TIPS 'n TRICKS : Menulis Laporan Hasil Audit (High Impact Audit Report Writing)

Secara gasir besar, dalam tahapan proses audit dikenal 3 tahap, yaitu Perencanaan (Planning), Pelaksanaan (Execution), dan Pelaporan (Reporting). Ketiganya memiliki peran yang sangat vital dan saling melengkapi untuk menciptakan peran audit yang dapat memberikan value added bagi perusahaan. Kelamahan dari salah satu dari ketiga tahap ini menyebabkan fungsi audit yang tidak akan pernah optimal.

Mengingat hal tersebut betapa pentingnya peran reporting dalam memfinalisasi hasil pemeriksaan yang telah dilakukan, yang tentunya telah memakan sejumlah sumber daya dan biaya yang tidak sedikit. Reporting sebagai tahap finalisasi dari rangkaian proses audit memiliki andil besar dalam menentukan apakah hasil audit mampu memberi dampak yang besar baik kepada auditee, maupun kepada jajaran manajemen.

Sebuah tantangan besar didalam menyusun audit report adalah terjadinya kondisi “one product for many customer”. Hal ini berarti bahwa tim audit hanya diperkenankan menyusun satu laporan yang harus dapat memuaskan kebutuhan dari berbagai macam pengguna/pembaca dengan berbagai macam kepentingan dan latar belakang pemahaman. Para customer dalam hal ini meliputi Direktur, Komisaris, Pemimpin Unit Bisnis, Para Manajer, Para Staff, hingga kepada customer yang berasal dari luar entitas perusahaan yakni regulator.

Seiring dengan kemajuan bisnis, materi audit report juga dituntut untuk berubah. Dalam menyusun laporan tim audit tidak cukup lagi berperan sebagai auditor, melainkan harus sebagai konsultan sehingga menjadikan laporan audit menjadi laporan yang memiliki dampak besar bagi perusahaan untuk perubahan yang lebih baik.

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Posted in: Audit Konsultan,Audit Opinion,Audit Rating,Audit Report,Cara Penulisan Laporan,COSO,Five Whys,Laporan Hasil Audit,Laporan Pemeriksaan,Management,Manajemen,Root Cause Analysis

Pengukuran Kinerja Berbasis Risiko (Risk Adjusted Performance Measurement)

Pendekatan dalam praktek manajemen risiko telah memasuki era baru. Pada awalnya manajemen risiko dilakukan suatu pendekatan parsial pada masing-masing unit dalam perusahaan (silo-approach), kini telah menggunakan metode yang terintegrasi secara enterprise-wide atau dikenal dengan Enterprise Risk Management (ERM).

COSO (2004) mendefinisikan ERM dalam konteks yang luas dalam suatu organisasi sebagai “a process, effected by an entity’s board of directors, management, and other personal, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.” Dari definisi ERM menurut COSO tersebut, dapat dilihat bahwa salah satu tujuan ERM adalah untuk menyediakan suatu keyakinan yang logis dalam pencapaian tujuan dari sebuah organisasi. Definisi ERM menurut COSO tersebut dapat dilengkapi oleh suatu definisi ERM menurut Chapman (2006), bahwa ERM adalah “a comprehensive and integrated framework for managing company-wide risk in order to maximize a company’s value.”
Dari kedua definisi tersebut, dalam konteks sebuah perusahaan dapat ditarik suatu intisari, bahwa Enterprise Risk Management merupakan metode komprehensif dan terintegrasi dalam mengelola risiko yang dihadapi oleh suatu perusahaan untuk memberikan keyakinan yang logis bagi pencapaian sasaran strategis perusahaan. Tujuan utama dari ERM adalah untuk menciptakan nilai tambah (added value) yang maksimal bagi shareholder perusahaan tersebut.

