GRC Practices Can Encourage Sustainable Economic Growth

JAKARTA - The 2025 Top GRC Awards were given to well-known companies from various business sectors, today, at the Raffles Hotel Jakarta.

The award was given after the completion of the entire assessment process which lasted for about two months, by TopBusiness Magazine in collaboration with a number of institutions/experts.

Like the Indonesian GRC Association, Irmapa/Indonesia Risk Management Professional Association, Icopi/Institute Compliance Professionals Indonesia, Morning/Indonesian Governance Professional Association, Primary Synergy, SGL Management, Dwika Consulting, Melani K. Harriman and Associate, Business Performance Solutions.

"Top GRC Awards are the largest GRC assessment, awards and education activities in Indonesia, and are given to companies that perform well, and have implemented GRCs effectively and with quality," said the Head of the Top GRC Awards 2025 Organizer, M. Lutfi Handayani.

Held since 2019, the Top GRC Awards 2025 is the seventh time it has been held.

There are several best companies that receive the prestigious award. Among them are: PT Pos Indonesia (Persero); PT Sarana Multi Infrastruktur (Persero); PT Semen Gresik; PT Bank Pembangunan Daerah Bali; PT Mandiri Utama Finance; PT Bank SeaBank Indonesia; BPJS Kesehatan; PT Jasa Marga (Persero), Tbk.; PT Pan Brothers, Tbk.

Then, there are also these companies: PT MRT Jakarta (Perseroda); PT LiuGong Finance Indonesia; Perumda Pembangunan Sarana Jaya; PT Meulaboh Power Generation; Lintasarta; PT Perusahaan Gas Negara, Tbk.; PT Pelayaran Bahtera Adhiguna; and a number of other big names.

Lutfi, who is also the Editor-in-Chief of TopBusiness Magazine, said that the 2025 TOP GRC Awards theme is: Resilience to Sustainability: Leading Through GRC.

There is also another form of learning, namely the added value session/provide recommendations from the 2025 Top GRC Awards Jury to each participating company interviewed. This recommendation is one of the advantages of the Top GRC Awards. And it was given by the judges who generally already have a GRC Oversight Professional Competency Certificate from the LSP GRC," said Lutfi.

The TOP GRC Awards jury has also signed a Jury Code of Ethics Statement, to maintain objectivity in assessing.

Lutfi also said, business challenges in the future, often create uncertainty. This makes the GRC approach also undergo changes and improvements over time.

GRC is not only technical value, but also creating value. One important thing is how GRC or GRC team create innovations to improve business processes so that performance continues to improve.

The rapid development of digital technology also encourages the development of GRCs to be artificial intelligence or AI-based. This is what needs to be adopted together. And, one of the most important things in the GRC system is how the GRC system really becomes one implemented system.

GRC and Economic Growth

In his remarks as a keynote speaker, the Expert Staff for Regional Development of the Coordinating Ministry for Economic Affairs of the Republic of Indonesia, Haryo Liman Seto, conveyed a number of things. He said, the national economy faced various things such as market volatility, geopoliticals, and others. Even so, national economic growth is still solid.

Indonesian President Prabowo Subianto has also set an 8 percent economic growth target. "In this case, the practice of GRC can be a tool for an effective, transparent, and sustainable economic transformation," said Haryo.

Organizational culture must also support this difficult transformation process. Collaboration, Haryo said, is needed to achieve the 8 percent economic growth target.

"Awareness about the importance of governance principles, of course we really need it," said Haryo.

The Chairman of the National Committee for Governance Policy (KNKG), Professor Mardiasmo, also conveyed a number of messages. He said that GRC is an important tool to build short-term or long-term resilience for companies.

Dan, organisasi yang berkelanjutan, tidak hanya bertahan, tetapi juga memberikan kontribusi bagi lingkungan di sekitar, kata dia.

The meaning of 'resilience' is the ability of an organization to survive and recover from shocks. Examples of shocks are the Covid-19 pandemic, cyber threats, and others.

Dan, keberlanjutan adalah untuk ketahanan bisnis jangka panjang. Itulah yang membuat nilai bermanjang bagi semua pemangku kepentingan, kata Mardiasmo.

Assessment Process

The chairman of the 2025 Top GRC Awards Jury, Dr. Antonius Alijoyo, delivered a number of messages.

"When we talk about current and future business management, we cannot be separated from the importance of the ability to anticipate uncertainty", he said.

In this era of dynamic and full disruption, the concept of double materiality impact becomes very relevant. On the one hand, organizations must understand the impact of external factors on business continuity.

And on the other hand, you must realize that organizational decisions and actions will have an impact on the external environment, including social and environmental aspects.

It is in this context that the role of GRC is increasingly strategic. With GRC, we are not only able to manage risk and threats effectively, but are also able to take advantage of existing opportunities to create sustainable added value (creating value), for all stakeholders.

GRC practitioners are required not only to have competence in appropriate and intelligent decision making (smart decision making), but also moral decisions, integrity, and responsibility. Because in fact, every decision taken has an impact not only on internal organizations, but also on external social, environmental, and reputational consequences.

"This is where the importance of integrity and ethical governance so that our smart decision can become a wise decision," added Antonius.

Furthermore, Antonius said that the process of assessing and determining the recipients of the 2025 Top GRC Awards, carried out with the following stages:

First, in the judging interview, the jury conducted an in-depth study of the GRC's success. So, the jury did not test but explored the success of GRC participant companies.

Second, the jury also appreciated the directors and commissioners who were present in the judging interview. Because this also shows the high commitment of the top level management, in terms of the implementation of GRC in his company.

Third, the determination of the winners/receivers of the 2025 Top GRC Awards, is carried out collectively in the plenary session of the jury, with a more emphasis on the completeness of the system, infrastructure, and aspects of GRC implementation. Including business performance output, is also assessed.

Fourth, the jury has the authority to cancel or revoke the awards received by participants, if in the future, legal problems are found, especially those with permanent legal force, or other problems that are very contrary to GRC principles at participating companies.