OJK Is Getting More Sophisticated, Bank Supervision Is Now Carried Out Through OSIDA Data Analytics

JAKARTA - The Financial Services Authority (OJK) launched the OJK Suptech Integrated Data Analytics (OSIDA) as a new work system that aims to automatically analyze reports and also the performance of banking business actors.

The Chief Executive of OJK Banking Supervision, Heru Kristiyana, said this system is in line with the fast-growing digital transformation in the financial services industry.

"Utilizing this technology gives us many opportunities to be able to analyze business activities carried out by financial industry players, as well as provide more comprehensive information so that we can carry out supervisory actions early", he said in a press statement, Tuesday, March 29.

According to Heru, the presence of OSIDA is proof that OJK continues to improve and adapt to an environment that continues to move dynamically.

“The use of OSIDA will detect danger signals early on bank business activities, potential fraud, data manipulation, and non-compliance with regulations. So this system helps OJK supervisors to intervene and supervise anticipatively", he said.

Heru explained that the data analytics function includes reporting data processing, big data processing, to reporting on the Financial Information Service System or SLIK (formerly BI Checking).

"In addition to the banking sector, the development of OSIDA will also be applied to the capital market and non-bank financial industry (IKNB) so that cross-sectoral analysis can be carried out in an integrated manner to detect effects in other sectors", he stressed.

Meanwhile, the data processed by OSIDA can already be accessed by all bank supervisors at the head office, regional offices, and OJK offices directly through electronic devices connected to internet access.