OJK Claims IKNB Transformation In Accordance With Risk-based Supervision

Illustration (doc. between)

MEDAN - The Chief Executive of the Non-Bank Financial Industry Supervision (IKNB) of the Financial Services Authority (OJK), Riswinandi Idris, claimed that the transformation of IKNB was in accordance with the plan to implement risk-based supervision (RBS).

"So far (the transformation of the IKNB) has been on track according to the plan, such as the implementation of risk based supervision (RBS) and the separation for supervision and special examinations have been formed to separate the handling so that it is more focused," said Riswinandi, in a discussion in Medan, as reported by Antara. , Saturday, March 26.

According to Riswinandi, several IKNB transformation programs are already in the process of being finalized, such as the rules for peer to peer lending financial technology (fintech) which have reached the harmonization stage and are expected to be completed in 2022.

He also explained that the transformation of IKNB has been carried out since 2018 after seeing the results of the evaluation in the field of regulation and supervision of IKNB compared to the banking industry and capital market.

Furthermore, in 2019, OJK began to improve prudential arrangements, RBS supervision, IKNB supervisory information system (SIP) infrastructure, early warning system (EWS), and IKNB organizational arrangements.

Then in 2020, OJK will strengthen the IKNB supervision infrastructure, strengthen Human Resources (HR), and establish a special IKNB supervisory work unit.

“Now that there is this dashboard, we as IKNB supervisors with the support of capital market supervisors in real time can see the development of securities investments in insurance companies and pension funds so that we can quickly detect and ask for explanations. This is an early warning system which is part of the IKNB transformation that makes its supervision more optimal,” said Riswinandi.

In 2021, the IKNB transformation will continue with the strengthening of regulations such as exit policies and supervisory actions, Risk Management in the Use of Information Technology (MRTI), as well as Consolidation of Supervision and Optimization of the Role of Supervision Information Systems.

"Meanwhile, in 2022, OJK will continue to strengthen IKNB supervision," said Riswinandi.