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Posted in: Management,RAROC,Risk,Risk Adjusted Performance Measurement,Risk and Return

Analisa Porter's Five Forces

(Vibizmanagement – Strategic) – SWOT Analysis adalah suatu analisa yang dilakukan sebelum bisnis merancang sebuah strategic plan. Salah satu tools yang digunakan untuk membuat SWOT Analysis diantaranya adalah Porter Five Forces analysis, yang memberikan gambaran mengenai bagaimana posisi bisnis kita di dalam suatu industri.

Analisa Porter’s Five Forces memberikan gambaran yang powerful mengenai bagaimana tingkat persaingan dari suatu industri, baik itu dari sisi supply chain (supplier dan pelanggan) serta pasar (pemain baru dan substitusi). Keempat dari forces (dorongan) ini memberikan kontribusi terhadap competitive rivalry atau tingkat persaingan dalam industri.

The threat of a substitute product

Bagaimana substitusi terhadap barang/jasa Anda? Apakah konsumen dapat memperoleh barang substitusinya dengan mudah? Semakin banyak dan dekat barang substitusi, maka pelanggan juga bisa beralih dengan mudah. Force ini dipengaruhi oleh beberapa faktor diantaranya switching cost, kecenderungan untuk substitusi, diferensiasi produk, dan lainnya.

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Posted in: Management

Produktivitas dan Efisiensi Perbankan dalam Perspektif Manajemen Risiko

  I.         PENDAHULUAN

Secara umum bank dapat didefinisikan sebagai sebuah badan usaha yang dalam aktivitas usahanya mengumpulkan dana dari masyarakat terutama dalam bentuk simpanan giro, tabungan, dan deposito, serta menyalurkan kembali dana masyarakat tersebut ke dalam aktivitas ekonomi terutama dalam bentuk pemberian kredit. Kegiatan bank ini disebut sebagai fungsi intermediasi bank.

Dengan menelaah kepada fungsi bank tersebut diatas, dapat kita ketahui bahwa perbankan memiliki fungsi yang cukup sentral di dalam sistem perekonomian suatu negara. Apabila perbankan memiliki kinerja yang optimal dalam menjalankan fungsi intermediasi maka tentunya akan mendorong kepada pertumbuhan ekonomi yang optimal pula, sebaliknya, maka pertumbuhan ekonomi tidak akan optimal. Hal ini antara lain disebabkan oleh ekses dana berbentuk Dana Pihak Ketiga (DPK) dari kelompok masyarakat yang surplus tidak tersalurkan kepada kelompok masyarakat yang membutuhkan dana dalam bentuk kredit, melainkan hanya menjadi ekses dana dalam bentuk uang mengendap (idle money) yang disimpan di dalam sektor perbankan itu sendiri tanpa terpakai oleh sistem perkonomian khususnys sektor riil yang ada.

Guna memastikan bahwa perbankan memiliki kinerja yang optimal sebagai fungsi intermediasi, maka diperlukan upaya pengukuran terhadap aktivitas intermediasi ini. Produktivitas dan efisiensi merupakan salah satu parameter kinerja yang secara teoritis merupakan salah satu kinerja yang mendasari seluruh kinerja sebuah organisasi.

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Posted in: Dasar Perbankan,Management

Kolektibilitas Kredit Perbankan dan Kaitannya Dengan Asuransi Kredit

Dalam Asuransi Kredit, salah satu ruang lingkup jaminan adalah Menjamin kerugian Kreditur atas macetnya suatu Kredit. Penyebab macetnya pun biasanya ditentukan. Apakah semata-mata macet karena pihak debitur kehilangan pekerjaan (Di PHK), atau dapat juga menjamin penyebab lainnya yang dapat diperjanjikan antara pihak asuransi dan pihak Kreditur sebagai tertanggungnya.

Salah satu indikator dalam menganalisa klaim kredit Macet adalah bagaimana caranya membuktikan bahwa kredit tersebut benar-benar masuk dalam kategori Macet. kalau tidak ada standardnya, maka masing-masing pihak akan memiliki persepsi masing-masing atas istilah Macet tersebut.

