Looking at the trend of public conversation around Governance, Risk & Compliance (GRC) during Joko Widodo’s 10-year administration
writen by Yuliasman Chaniago
Today, President Joko Widodo will step down, and Indonesia’s leadership will be taken over by President Prabowo Subiyanto. The President, as an executive, plays a vital role in the implementation of Governance, Risk Management, and Compliance (better known by the acronym GRK, which stands for Governance (broader than governance), Risk Management, and Compliance). He can determine Indonesia’s goals for the next five years, and he certainly has a mission and strategy to achieve those goals.
In any country, the President is the ultimate key opinion leader who will determine the direction of public attention, including on GHG. The more frequently public figures speak and formulate policies around GHG, the more discussion will lead to it, and it will become a trend.
Trends in public discussion on an issue can be captured by Google Trends. Google Trends is a history of public searches on Google that is then recorded and processed into data that can be presented for further analysis.
Google Trends data for the period from October 19, 2014, to October 19, 2024, shows that public discussion regarding governance (a term more commonly used in Indonesia) and compliance has remained relatively stagnant over the past 10 years. Some good news comes from the terms risk and risk management, where the trend in discussion related to this shows a nearly threefold increase (data attached below).
Google Trends also shows that the five main issues contributing to the trending discussion on risk stem from discussions about the Financial Services Authority (OJK) Regulation (POJK) on Risk Management, Risk-Based Business Licensing, Risk in the KBBI (Big Indonesian Dictionary), Risk-Based OSS (Online Financial Services), and synonyms for risk.
As the financial services supervisory authority in Indonesia, the OJK must utilize GRK (Gross Market Risk Management) to oversee the complex financial business that has become integral to supporting people’s lives through both physical and digital transactions. The OJK has long developed regulations related to risk management, namely POJK No. 5 of 2015 for the Non-Bank Financial Services Industry and POJK No. 18 of 2016 for the Bank Financial Services Industry.
Risk-Based Business Licensing and the risk-based Online Single Submission (OSS) are products of the Job Creation Law, designed to process business permits online and in an integrated manner. Many people are curious about the definition of risk and risk management, so they search for definitions in the KBBI (Big Indonesian Dictionary) and suitable synonyms for the term.
Another monumental policy of President Joko Widodo’s administration that has yet to receive widespread public attention is Presidential Regulation Number 39 of 2023 concerning National Development Risk Management. The official release from the Coordinating Ministry for Maritime Affairs and Investment (Kemenkommarives) states that the aforementioned Presidential Regulation aims to improve the achievement of National Development targets, enhance the quality of state governance, increase the effectiveness of internal control systems, and foster innovation in public services.
GRK, as an organizational management framework to ensure performance with integrity (principle performance), should operate and progress in tandem. In reality, over the past 10 years, governance and compliance have lagged far behind risk management. Hopefully, President @prabowo can once again pave the way for a balance between governance, risk management, and compliance, so that national development performance is not only achieved well but also has integrity and can be accounted for.
