accounting rules and this is a study in
New York New York Stock Exchange and
what happened here was the following
for every dollar that the organization
trying to push up their stock price
and in the case and some were called by
the SEC
when you were called as you were found
here it becomes interesting
it is the market that will penalize you
trying to push up
$3 down.
is being tarnished
organization
I love your country
for what I see.
that. But at the same time Indonesia is
part of a it's becoming a global player.
reckoned with. One more thing here, um
investment. And that made me think
and that's what I want to say here. You
Why? Because as you can see here we are
weaknesses.
it's not the only thing. So institutions
Are they reliable? Question mark. And if
should be higher. Um, and so I just
leave it here. Um, I prepared the model
but the time is out. So, I'm not going
to do that. Um, I'm more than happy to
um um answer questions. Just just one
word.
role.
make us wiser. What's the difference?
Smart is about efficiency.
Wisdom and was decisions in
perspective. All those that have a stake
in the organization,
seriously and that requires wisdom. That
performance indicators like
have including
heart. We have a mind of rationality we
strengthen the confidence in
people who prepare the future. It's not
natural law the future unfolds in the
mind of people thank you
ok let's give a big applause professor
foren
So, to summarize briefly
human capital ris as governance
foundation is indeed a risk related to the source
human resources must be a priority
organizational governance needs to manage
risks arising from competence
leadership ethics and behavior
employees so that organizational goals can be achieved
achieved. So next is our second speaker
will discuss how integrity can be strat
risk management and human capital
resilience demonstrating that
sustainable organizations are built not
only on robust system but also on
ethical people and responsible
leadership. Mr. Mori, the floor is
yours.
Thank you.
Peace be upon you.
And peace be upon you, warahmatullahi
blessings.
Okay. Eh,
Are you bored? Are you okay?
Good. I have a question for you. Oh,
actually three questions. Okay. Uh I
will say in English and then she will
translate in Bahasa to make sure that
you understand it.
How many of you think your organization
is ethical? Raise your hand.
There are some of you ladies and gentlemen
who feel that the organization that you are
occupy with integrity.
Okay,
there may be more
you see how many raise not many.
Question number two. How many of you
think that your boss is ethical?
There are some of you ladies and gentlemen
who feel that the leadership of the ladies and gentlemen is unetic.
Okay. Now the third question is a tough one
one. How many of you think you are
ethical?
Okay.
You see
It's you, not the organization, not the
boss. You're going to have to actually
start doing things
ethical.
And
Let's Okay, hold on. Let's discuss what
did it go?
I miss it. Okay, let's discuss what does
Right? Okay. So now you know some of
you are not ethical right? That's what
that because you are
what makes the governance
It's not the machine.
Not someone else's
job. It's your job each one of you.
think about it. It starts from you,
right? Okay. So, what is involved
in human capital? What is integrity?
It's the consistent behavior
Okay. Trust.
And then
really
behavior that you do. Your boss tells
you to do certain things. You decided
reason.
Is that good? Bad. You have to actually
think about each actions, right? Those
have been ethical.
Yes.
hand. My question
Am I being am I having integrity?
Right
internal order.
Now I am always ethical
having integrity?
Sometimes I question myself,
being.
We make mistakes
mistakes
than being successful,
right? Because if you fail, remember
it was a long, long time ago. You failed the
test.
from that.
practice
in uh insurance and banks broker dealer
uh in different countries. I worked in
Japan uh Middle East, US
Asia. So first of all, well, of course
I'm an auditor, right? So I will
actually draw the knowledge from the
global internal audit standard which I
was just uh step down from the being a
chairman uh of that committee who
actually created that in 2024. Okay. Now
those how many of you are internal
auditors raise your hand? Okay, no
many. So, yes, we did actually uh
completely rebrump the uh global
internalized standards and it took three
years to draft it, six months to
actually rewrite it, and we actually
received 19,000 comments just like the
number of people who are actually, you
know, uh, are buing this uh bartery
today, right? And then we actually
within the six months we actually
responded to all the comments. So it was
actually one of the things that again I
learned a lesson from the hard and
really difficult task by doing so. But
you really have to communicate honesty.
