scholarly journals Analisis Manfaat Ekonomi dan Identifikasi Risiko Investasi Sistem Treasury Dealing Room (TDR): Studi Kasus Direktorat Jenderal Perbendaharaan

2018 ◽  
Vol 3 (3) ◽  
pp. 202-218
Author(s):  
Bagus Utomo
Keyword(s):  
Risk Management ◽  
Economic Benefits ◽  
Enterprise Risk Management ◽  
It Business Value ◽  
Integrated Framework ◽  
Enterprise Risk ◽  
Directorate General ◽  
Potential Risks ◽  
The Cost ◽  
Total Project

Minister of Finance has authority to manage state finances covering cash and securities. To increase Non-Tax State Revenue and reduce the cost of funding, the Directorate General of Treasury build Treasury Dealing Room (TDR). The Budget for information system/information technology (IS/IT) is 74% of the total project budget. This study aims to analyze economic benefits of TDR system investment. Generic IS/IT business value table is used to identify the benefits for the organization and digital prosperity framework for the country. Systems dynamics is used to analyze the interrelationship between business benefits to obtain key business benefits. Quantification is based on IT metrics and assumptions on calculating the value of TDR funds. This research also identifies risks using COSO Enterprise Risk Management-Integrated Framework. Thematic analysis is used to process qualitative data. The results show that investment of TDR systems can reduce the cost of money (RCO-09), increasing revenue caused by increasing business capacity (IRE-01) and widening market segment (IRE-04). The total value of benefits for five years amounted to Rp655.294.873.957. The benefits for the country are increasing efficiency and a larger and more efficient market. Eleven potential risks covering regulatory, coordination, technology, and human resources aspects are obtained.   Menteri Keuangan bertugas mengelola keuangan negara yang mencakup kas dan surat berharga. Untuk meningkatkan Penerimaan Negara Bukan Pajak serta mengurangi biaya menghimpun dana, Direktorat Jenderal Perbendaharaan berinisiatif membangun Treasury Dealing Room (TDR). Anggaran investasi sistem informasi/teknologi informasi (SI/TI) mencapai 74% dari total biaya proyek. Penelitian ini bertujuan menganalisis manfaat ekonomi investasi sistem TDR. Metode yang digunakan untuk identifikasi manfaat bisnis bagi organisasi adalah tabel manfaat bisnis SI/TI generik, sedangkan kerangka pikir kesejahteraan digital digunakan untuk identifikasi manfaat bagi negara. Pendekatan system dynamics digunakan untuk menganalisis keterkaitan antar manfaat bisnis sehingga diperoleh manfaat bisnis utama. Kuantifikasi dilakukan berdasarkan metrik TI dan asumsi-asumsi perhitungan nilai dana TDR. Penelitian ini juga melakukan identifikasi risiko menggunakan COSO Enterprise Risk Management-Integrated Framework. Analisis tematik digunakan untuk mengolah data yang bersumber dari wawancara, diskusi, dan studi dokumen. Hasil penelitian menunjukkan bahwa investasi sistem TDR mampu mengurangi biaya uang/bunga pinjaman (RCO-09), meningkatkan pendapatan yang disebabkan oleh meningkatnya kapasitas bisnis (IRE-01) dan segmentasi pasar (IRE-04). Total nilai manfaat ekonomi selama lima tahun sebesar Rp655.294.873.957. Manfaat investasi sistem TDR bagi negara yaitu meningkatkan efisiensi dan pasar yang lebih luas dan efisien. Berdasarkan identifikasi risiko, diperoleh sebelas potensi risiko yang mencakup aspek peraturan, koordinasi, teknologi, dan Sumber Daya Manusia.

scholarly journals The Impact of the Adoption of Enterprise Risk Management on the Industrial Financial Performance

2017 ◽  
Vol 6 (6) ◽  
pp. 9-20
Author(s):  
Kingsley Karunaratne Alawattegama
Keyword(s):  
Risk Management ◽  
Firm Performance ◽  
Firm Value ◽  
Positive Impact ◽  
Value Relevance ◽  
Secondary Data ◽  
Enterprise Risk Management ◽  
Integrated Framework ◽  
Enterprise Risk ◽  
The Impact

Enterprise risk management (ERM) has gained an increased attention during the recent past as an integrated approach to manage risk for creating and preserving firm value. The objective of this study is to explore and empirically verify as to whether the adoption of the ERM has an impact on the firm performance. This study uses both primary and secondary data pertaining to 129 companies listed on the Colombo Stock Exchange under the banking & finance, insurance, diversified, manufacturing, food and beverage and chemical and pharmaceutical sectors. Primary and secondary data are collected by distributing a survey questionnaire and analyzing the published financial statements of the observing companies. Researcher adopts ERM integrated framework suggested by the committee of sponsoring organization (COSO) of the Treadway Commission of the USA to assess the value relevance of ERM and uses return on equity (ROE) as a proxy to measure the firm performance. This study finds, except for control activities, none of the key ERM functions, suggested by the COSO’s ERM integrated framework, has a significant impact on the performance of listed companies. Internal environment, objective setting, and information & communication indicated a weak positive impact on the firm performance. Nevertheless, none of those impacts were statistically significant. Empirical evidence reveals that firms’ risk responding strategies have no impact on the performance. Surprisingly, monitoring of ERM functions has weak negative, but not significant, impact on the firm performance. These findings are contradictory with the theoretical expectation that the adoption of ERM practices has a positive impact on firm performance as confirmed by the prior researchers.

