OJK Strengthens The Financial Services Industry With Three Defense Lapis, This Is The Result

Chairman of the OJK Audit Board Sophia Wattimena (right) while giving a presentation (Photo: Doc. OJK)

JAKARTA - The Financial Services Authority (OJK) is said to continue to encourage the strengthening of the financial industry sector in order to achieve sustainable growth and prioritize consumer protection.

Chairman of the Audit Board of OJK Sophia Wattimena said, in order to achieve this goal, the authorities launched three layers of defense strategies including strengthening governance as the first line. Then the role of supervision of institutions and supporting professions (public accountability/public accounting offices, actuaries, legal consultant assessments) as the second line, as well as the role of OJK as the third line.

So far, the condition of the financial services sector is in good condition, although we see geopolitical conditions and rising commodity prices. The performance of the good financial services sector must be supported by good governance," he said in an official statement on Sunday, September 25.

Sophia detailed the strengthening of the governance of the financial services industry (IJK) by clarifying the role and responsibility of the preparation of financial reports, one of which requires the preparation of financial statements to have Chartered Accountant (CA) certification and require an actuary profession in the company.

"This increases overall transparency over the products offered to consumers," he said.

Second, strengthening institutions and supporting professions, among others, by enforcing institutions and supporting professions to strengthen governance, improve coordination and review of the quality of institutions and supporting professions in carrying out the process of supervising Financial Services Business Actors (PUJK).

"Furthermore, the strengthening of OJK's role, among others, is through the application of strict enforcement mechanisms for violations committed using various legal principles and strengthening coordination between related institutions, such as Bank Indonesia, the Ministry of Finance, Polri, the Prosecutor's Office, and associations," he explained.

Sophia added, by strengthening the three layers of defense and law enforcement, it is hoped that it will increase the contribution of the financial services sector to the national economic recovery.

"One thing that becomes very strategic is to continue to prioritize the protection aspect of the community as consumers," he concluded.