OJK Increases Collaboration Of All Stakeholders To Strengthen Financial Services Sector Governance

Photo: Doc. Antara

JAKARTA - Chairperson of the Audit Board of the Financial Services Authority (OJK) Sophia Issabella Wattimena stated that her party continues to improve collaboration with all stakeholders in strengthening the governance and integrity of the financial services sector in a sustainable manner.

"(One of them), OJK affirms its commitment to strengthening the prevention and eradication of corruption in order to maintain integrity as a regulator in the financial services sector in the 2024 World Anti-Corruption Day (Hakordia) event, which carries the theme 'Stature Corruption Eradication Commitment to Advanced Indonesia'," he said at the Financial Services Sector Press Conference and OJK Policy on the Results of the Monthly Board of Commissioners (RDKB) Meeting in December 2024, quoted by Antara, Wednesday, January 8.

OJK also synergizes with the Corruption Eradication Commission (KPK) in preventing corruption in the financial services sector with various steps of cooperation that continue to be carried out.

Then, run a gratification control program for internal OJK employees and families that prohibits receiving gratuities because it is considered a form of bribery.

In the 67th Anniversary of the Indonesian Accounting Association (IAI), OJK also emphasized the importance of supporting professional roles in the financial services sector, including accountants in the implementation of integrated GRC (government, risk, and compliance), prioritizing technology by observing the development of future risks, and lessons learned from various problems of financial service institutions in the past that have harmed the community and caused financial service institutions to not last long.

As an effort to ensure the application of the highest standards in maintaining and strengthening integrity and governance, there are several efforts and strategies carried out by the OJK.

First, maintain the ISO 37001 Certification Anti-Bribery Management System (SMAP) and expand the scope of its application to all work units in the OJK without any non-conformity findings, both major and minor.

The second is to maintain the ISO 9001 Quality Control Certification for the implementation of internal audits, risk management, quality control, and enforcement of internal OJK integrity as a commitment to ensure the quality of the implementation of OJK governance.

Furthermore, obtaining an Internal Audit Capability Model (IACM) value of 92.68 (managed level), increased from 91.46.

This increase in value is considered to show that the implementation of the internal audit function in the OJK has been carried out and strengthened in a sustainable manner to ensure the effectiveness of the implementation of the main tasks and functions of the OJK.

The fourth is to make improvements to the internal provisions related to gratification control in the OJK according to best practices and KPK regulations in order to ensure that the enforcement of zero tolerance principles against fraud, including corruption, is effective in minimizing the risk of gratification in the OJK.

In addition, OJK has also implemented an early addition to the Internal Audit Standards (GIAS) in 2024, namely the latest international internal audit framework issued by the Institute of Internal Auditors (IIA) as a global internal auditor professional organization with several main focuses.

Two of them are strengthening the internal audit function which emphasizes quality and simplification, as well as being the best partner for the board of commissioners and all OJK work units through the provision of effective insurance and advisory, so that the OJK internal audit function can be an enabler for strengthening the main function of OJK in regulating, supervising, and protecting the financial services sector.

So far, OJK has always referred to the best standard of internal audit practices with internal audit function maturities that are considered periodic by independent assessors in order to ensure compliance, quality, and effectiveness.

"With various policies carried out by the OJK and measures to enforce the provisions and enforcement of integrity, we believe that the financial services sector can be maintained and contribute optimally to the national economy," Sophia said.