Dalam Dunia perbankan hal tersebut sebenarnya sudah diatur oleh Bank Indonesia yang dibahasakan dengan istilah "Kolektibilitas Kredit'.

Kolektibilitas adalah Suatu pembayaran Pokok atau Bunga Pinjaman oleh nasabah sebagaimana terlihat tata usaha bank berdasarkan Surat Keputusan Direksi Bank Indonesia No.32/268/KEP/DIR tanggal 27 Februari 1998, maka beberapa kategori kolektibilitas kredit dapat dibedakan menjadi :

1. Kategori Kredit Lancar ( Pass ) apabila memenuhi kriteria sebagai berikut:

• Pembayaran angsuran pokok dan bunga tepat waktu.
• Memiliki Mutasi rekening yang aktif.
• Bagian dari kredit dijamin dengan uang tunai.

2. Kategori Kredit Kurang Lancar ( Substandard ) apabila memenuhi kriteria sebagai berikut:

• Terdapat tunggakan angsuran Pokok dan Bunga yang telah melampaui 90 hari.
• Frekuensi mutasi rendah.
• Terjadi pelanggaran terhadap kontrak yang telah di janjkan lebih dari 90 hari
• Terjadi Mutasi masalah keuangan yang dihadapi debitur.
• Dokumentasi pinjaman lemah.

3. Kategori Kredit Diragukan (Doubfull) apabila memenuhi kriteria sebagai berikut:

• Terdapat tunggakan angsuran pokok atau bunga yang telah melampaui 180 hari.
• Terjadinya wanprestasi lebih dari 180 hari.
• Terjadi cerukan yang bersifat permanen.
• Terjadi Kapitalisasi bunga
• Dokumentasi hukum yang lemah baik untuk perjanjian maupun Pengikat pinjaman.

4. Kategori Kredit Macet ( Loss ) apabila memenuhi criteria :

• Terdapat tunggakan angsuran pokok yang telah mencapai 270 hari.
• Kerugian operasional di tuntut dengan pinjaman baru
• Dari segi hukum maupun kondisi pasar. Jaminan tidak dapat di cairkan pada nilai wajar

source: http://duniaasuransi.blogspot.com/

Save the earth for our inheritors: do not print unless necessary.

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Posted in: hari tunggakan,kolektibilitas,kredit,Management

Credit Risk Management: IRBA

In making the application IRBA, banks must make arrangements in various aspects, especially the infrastructure, policies, and methodologies. One aspect of the most severe faced by banks in general are concerned with aspects of IT infrastructure availability and quality of data.

As we all know, that in risk management, data availability is a very critical element. Given that, should the bank can be proactive in developing inftastrukturnya to ensure the availability of data to conduct a comprehensive implementation of IRBA. The need for such data is historical data. Just as for the calculation of PD that requires minilmal 5 years and LGD data that requires a minimum of 7 years of data included therein is a writeoff and collateral data. This is not an easy task for banks. Infrastructure development should be done gradually by the bank.

Another aspect of methodological aspects, including the measurement of risk in the Risk Rating and Scoring, Risk-Based Pricing and the calculation of RAROC (Risk Adjusted Return On Capital). And aspects of risk management policies in order to establish a bank strategy, risk appetite, and so forth.

In the end, all efforts have been made by banks in implementing the IRBA is expected to lower the minimum obligations of banks in providing capital, or can be called with the incentive for banks. Surely the rest of the funds contained in the rest of the bank capital can be used to support business activities of other banks.