Honesty really always pays off right
if you hide something if you lie
something lies is someone's name I
remember. Um but you don't want to be
there because if you actually lie to
keep lying. Okay? Which is actually very
difficult thing to do. If you're honest
then if you say you failed that's fine
because you failed right and then you
know
I like the quote that um Winston Church
once said the failure is not fatal
success is not final it's the courage
that continues that counts you know this
is when the London was bombed you know
by German you know the
the V B rockets and then you know people
kept dying and then he said we got to
keep going to keep doing the right thing
for the country. Now what are you doing?
is doing the right thing for you
organization
that's what you have to do every day
doing the right thing for your family.
Doing the right thing for yourself
because what's important for you is
yourself being ethical.
having integrity
and really not
you know looking back and saying should I
have done this why did I not do this
right cause you don't want to regret
so it's better to be honest communicate
that
clearly
and also speak up when you actually see
something wrong like many of you did not
actually raise
when I asked you whether your boss is
ethical or not. Right? So when you see
your boss is not being ethical
now, do you have the courage to say you're
wrong?
Do you?
Maybe not.
But you have to find a way to
communicate that because if your boss is
doing something that's not good for the
organization,
that's not good for your customer,
that's not good for your service, right?
communicate that in a way that he or she
can listen to that and they make changes
so that you can do the right thing for
the organization.
Is it difficult? Yes, it is difficult.
governance is difficult.
Being ethical is difficult.
difficult thing,
my previous speaker said you can make it
Indonesia is a great country,
right? But it starts from each one of
you, not someone else.
Kennedy?
Ask not what the country can do for you.
Ask what you can do for the country. So
help the country or your
organization
to have great governance.
Is that a great thing?
That's what you can do,
right?
And to do that, organizations must have,
you know, clear top down and then clear
new mission
and so that's really what we need. Am I
out of time already? Yes. Okay. All
right.
Sorry about that.
Sorry, I got to be carried up. Uh
All right. So, um
in you have integrity honesty. uh and
Uh, oops. Did I actually pass over?
Wait, wait, wait.
I think I did. Okay, I'm done. Okay,
sorry. Um, a little unorganized, but uh,
One last comment before I go. I know I'm
time out. Once again, I hate to repeat
myself, but integrity and ethics. Ethics
starts from you not from the
organization right from each one of you.
Thank you. Thank You.
OK, may we give it a round of applause
for Mr. Muray. The message is clear, be
ethical is but we have to do it.
Doing what is right is good for the country,
company, or our place
organize and also do what
true to yourself. If you can
I conclude from what Mr. said.
Ma is of course through the approach
governance, risk and compliance
technology supported. Integrity can
realized consistently through
ethical leadership, a process that
transparent, behavioral risk management,
as well as systems that ensure compliance
and accountability. May we give it?
applause once again for Mr. Muri.
Thank you very much.
Next, our final speaker will focus on
one of the most critical challenges
facing organizations today. How to
transform ethics from asset principles
into everyday behaviors that create
sustainable value across the
organizations. Mr. The floor is yours.
Good afternoon.
I lived in Kuala Lumpur 13 years.
What
news?
Okay. For the rest of my presentation, I
switch to English if you don't mind.
I'm waiting for my presentation to come
onto the slides. Bear with me for a
moment.
Is there trouble?
Friends, you can help with the slides
Mr. Ekerman can't get out
A moment. Hold
he's good. Thank you so much.
And then
then the clicker doesn't work.
Maybe the battery.
All right. Yes. Let's start. I will not
do apa kabar for the third time. Don't
worry.
organization?
start first. Uh are we in the business
for money?
childhood actually. Um my mom worked for
a bank and
and I had a bit of pocket money. I'm
branch over there. She brought me to the
bank
anymore between real and fake. We have
fintex. How much money do you want to
of?
know what's behind it. We have actually
we have an problem with trust. So all of
the business for trust. Trust is the
Without the trust we can close the shop.
my pocket. I would not have brought that
to the bank at all. So, this is the
daily basis.
that
collective responsibility
before that is our collective
individual accountability
that
whether we are on track. But what is as
value
definition. How do you secure the future
of your business? How do we secure the
future of trust if we don't think about
the future? So forward looking to me
starts at board level and board
stewardship goes beyond auditing and
compliance.
Board stewardship also requires to ask
the right questions and whenever I
advice boards, I also say don't sit on
the chairman of executive management but
you need to ask questions beyond the
reports. Um how is the organization of
culture? These things are typically
softer factors and a bit harder to
measure but if we don't ask the
questions, we wouldn't know. So I think
it starts at the top. Then uh within the
organization it's very important that we
work on proactive matrices. And I was
just now from the CNB examples where
there are some matrices to measure
whether we are ethical or not. It cannot
totally prevent everything but at least
happening. Last but not least and that
is the main topic for me today as well
is how do we create a psychology
safety that people can speak up before
it is too late.