scholarly journals The Impact of Enterprise Risk Management on Firm Performance: Evidence from Sri Lankan Banking and Finance Industry

2017 ◽  
Vol 13 (1) ◽  
pp. 225
Author(s):  
Kingsley Karunaratne Alawattegama
Keyword(s):  
Risk Management ◽  
Firm Performance ◽  
Firm Value ◽  
Positive Impact ◽  
Enterprise Risk Management ◽  
Integrated Framework ◽  
Banking And Finance ◽  
Finance Industry ◽  
Enterprise Risk ◽  
The Impact

This study explores the impact of the adoption of enterprise risk management (ERM) practices on firm performance. A sample of forty five banking and finance companies listed on the Colombo Stock Exchange (CSE) was selected for this study and uses both primary and secondary data for the empirical analysis. The extent of adoption of ERM practices was assessed by using the ERM integrated framework of committee of sponsoring organization (COSO) of the Treadway Commission of USA. Return on equity (ROE) is used as a proxy to measure the firm performance and uses multivariate regression analysis to assess the impact of key ERM functions on firm performance. This study finds none of the eight key ERM functions suggested by the COSO’s ERM integrated framework has a significant impact on firm performance. Event identifications, risk assessment, risk response and information & communication indicate a positive impact on firm performance. However, none of those impacts were significant. Surprisingly, empirical evidence reveals that objective setting; event identification, control activities and monitoring of ERM functions have a negative, but not significant, impact on the firm performance. These findings induce the corporate managers to pay a close attention to the cost-benefits considerations when designing and implementing ERM practices and not heavily relied upon and extensively invest on ERM as a vehicle for creating firm value.

Effect of Enterprise Risk Management on Firm Value: Empirical Evidence from Non-Financial Firms in Pakistan

GIS Business ◽  
1970 ◽  
Vol 13 (2) ◽  
pp. 15-28
Author(s):  
Nouman Nasir
Keyword(s):  
Risk Management ◽  
Firm Value ◽  
Positive Impact ◽  
Stock Exchange ◽  
Enterprise Risk Management ◽  
Least Square ◽  
Return On Equity ◽  
Financial Firms ◽  
Enterprise Risk ◽  
Ordinary Least Square Regression

This research examines the effect of enterprise risk management on firm value in Pakistan. Further, this study empirically examines company characteristics that establish the execution of an enterprise risk management system. Using a sample of final dataset of 83 non-financial firms located in Pakistan. The sample included non-financial firms from the year 1999 to 2015 and so up to seventeen observation years per company. As in context of Pakistan, most of the organizations are already implement an ERM programs and establish specialized ERM departments because the ERM is now a global term and has become increasingly relevant because of the growing difficulty of risk and an additional development of regulatory frame works. For the empirical evidences, data collected from non-financial firms listed at the Pakistan Stock Exchange (PSX). Results of logistic regression shows that Capital Opacity, Profitability, Financial Leverage, Firm Size and Slack have positive impact on the implementation of an ERM system but Industrial diversification, Industry and Return on Equity are negatively related to an ERM engagement. The results of ordinary least square regression finds positive relationship between use of an ERM and firm value.

MODELLING AND CONTROLLING THE ENTERPRISE RISKS COMPLEX ASSESSMENT SYSTEMON THE BASIS OF RUSSIAN STATE STANDARD ISO 9001-2015 CONCERNING RISK-ORIENTED THINKING. GENERAL PROBLEMS AND WAYS OF SOLVING THEM

2020 ◽  
Vol 2020 (2) ◽  
pp. 33-41
Author(s):  
Irina Merzlyakova ◽  
Aleksandr Feofanov
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
State Standard ◽  
Control Model ◽  
Enterprise Risk Management ◽  
Iso 9001 ◽  
Management Procedure ◽  
Russian State Standard ◽  
Russian State ◽  
Enterprise Risk

The article considers general problems of implementing the enterprise risk management procedure. One of the ways to solve the problems arising when meeting Russian state standard ISO 9001-2015 requirements concerning risk-oriented thinking is presented. A risk assessment control model aimed at coordinating all kinds of the enterprise departments activities, forming a clear algorithm of risk management procedure implementation and attracting a greater number of employees towards this activity is offered.

Firm Ownership and Enterprise Risk Management: Evidence from a Developing Country

2020 ◽  
Vol 24 (02) ◽  
pp. 3679-3689
Author(s):  
Ooi Chee Keong ◽  
Abdurrahman Adamu Pantamee ◽  
Shafi Mohamad ◽  
Kwong Wing Chong Garrett
Keyword(s):  
Risk Management ◽  
Developing Country ◽  
Enterprise Risk Management ◽  
Firm Ownership ◽  
Enterprise Risk
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