Asset Classification

In the IRBA, banks have to divide the bill (exposure) into some kind of bill, as stipulated in the Basel II document, both on-balance sheet and off-balance sheet, namely:

a. Sovereign

b. Public Sector Entity (defined by regulators)

c. Multilateral Development Bank (set by the regulator)

d. Bank

e. Securities Firm

f. Corporate

g. Retail

h. Retail exposures secured residential property

i. Exposures secured by commercial real estate

j. Exposure is past due

k. Exposure to a higher risk (determined by the regulator)

l. Eksposut / other assets

Internal Rating System

Overview of Internal Rating System:

a. Internal Rating System (IRS) to map the level of risk customers into a particular grade, in the sense that the credit risk assessment of quantitative and qualitative descriptive rating is expressed in a particular risk.

b. IRS as tools / systems to identify, measure, monitor, and control credit risk, both at individual and portfolio level.

c. IR is an important infrastructure in the development of Credit Risk Management (in accordance with the requirements of Basel II)

Development Program Internal Rating System:

a. Rating development, including model and methodology, rating scale, policies and procedures, review and validation.

b. Data Management & IT, including data collection, MIS, and the IRS application.

c. Communication and Socialization, include training, customization work culture, and komnunikasi to external parties.

d. Linkages with business processes, including changes in SOPs and testing.

Rating application that has been used must get validation at least for 1 year. The tests are used to the changes / improvements measurement model, adjusted for risk appetite owned bank.

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Posted in: credit risk management,Internal Rating Based Approach,IRBA,Management

Competitive Advantage and Comparative Advantage in term of Corporate Performance

Abstraction
 
It talks about basic concepts of strategic management company that is competitive advantage in improving corporate performance by resource-based view perspective. Results of a study of one of the main factors in competitive advantage which revealed that the role of innovation, especially in conditions of market competition that increasingly tight in the era of the 20th century this.
 
Along with these discussions, is described in a simple easy to understand, regarding the development of the concept of resource-based view in strategic management as well as the birth of a new perspective of comparative advantage in the management firm corporate strategy.

INTRODUCTION
 
In the context of discussion of the strategies necessary to first note again, that the company's strategy was always there are three elements, namely: where the company is currently located, where the company aims, and how the company achieve that goal.
The first element, which the company is currently located, will talk among others about the market and competitive position, capabilities and power resources, as well as the company's performance today. While the second element of corporate goals, and lastly, how do companies achieve this goal by developing and executing strategy.
 
In general, the company's strategy consists of components of offense and defense. Attack means trying to compete with competitors that already exist in the market, while the second element means to withstand the pressure of competitors and all the things that threaten the sustainability of the company has had in the market.
 
COMPETITIVE ADVANTAGE
 
In 2004, Arthur Thompson et al. in a book entitled Strategy: Core Concept, Analytical Tools, Readings, said that in terms of achieving corporate objectives, quality diketegorikan strategies can be powerful or superior strategy, and strategy of the weak or does not have an advantage over competitors strategy. The quality of this strategy covers two areas of application of the external area, which is related to the market, and the internal areas concerning the creation of competitive advantage (competitive advantage).

Basic Concept of Competitive Advantage
 
With this competitive advantage, companies will eventually be able to win the competition in the market and took advantage with a maximum. While no competitive advantage, companies will be easily defeated by competitors and even deterioration of financial conditions will occur at the company itself.
 
In practice the business world, competitive advantage are constantly being created and developed by each company in the competitive marketplace. But on the other hand when a company managed to create a competitive advantage, often occur practices impersonation / imitation by its competitors, and vice versa.
 
A simple example is in the banking industry. Where in the current era of competition every bank in this industry is certainly using information technology to support its business. For example, during the internet banking has not been commonly used in banking services, Bank A, build competitive advantage by using Internet banking features to improve services to its retail customers. The goal is by the number of retail clients interested in this service may cause an increase in funding retail portfolio in the composition of the Third Party Funds (DPK). But it does not last long, this can be emulated by other competitor banks in this industry in droves to implement internet banking.
 
From the example above, there is the essence of the creation and development of competitive advantage is an activity that must be done in a sustainable and trending to the competitive advantage that is not easily imitated, so that companies always have more value in the eyes of consumers compared with the pesainya, ie sustainable competitive advantage.
 