Now here's an interesting statistic.
This is a research from Navex in 2025
global research and they found out that
in this region there's an 0.78 incident
reports. I'm talking here about
integrity incidents per 100 employees.
At first is the global average of 1.57.
Now what does that tell us? Think of it
for a moment. What does this mean?
Does that mean that we have less
incidents?
Who thinks we have less incidents? Raise
your hand.
Or who nobody thinks raised your hands.
Okay. Who thinks we are under reporting?
Can I see some hands?
Yeah, although this statistic is not
conclusive, we could have a situation
where in Indonesia we are lucky. We have
less incidents. That could be the
situation. I I cannot make a conclusive
what is really happening. So that means
employees. So when this is likely to happen
reactive mode.
also below uh average as well. So it's
We all have work to do on this.
Okay. Then down to the proactiveness,
banks on this part. Now first of all is
why is why do we exist? Now I started
place. Right?
in life. So yes, money is just a number
much more. We are enabling societies and
right? less likely so hopefully you
together. That's the reason why people
like to come to work. So it starts
there.
Also related to our core values of
this course is how we work together. The
What is the next one? That's also an
interesting carot versus stick
management behavior or parent behavior.
Anyone have kids here? There are some
similarities.
Carrot versus stick. What I advised one
of the global banks was you have way too
many sticks
and if you keep throwing sticks at
people what are people going to do
if you keep throwing knives at your kids
they are going to hide under the table
they are going to them not they are not
going to speak of anymore because they
are fearful and what I see is we focus a
lot on penalties. We focus a lot on
corrective actions in organizations.
What I'm saying is if we focus more on
the incentives, the carrots, the rewards
and this is not only about money packages
or increasing the salary all the time
but we need to create some incentives
for people to behave uh as we uh wish
them to behave.
And for me that means remove as many
sticks as possible but use the one stick
when it matters.
And an example that I gave there is um
when you have a garden, there's a fence
around the garden. Within the garden,
please kids, you can play, you can do
whatever you like, throw the ball, but
don't go out of the garden. That is the
non-agoable in values. What is the red
line in your organization? Do we have a
very clear line? That's where you use
the stick. The moment they leave the
garden, you use the stick. Within the
garden, even if they get dirty, they
hurt each other, um that can be
tolerated. You will not penalize that.
That is how you create a culture that
is driven less by fear and more by um
yeah playfulness and positivity.
Also make trust explicit. As a leader,
we need to tell the team, hey, we are in
the same ship. Okay, I happen to be the
captain, but if the ship sinks, we're all
sink. I trust all of us here on this
ship that we will get home safely. That
is very important. How often do we tell
explicitly the people that we trust them
that we untrust them in the job that
they do a good job and lead by example
if you're not uh walking your talk
everything else stops.
Lastly storytelling. I like these
analogies of uh storytelling that like I
started my my uh presentation uh that
also helps. How do you resonate with uh
the people on the ground? I will say
keep it simple uh stories that people can
relate to easily and engage the employees
the hero. Not you as the leader but the
employee is the hero in that story.
Lastly is a simple framework that I like
to use is define and measure key
behavior indicators KBI instead of KPI.
And why is that? Because KPIs are usually
output driven whereas K key behavior
indicators are input driven.
behavior leads to outcomes.
outcomes. Now the first one is teamwork.
If we work together as a team even if
will self-correct. Sports teams do the
same thing. They watch these videos
Absolutely important. The next one is
review. Is ethics part of your annual
performance reviews?
Is that even being discussed? Or also in
Unafraid.
look into. Are people unafraid to speak
up? Uh, and I always make the comparison
with the seat belt. Uh, I have uh
children myself now. My son tells me,
belt. That's what I want to hear
actually."
indicator. Uh that is the statistic that
reported. Um and I also say that with
getting worse. So the earlier you know
it the better it is.
also something that we can measure. Now
ethical organization.
than the competition.
But in ethics
the game is not competitive. We are
as good as the weakest part in the
chain. So for me it's a chain reaction.
If all of us do our part the whole
the nation will grow as a result. That's my
press today. Thank you so much.
