JAKARTA - PT Pertamina International Shipping (PIS), Pertamina's Subholding Integrated Marine, revealed four risks and challenges in running its business.
VP Risk Strategy & Governance PIS, Nico Dhamora, explained that by operating 474 transport tankers, of which 80 percent serve domestically and 20 percent serve 65 international routes, the company has a very complex portfolio.
Nico explained, there are four main risk challenges faced by PIS. The first is Regulatory and Safety Compliance. This risk is crucial because PIS ships operate in various countries with different regulatory standards. In addition, asset reliability (ships) must be maintained.
"The implication is that if there are assets that are not reliable, it can be believed that later it will result in national energy supply," Nico said in the E2S Energy Update in Jakarta, Wednesday, December 10.
Nico further explained that the challenges of Geopolitical Tension have a direct impact on operations. He gave an example of an incident that had occurred in Hormuz Bay.
"I remember very well that one of our ships was in Hormuz Bay when Israel attacked Qatar, and at that time it really made the geopolitical context valid," he explained.
Furthermore, the tantgan faced is the risk of Cybersecurity, which is a real risk. Nico said the incident in Hormuz Bay caused GPS on the PIS ship to not work. In this situation, PIS in addition to relying on reliable seafarers' manual navigation capabilities, also applies a multi- GPS vendor contract.
"We also finally contracted with multi-vendors so that later when our GPS is turned off, we can switch on to other vendors so that the GPS can still run," he explained.
Finally, the challenge faced is Energy Market Volability. World oil price fluctuations affect the vessel charter rate, which ultimately has an impact on the company's business growth.
In an effort to manage risks, PIS implements the framework of the Government Center Risk Management with four main focuses, in line with the framework of Pertamina Group and Ministerial Regulation of SOEs No. 2 of 2023.
Nico emphasized the importance of Structure Oversight by implementing the Three Lines of Defense and strengthening Internal Control and the Segregation of Duty. PIS places the function of risk management as the Second Line of Defense (supervisor).
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In terms of Digitalization, PIS makes historical data a source of information and Early Warning System through the Shipping Early Warning Insight System (SEWIS) system.
"Head Office should be a Head Office that provides direct views to friends operating there. And I use this digitization as a quick win," said Nico.
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