Revealed! These Are OJK's Three New Strategies To Strengthen The Non-Bank Financial Industry Sector

Illustration (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) has stated its commitment to strengthening the non-bank financial industry (IKNB) sector through the implementation of three main strategies.

The Chief Executive of the OJK IKNB Supervisor, Ogi Prastomiyono, said that the three plans are internal strengthening of the company, support from supporting professional institutions and industry associations, and optimizing the role of OJK as a regulator.

According to him, the various risks and conditions of uncertainty that have emerged at this time are a warning to all parties involved in this sector.

"All of us must realize the importance of strengthening supervision to realize a professional and trustworthy non-bank financial industry, so that it is able to grow and develop sustainably," he said in a written statement on Monday, August 22.

Ogi added that the optimal supervision mechanism requires collaboration from all stakeholders, namely from internal IKNB players, supporting professional institutions and industry associations, and of course OJK as the regulator of the financial services sector.

"Synergy and collaboration between OJK and industry players, as well as professional organizations and industry associations, are expected to form 3 lines of defense that are able to work together optimally to maintain this sector so that it can grow with quality, and make a more significant contribution in encouraging growth. national economy," he said.

In detail, Ogi explained that for the internal strengthening strategy of the company, effective governance and risk management are needed as the foundation to ensure the sustainability of the company's business in the long term.

It is stated that the implementation of effective risk management is needed so that the company is proactive in anticipating various risks and has the potential to disrupt the company's going concern.

“Through internal strengthening that focuses on these two aspects, all internal business processes in the company can be carried out prudently, with the support of good check and balance mechanisms. So that a mechanism is created that can ensure that all daily business processes in the company are always carried out in accordance with standard operating internal procedures and applicable laws and regulations," he said.

Then, in the support strategy of supporting professional institutions and industry associations, supporting professional institutions are needed that can work more professionally, independently, and according to the code of ethics to support industrial growth.

“OJK also expects active participation from industry player associations to be able to participate in supervising and fostering the business behavior of its members, especially for matters related to consumer protection aspects. OJK also sees that association support is absolutely necessary to support efforts to improve public financial literacy through various educational and outreach activities," he added.

Then on the role of OJK as a regulator, Ogi ensured that his party would consistently make improvements internally to be able to carry out regulatory, licensing, and supervisory activities more effectively in the IKNB sector.

"OJK also continues to improve the effectiveness of supervision, among others, by optimizing information technology support and at the same time encouraging capacity building/expertise of supervisory human resources," he concluded.