We give applause. Thank you
very much, Mr. If I may conclude
just for the record
what Mr. said that trust
not only built by rules, but
through ethics reflected in
leadership, behavior, and also
collaboration. It is this ethical culture that
make the organization more resilient,
adaptive, and able to create value
long-term. Because in the end
Tras was born not only because of the number
rules, but rather from consistency in
practice ethics. We have heard
both of the three sources with
his extraordinary perspective and insight
normal. Sebelum kita memasuki sesi tanya
answer, maybe I have a little
question. The question is maybe for
Mr. Verhezen first, when we facing a
difficult decision, Prof.
profit
compliance
or integrity
again
what should come first profit compliance
or integrity
perspective
used to be an entrepreneur
you're thinking
jail.
Yeah.
Okay. Um so I'm not sure. Um
obviously as a professor today I
that
it's not always that easy. Can I give
you an example? Yes, please. Um, and I
ago um when we got a crisis
on the anti-corruption
today it is being reduced
Indonesian citizens are as honest citizens.
Yeah. And the reason I'm saying that is
very simple and I have figures. At the
2.53%.
finance directly. Okay.
10, 15%
and more. Which means those days they
between 8 and 12%. Yeah. Why is that?
microfinancing.
These are small loans given to farmers.
else on the globe. They pay back their
Yeah.
They're not in prison.
they and I've seen it myself. I worked
for the bad bad Ibra. So I've seen the
consequence of it. So my point is when
not something that you think
deliberately. It's who you are. Okay.
[clears throat]
and quote properly. So the rules should be
but not more rules. Just implement the
okay. We can start from our first. Okay,
because of the duration and the very time
limited, I will open it immediately
questions to the audience present at
here. Sorry, there is only one questioner
which we invite. Please, sir.
Number
Indonesia. So happy to be here
clients as well. Um I think what you're
this panel
and internal audit as well.
talent operating model, right? Us at the
putting our people first. Why do we do
that? Because people matter to us and
particularly the talent landscape in
Indonesia in particular is ever rapidly
changing. Right? So my question to you
is given to transform your mindset on
your slide previously integrity in in
human capital uh and also the other one
is around having the time from the top I
I remember Ibu Franciska mentioned on on
that as well as how would you recruit
people to have the you know to have that
type of mindset for the next generation
because obviously recent governance
primarily we always recruit people with
the finance background you know
accounting background and things like
that. Um we sing more and more trending
and I was speaking to Pak Anan before
that's a lot of recent governance uh
professionals now come from engineering
background or even come from other types
of background. So maybe in your I'm not
sure who this will be directed to it can
be all three of you but uh maybe you can
share your experience or your sharing on
that. Thank you very much everyone.
Thank you.
All right. Thank you. So to all speakers
maybe you can put some message to the
question. Thank you.
So thank you for the question.
Um I always think that when you choose
people you have to think about whether
this individual
not only can just follow the uh orders
or directives but can actually think
himself or himself right about what is
the right thing to do which is actually
like I said difficult thing to do right
because you have to actually understand
the policies and procedures.
But more importantly as a human being
what is the right thing to do right if
you can actually think about that you
know like in your case you know you
serve the clients right you find
something that clients aren't doing the
right thing and then it's sometimes
difficult to communicate that to the
client cue client will say well we
don't need you we go to KPMG or EMY
but that's what you're going to have to
do and then
actually do it which is really what you ask
the question not what is the right
just to follow a single set of the right
have to reason which
is
values maybe. Yeah, I think the
and scenario based. And the thing with
white answer. Um and the other part is
the test. Um but if you emphasize on the
in organization. So I think it starts
test assessments. Um and uh Hogan for
that. So I think for for your type of
later. Yeah.
Okay. Professor, if you want to add some
are crucial. Yeah. And and if young
have an engineering economic
right questions. Asking the right
they're willing to do that. and and and
questions. They they go online to ask the
want to do? So yeah, no.
I'm optimistic.
Optimistic. Thank you. So let's give a
afternoon.
Maybe if I can conclude
the discussion in this second panel was brief
Today's discussion reminds us that
governance is not just about
policy, not just about regulation
or increasingly sophisticated technology.
Governance is ultimately reflected in
every decision we take, value
that we hold, and the culture that we are
wake up every day. If it can be withdrawn
the common thread is that governance is not
just about rules. Integrity starts with
leadership. Culture determines behavior
and trust is the ultimate outcome.
