At The TOP GRC Awards 2021, Coordinating Minister Airlangga Reflects On China's Evergrande Issue: Encouraging The Implementation Of Governance, Risk, And Compliance

JAKARTA - The highlight of the 2021 TOP GRC Awards took place today at the Raffles Hotel, Jakarta, Thursday 7 October. The event was attended by representatives of the award-winning companies, members of the 2021 TOP GRC Awards Jury, and GRC practitioners.

The Coordinating Minister for Economic Affairs of the Republic of Indonesia, Airlangga Hartarto, gave a virtual speech, which in essence encouraged companies in Indonesia to be more intensive in implementing GRC. The theme of the event was "The Strategic Role of GRC for Business Continuity in the COVID-19 Pandemic".

The event was organized by TopBusiness Magazine in collaboration and supported by a number of institutions. Such as the Indonesian GRC Association, IRMAPA (Indonesia Risk Management Professional Association), ICopi (Institute of Compliance Professional Indonesia), Institute for the Study of Nawacita (LKN), FEB Universitas Padjadjaran, Sinergi Daya Prima (SDP), Business Performance Solutions (SKB), Dwika Consulting , Melani K. Harriman and Associates, and others.

A learning and award event for implementing GRC in companies throughout Indonesia, the 2021 TOP GRC Awards, is a continuation of previous years. And 2021 is the third year the TOP GRC Awards are being held.

Jasa Raharja, CIMB Niaga, Indonesia Power, PLN, Lintasarta, Waskita by Realty, Patra Jasa, East Kalimantan Fertilizer, Sriwidjaja Palembang Fertilizer, Sinar Mas Insurance, Triniti Dinamik, Pos Indonesia, Center for Housing Financing Fund Management (PPDPP), received prestigious awards in the TOP GRC Awards 2021 activities. And many other great companies are awarded.

The Chairperson of the 2021 TOP GRC Awards, M. Lutfi Handayani, said that the TOP GRC Awards are the largest and most comprehensive awards activities in the areas of governance (GCG), risk (risk management), and compliance (compliance management).

The TOP GRC Awards 2021 were followed/screened from 880 state-owned companies, companies in the capital market, and national or multinational private companies. The judging interview process will take place from June 1 to September 14, 2021.

The TOP GRC Awards 2021 is a series with the 2021 GRC Summit activities that will present international speakers. Lutfi said that unlike other GCG/GRC awards in Indonesia, the TOP GRC Awards prioritized the GRC learning process for participants (companies) and gave appreciation for the achievement of GRC implementation in the Company. Participants who take part in the judging interview, will get input/suggestions from the jury in the 'added value' session, at the end of the judging interview.

"This TOP GRC Awards activity assesses the implementation of GCG, risk management, and compliance, which are linked to the achievement of the company's business goals and performance. Of course, the winners of the 2021 TOP GRC Awards are classified as companies whose business performance can grow sustainably, based on good GRC implementation. , effective, and quality," said Lutfi.

In his keynote speech, the Coordinating Minister for Economic Affairs of the Republic of Indonesia, Airlangga Hartarto, said that he appreciated the 2021 TOP GRC Awards. Because, it can promote a clean business ecosystem during a pandemic, so that it will ultimately benefit the national economy.

Airlangga then said that now the world is shocked by the problem of the Chinese property giant, Evergrande, in the issue of debt default. This stems from aggressiveness in business expansion, and debt that is not accompanied by an adequate risk assessment. Including risks regarding government policies.

"This can have a systemic impact and have a global impact. Things like that can be a lesson for us and remind us that the implementation of the GRC can certainly respond to challenges in changing conditions," he said.

So far, efforts have been made to address governance weaknesses in Indonesia. For example, the formation of the National Committee on GCG Policy in 1999 by the Coordinating Minister for Economic Affairs, and this is still ongoing.

OJK also issued a roadmap for corporate governance in Indonesia in 2014, for issuers and public companies. “Then there are initiatives to encourage the growth of good governance. For example, the Governance Perception Index, and awards such as the 2021 TOP GRC Awards," said Minister Airlangga Hartarto.

Regarding the national economy, he said that in the momentum of economic recovery, Indonesia was facing an increase in the delta variant of the corona virus. On the other hand, manufacturing activity continued to rise, and there were other improvements.

"The increase in corona patients has decreased. Patients are also being treated/isolated, and others. The economic engine is good, and the pandemic is under control. But we must not slack off. We must be enthusiastic and, among other things, implement a good GRC," said Airlangga.