Back to the competitive situation faced by Bank A on top, one competitive advantage that can currently be categorized as a difficult imitated is the competitive advantage in terms of service. These services include hospitality, the attitude of frontline staff are nice and polite, transaction convenience, and the factors other service quality.
 
By having a competitive advantage that is difficult to imitate by competitors, the company's performance can be better motivated. Consumers will choose the product or service that is cheaper, high quality, and best suited to their needs and desires, where it is formed from a competitive advantage, and ultimately will improve the performance of companies that have them.

Intensity of Competition in Innovation and Competitive Advantage
 
In a market with increasing competition and dynamic, innovation is vital to be possessed by every company. Porter (1990) states that at the end of the 20th century, is the phase where the industry will be oriented to innovation (innovation-oriented), and in this phase enterprise competing in the market will quickly raced in innovation (He, 2008).
 
He et al. (2008) make the comment that a concept of the importance of innovation in affecting the competitive position and performance of a company, to include also components of the intensity of competition in it. To test this concept, an empirical study conducted on 238 optoelectronic firms in Wuhan East Lake High-Tech Development Zone, China.

The study found that innovation has a positive relationship with firm performance. This is supported by many other studies. One result of this study is that innovation in technology and products, also to do with resource-based view in creating a valuable resource, rare, and difficult to imitate by competitors, to drive corporate performance (H1). Likewise, the market position of excellence, innovation has a positive relationship, where innovation, among others, to create new value for consumers and cost / price is more efficient (H2). The next relationship is that the primacy of the market position also has a positive relationship with firm performance. Excellence, which among other positions due to the added value perceived by consumers will give a positive influence on satisfaction and their loyalty to the products offered by the company, which in turn will encourage the return on investment (return on investment) firms (H3).


Porter (1980) states that the intensity of competition (competitive intensity) is the level of competition faced by firms in the market. This can be reflected as price competition, advertising, the number of rival products, and supplementary services provided by competitors (He et al., 2008). The higher the intensity of competition, the higher the need for innovation. To illustrate the relationship between these components, can be formulated that the higher the intensity of competition, the more closely the correlation between innovation with firm performance (H4), and the higher the intensity of competition, the more closely is also a correlation between innovation with excellence in the competitive position of companies in the market ( H5).


DEVELOPMENT OF RESOURCE-BASED VIEW


In its development, in a simple, theory-based resource based on the six things: resources, strategic factor markets, strategy, superior performance, economic rents, and competitive advantages (Barney et al. 2001).


Resource (resource) shall include tangible and intangible assets used by the company in running the strategy that has been structured to achieve its objectives. Companies develop or obtain these resources from the strategic factor markets (Barney, 1986a), where this market can be perfectly competitive or not. This resource is only valuable when to use it is said, companies benefit compared with not using it. In other words, just have not enough resources to make the company stronger in excellence and have superior performance than its competitors. Hill & Jones (1992) states that it is precisely that determines success is the capability (capability) of the company in using its resources.


Barney added that like other theories on strategy, resource-based theory using several assumptions, including an entity is a company that aims to maximize profit. But there are two assumptions underlying the distinction between resource-based theory of strategy theory, namely, the assumption of resource heterogeneity and resource immobility.


The assumption of resource heterogeneity means that companies who compete to have a set of resources different from each other. Heterogeneity of the concept has two attributes namely scarcity where demand for resources is greater than availability, as well as non-substitutabilility where there is no substitute for resources that can make a company can run the strategy with the best resources initially (Barney 1991a). While the assumption of resource immobility means that the difference in ownership of these resources can take place continuously, whereas this is partly because the factors that the availability of resources is inelastic to total demand for these resources.


Andy Lockett et al. (2009) reviewed the developments and implications of the RBV theory that has been run over time, highlighting the five things, namely the theory, methodology and practice of constraint in the RBV, the empirical evidence, insights in the practice of RBV, RBV and development which will describe where and where RBV development should be directed.