Once again, we can give it a round of applause
hands for advice, value and also
Very meaningful message though eh
time is very tight but once
again it is an extraordinary thing for us
can listen to perspectives from all three
daytime resource person again during the day
This. Thank you once again Prof.
Miro
and
for insight and valuable perspective.
Thank you once again. Once again afternoon
today we will return to
Today's master of ceremonies is Zakia
Arfan.
Thank you Cintia Rompas. We
applause once again sir
Ma'am and we ask the moderator and
the sources to remain in
on stage. And we also invite
Head of Risk Management Department and
Quality Control, Mr. Ahmad Fuad
to join the stage and
handing over souvenirs to the
source [music]
and moderator.
[music]
[music]
[music]
[music]
[music]
[bell]
[music]
Okay, we'll continue with
group photo session. We invite you
Ladies and Gentlemen to occupy
[music] position. And to
our fellow photographers are welcome
to immortalize the general session
this second [music]. I will help
by counting in thirds.
Sat 2 t.
Okay, one more time.
One.
two T. Okay, thank you. We
please come back to
each seat.
Can we give him a round of applause, sir?
Mom and of course ee is not finished yet
here. After this it will be continued
with GRC [music] Inside session together
Mr. Andi Foya and Mr. Yahya. [music]
President Director of BCA. Make sure sir
and Mother followed the event until the end
and fill out the survey via QR code
is on the table so it can be exchanged
[music] with souvenirs. And further
take a moment to rest and enjoy the meal
the afternoon that we have prepared [music]
to the left of the Ball room. And for
Ladies and gentlemen who wish to perform worship
Dhuhur prayer, ee this prayer room is located at
basement floor B1 and also B2. [music]
We mean on the basement floor B1 and
2nd floor in Gatot Kaca room. [music]
And before leaving the room, we
Please make sure all items are
personal below. Father, Mother, for
maintain order and comfort
please head to the lunch area
first. And then we
will allow the next line
alternately. And once again we
please be willing to stay
be in a place for a moment while
menikmati penampilan orkestra. [music]
at 13:55
Western Indonesian Time and is expected
Sir and Madam can come back on time
to attend the final session of our event
Today. Thank you for
his attention.
[music]
[music]
Okay, Mr. Yahya.
Good afternoon, Bang Andi Noya. This person
Extraordinary. But before we start,
I want to know, eh, I want to tell you
especially for Banyumas. Who is from
Banyumas
Guy? These faces of Banyumas are not
ngapak ora kepenak. Nyong siki wis dadi
Banyumas people.
Mr. Yahya,
first question.
Yes sir.
How old is Mr. Yahya? Wow, this
a secret that everyone knows, yeah.
Before that, if I may say hello.
Peace be upon you and Allah be upon you
blessings.
Shalom, Uncle Swastiastu. Namo buddhaya.
Greetings of goodness. May we greet you first?
OJK officials,
Mr. Yaya.
Mrs. Sofius
Oh, I see.
No way. This is the initial layout, sir.
with Mr. Ahmad earlier, yes. Well, now
If you ask my age, I am
class of 75. So, approx
70s or so now.
Still young. I see a lot I see
many people get married in their 70s.
Mud. Oh I see.
Yes Remarried means.
Wow, is that so?
Don't, don't. No way.
This is not a suggestion. No, no, no
No. This
it's every husband's dream but courage
which is not usually there.
Oh I see. He said he has a lot of wives. Iatan
husband
afraid of his wife he said. [laugh]
Mr. Yaya forget that.
How long have you worked as a
professional?
I started working in 9 years, sir. So
47 years old.
Starting at 47 years old.
Yes, it is true.
So how many years has the boss been at that level?
Boss? yes. Well, so 79 me as
auditor ee, roughly an assistant auditor
2 years. Then I entered Kalbe Farma
has served as assistant manager. Not yet
not yet BOSS.
How much was your salary at that time? Yes,
at that time it was only R200,000, sir.
Oh, that's not what I wanted to know. Go on
A little.
Oh, after that I just became
Director of Finance
at Kalbe Ferma in 8 years. So age 33,
Pack.
33. So it's been 40 years.
Yes
So boss.
Yes. Yes. Yes. Not the boss. As it happens
given a pretty good position like that,
Pack.
There's a lot of small talk here, isn't there, sir?
[laugh]
Now that I have all my questions
heading to one only
yes.
After working for so long,
how much is his wealth, sir?
Wow. Yes Yes. [cheering]
Only BCA shares are published.
I'll mention it, okay?
there are 38 million shares
times how much is the price wow the price again
just like that outside. Wow
it's on my tax return.
Oh
So those at BCA are SAM holders
how much was it? How many?
Only R8 million.
R8 million. Please count each one.
That's just the peak of S.
yes. I'm sure there must be one at home
a big safe like that.
Usually, you're honest, sir, right?
many people have safes
not registered on the SPT, he said. If
I have everything in the bank, it's in
everywhere. So it was recorded straight away,
Pack.
So where is the money kept?
Wow, that must be at BCA, right? Keep going yeah
As a what? People who invest must
Miscellaneous. So is it in security?
company, whether in mutual funds or in
insurance. So we really have to
separate beside we have property
alone like that. So we broke up in
a basket of investments. So the risk
quotation marks, right? We're talking about risk.
too
so that the risk is spread. So alive
this is not avoiding risk. We must
face the risks. But what is measurable is that
can be mitigated. Well, that's what we
study, sir. So if we say
business, there are no business people
eliminate risk
must face the risks, but what mitigation
measurable. If there is something uncer
uncertainties, yes, like before
asking about catastrophe or what. Example
for example IT, wow what if suddenly there is
cyber attack or whatever, there is
insurance even though even though insurance is
it is impossible to cover everything,
but at least the company management
not to blame. If not, you'd be stupid
very much he said. I already knew there was a problem
why isn't it insured? So at least there is
our awareness to insure part of
the losses. Yes, so an example like before
disasters don't happen every year,
Not every region has it or not
know when
yeah don't know when but there has to be
one policy still has insurance policy.
one day it happened. Then people ask
how is it? Yes, some of us have
management insurance. Calm down, sir. We already
mitigate the risk as much as possible
yes. But we have to face it all
risk, sir.
Good.
And the recovery that is picked. If it arrives
happen as soon as possible
do such recoveries.
That's very important, sir.
Don't divert the issue. I still
return. Yes. So how many sticks are there?
gold
how many kilos? Not how many sticks.
How many kilos of gold does Mr. Yaya have?
Today?
Well, if the gold bar is old
fashion, sir.
Oh,
now it is virtual gold.
Okay.
Well, I'm not promoting Virtual Gold.
The one I use is also Tring
That pawn shop is great
can buy it yeah. This is not a promotion
Pawnshop, yes. It is indeed our reality
talk about good things
use facts like that.
That's it. There are BSI friends here too.
Oh, BSI can do it too, but it just so happens it's not there yet.
BSI.
Oh [laughs] right away.
Mr. Anggoro, yes Mr. Anggoro is a friend
I used to be in Hawaii with you, sir.
Anggoro. We have breakfast together
Mr. Ang too. [laugh]
Now
at BC Asaria there is also. That's why I
don't mention BSI together, right? But
I am an independent pawnbroker that I
call it that. Yes, it is true if it is already
The leadership level is really smart, huh?
to make excuses, yeah.
So there are no bars stored
like that
yes. There are little by little. But if that
my large amount is better virtual.
Why? Because virtual anytime wants to sell
also can, if you want to buy it you can. Easy.
So it's like saving up to 74 kilos
that's wrong. Yes
You're just not very smart, sir.
It's not wrong. Just not very smart.
Don't talk about that anymore. We'll see you later
problematic,
Mr. Yahya. Not for me
problematic. I am a free man.
Freedom, yes.
I didn't become a commissioner earlier. Yes,
Mr. Yaya.
This is actually a GRC event every year
the year I participated. This is actually the goal
one also to remind us
all about the importance of governance
yes, good governance, then management,
then there is also the question
how is our compliance?
That
we are always reminded about that.
Well, but the reality is that we also have to
tell that many of them
Mr. Yahya's friends
yes
but these are Mr Yahya's friends
he
in the business of competing
so tight it has to face
the fact that if we don't cheat,
giving gratification to get
project permits and so on, we will
lost in the competition.
How did you get here, Mr. Yahya?
seeing the situation and conditions of this condition
in business competition
the principle of just standing is better, sir
stand
in terms of governance principles
it already mentions governance for
is it an organization or a company
even the government has to follow
a measurable governance and
entrusted. So, what's behind that?
important? Values, ethical values, continue
integrated. Well, that all has to stay
there is a main basis, sir. Well, in
there are temptations like that. Now,
the question is whether the door is only in
one and only? Well, I don't either
blame ya. many things happened
that it is the only one
To be honest, just give an example of IMB. IMB if
no, for example, entrepreneurs say retail
He wants to make a building permit, he needs it quickly.