In line with the theory previously put forward Barney (1991) on sustainable competitive advantage, in his review, Lockett et al. explained that the sustainable competitive advantage comes from resources, where resources must be Valuable, rare, inimitable, and non-substitutable (VRIN). Followed also by Lockett et al. about the role of managers in RBV theory, where managers through the decisions made, can affect conditions of competition that occurred in the market. The role of managers in the RBV has also affected the three other important elements in the RBV, resource functionality, resource recombination, and resource creation.


Resource indicate that the most important functionality for the company of a resource that is not the kind of resources, but it is functionality. Second, resource recombination shows that very rarely a resource becomes valuable when isolated from other resources. In other words, the optimal benefit may be obtained from virtually only one type of resource only. In the end, this opinion suggests that the combination of various resources to produce benefit or value to the company. Third, resource creation indicates that the company will not be able to have a sustainable competitive advantage if it is only wearing a same resources continuously, thus should be the creation of new resources to execute its strategy.


Heterogeneity and A NEW PERSPECTIVE


Heterogeneity of resources (resource heterogeneity) is one of the assumptions (Barney 2001) in describing the theory of resource-based, where the resource heterogeneity meant that competing companies have different resources to each other. In the concept of heterogeneity there are two attributes of scarcity and non-substitutabilility as described in the previous section. The key idea of ​​heterogeneity in the context of the RBV is the 'ability' among the companies that make imitations besaing to each other each other in terms of creation of competitive advantage.


One of the latest developments in the context of strategic management that happened this year is the birth of a new perspective in viewing the concept heterogeniteity. This is a Firm Perspective Comparative Advantage (CFA) suggested by Anoop Madhok, Sali Li, and Richard L. Priem (2010).


In the general theory is described that comparative advantage is it about the advantages of a country in the efficiency of production of a commodity compared to other countries so as to create a pattern of trade between countries (international trade). While describing the benefits of corporate competitive advantage from competing vendors. From the above there are different levels of the context of the discussion, one of whom spoke at the state, while others spoke at the enterprise level. However, opinions about the separation is nowadays is a bias, where the concept of comparative advantage can also be applied to the enterprise level.


Comparative Perspective Firm Advantage


Williams (1994) argues that the RBV view the company as a collection of resources and capabilities are managed with the aim to get 'Rent' (Madhok et al. 2010). In simple terms, the rent can be defined as the profit from the calculation of opportunity cost. In other words advantage of the opportunity cost calculation is also called the opportunity cost of rent.


Madhok et. al. (2010) categorized the opportunity cost of rent into two types, namely use-based opportunity cost of rent and user-based opportunity cost of rent. The first category to compare the use of a particular resource by the 'one' company to use a 'different'. While the second category to compare the use of a particular resource by 'more than one' company to use the 'same'.


Firm understanding of comparative advantage perspective this can be done with these concepts in mind, a plus with the help of comparison from the perspective that has been there before, namely conventional view and the resource-based view.


In brief, the earliest perspective, conventional view, this type of opportunity cost of rent that is used is use-based. This is reflected that in this perspective, as seen is how the 'one' company thinking about efficiency on the internal side only to compare the efficiency of two different products. While in the RBV perspective, the scenario turned into two (or more) of the company that produces a similar product. So who is more efficient than anyone? And how 'ability' of each in doing imitations of each other on the heterogeneity that happen? Type of opportunity cost of rent that is used is a user-based because that is calculated is the ratio between 'users' resources.


In the new perspective, namely firm comparative advantage, there has been developments in scenario thinking and concepts are used. Among others is the scenario that there are two (or more) companies involved and not just produce a similar product, but more than one type of product. So the concept of heterogeneity, there is shift from 'ability' (ability) to 'willingness' (Willingness) to do imitations of each other. Type of opportunity cost of rent that is used is both a good use-based or user-based.


Isolating Mechanism in Competitive heterogeneity


The interesting thing from a new perspective is the emergence of thought that tries to define the limits of the shift that occurs is of ability to be Willingness, and the linkages between this with the concept of isolating mechanisms or the protection of resources from the threat imitated by competitors.