Well, sometimes there really isn't any.
another way. That's the only one. Must
bablas sesuatu yang enggak etis. Yes,
if there is no choice, what can you do?
close the book. If he doesn't continue,
he doesn't employ many people.
Because he wants to do business. Business
not just looking for profit, employing
people, sir. That's the main thing. I salute you
yes to big businessmen. Honest
if they collect the money, put it in
gold, put it in a deposit, where is it already?
just fan it. But they are still at risk
create a business, invest in something
not sure. And this is the end of it
not only yes of course if he profits
Certain. But what is the difference between people who have
1 trillion to 100 trillion? Just the same
his lifestyle doesn't improve, no
different, sir. Yes. But with
We still need employment. Employment
power, sir. If in every country
buying power increases, then the economy
it will be good. So, here it is
want to invest, be careful means on
It's okay now, but it will be a hassle in the future.
So this is a must have package
we are ready to continue doing
investment. Thank God it was you earlier
say efforts to block
normal business is there, please do that
must be sorted out
so that everything is really neat and appropriate
with applicable provisions. We
willingly do things
the. Thank you sir.
Yes The answer is yes. [laugh]
Yes Because I hear not hear
I often hear stories from
their business friends want yeah
comply with this GRC really want
really do business honestly and obey
open according to the rules but
circumstances that make them
sometimes or often I have to
do things that are contrary to
with what we are now reminded of
This. Mr. Yahya
I. So they say than us
we will lose the competition if we don't
do it our friends or competitors
we will do it. But I
I won't ask further later
Sir [clears throat] Yaya has a headache.
Yes sir.
What I will ask now is
This is how Mr. Yahya is.
This is especially [clears throat] for the generation
This young man who will come is from time to time
to the time of the concept of rules, policies that
must be adjusted to
circumstances. A long time ago when the era where
we are all stable and can predict
people's future is calculated by that
easy. Corruption also existed during the New Order era.
It was only previously calculated that it was at most 10%.
Now we are confused about how to calculate that
how many components are there? Well, then
there is a next stage when then
this situation and condition must be
more calculations yes more
challenge. And finally we know that
all conditions even beyond expectations
we have war between Iran, Israel, America,
then we also know Trump's statement
that's right and even in our government
sometimes this president himself
make a little
disturbance apa ee chaos quotes
yes.
Yes, that's right. Well, I can tell you.
not the era of Mr Yahya from the beginning, middle
until now it was previously known as
what term? Spot.
Yes All steady
yes? Like bani.
Bani. Well, please, Mr. Yahya, speak.
same thing. I'll take a break first.
Yes, thank you Mr. Andi. Of course
He's good at fishing, isn't he?
Fishing, yeah. Not in the crew water, in
The water is clear, sir. Here all
yes. Well, so back then when everything
something is predictable
in the future it can be quite successful
we achieve with planning that
we just follow the implementation. That is all
done. That was in the 90s before it was possible
so. Then it started to appear that
fuka volatility term.
Then what else do I sometimes do?
So that's a bit of a difficult situation, huh?
This requires quick organization
also must be taken quickly. Not pegged
in the initial planning. Well, this is funny. I
What did you study accounting for?
How many years did I graduate from college?
my grip is always called budget
the target must not be absent. Must
there is that handle. But the way it goes
when I was studying it turned out that we
too rigid in sticking to planning targets
not flexible not dynamic not
change quickly then we are left behind
era.
it causes that the targets that
there must be more flexibility, there must be more
quickly revised, adjusted to
condition
the past is just historical. We
learn from cases that occur
past. At this point we have to see
have roving eyes. Have roving eyes
and ears to hear input
from below. Don't be arrogant as
The leader said, "Wow, I'm the boss.
I all know that's not true. I am that
helped a lot by the
employees, customers and employees who
provide input on those ideas. If we
adapt well, we revise, time
we give birth to a product
the benefits are extraordinary. So we don't
may be proud that we are people
the all-knowing one. So in our team
in particular I work at BCA ee
BCA in '90 became director in '99
So it's been 26 years since I became a director.
Then the president 14 years ago I
retired as prescom. So 14 years
I became president and as long as I was president
from 2011 to 2025
BCA's profit is always double on average
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