Ability-based isolating mechanism (AIM), highlights the problem of inter-firm differences caused by the heterogeneity that occurs because the problem of 'ability' company in doing imitations of other companies. Protection against imitation, among others, may be copyright protection or the high cost of developing a resource.


While on the Willingness-based isolating mechanism (WIM), the difference between firms due to the heterogeneity that occurs because the problem of 'willingness' company in imitation, where in fact the company is 'able' to do imitations of the company if it wanted to.


A description of the WIM is the latest case happened on Ebay. When Ebay entered the Korean market, where there are two business segments namely business-to-consumer (B-to-C) and consumer-to-consumer (C-to-C). Ebay actually has a good advantage in the segment of B-to-C or C-to-C compared to its competitors in the Korean market. However, due to Ebay felt that the CFA and its strategy to achieve 'rent' would be better obtained from C-to-C only, then Ebay leaving the segment of B-to-C. On the basis of this condition, Ebay competitors choose to play in the segment of B-to-C. Actions taken by management Ebay is an example of Willingness-based isolating mechanism.


CONCLUSION


Competitive advantage can be encouraged to improve company performance. One of the main factors in the formation of competitive advantage, especially in the era of the 20th century this is the innovation that impact the company's performance is influenced by the level of intensity of competition in the market.


RBV as a theory of the other strategic management is a concept that continue to experience growth over time. One of the developments in management theory perspective this strategy is the birth of a new firm that is comparative advantage, CFA, which was considered to accommodate the implementation of management strategies in a more holistic enterprise in achieving its objectives.

REFERENCES

Barney et al. (2001). The Resource-based View: Origins and Implication. 
He et al. (2008). The Impact of Innovation and Competitive Intensity on Positional Advantage and Firm Performance. The Journal of the American Academy of Business, Cambridge. 
Lockett et al. (2009). The Development of Resource-based View of the Firm: A Critical Appraisal. Blackwell Publishing Ltd.
Madhok et al. (2010). The Resource-based View Revisited: Comparative Advantage Firm, Willingness-based Isolating Mechanism, and Competitive Heterogenity. EURAM MacMillan Publishers Ltd.. 
Thompson et al. (2004). Strategy: Core Concept, Analytical Tools, Readings. McGraw-Hill Companies.

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Posted in: Comparative Advantage,Competitive Advantage,Keunggulan Daya Saing,Kinerja Perusahaan,Management,Nilai Perusahaan

Konsep Pengukuran Kinerja berbasis Risiko (Risk Adjusted Performance Measurement)

Abstraksi

 

Enterprise risk management (ERM) memiliki tujuan untuk menunjang perusahaan dalam hal pencapaian sasaran strategis guna menciptakan nilai tambah perusahaan bagi sharehoder. Dalam hal ERM menciptakan nilai atau value pada perusahaan, maka pengukuran harus dilakukan untuk memastikan apakah nilai yang dihasilkan, telah selaras dengan ekspektasi shareholder atas sejumlah modal yang disetorkan. Pengukuran terhadap kinerja ini dilakukan dengan menggunakan Risk Adjusted Performance Measurement (RAPM). Tulisan ini akan mengulas kerangka kerja konseptual mengenai RAPM dalam mengukur kinerja perusahaan dalam menciptakan nilai bagi shareholder.

Pendahuluan

COSO (2004) mendefinisikan enterprise risk management sebagai berikut:

“a process, effected by an entity’s board of directors, management, and other personal, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.”

Sedangkan menurut Chapman (2006) definisi enterprise risk management adalah:

“a comprehensive and integrated framework for managing company-wide risk in order to maximize a company’s value.”

Dari kedua definisi tersebut dapat ditarik sebuah kesimpulan bahwa enterprise risk management merupakan kerangka kerja komprehensif dan terintegrasi untuk mengelola risiko yang dihadapi oleh perusahaan yang digunakan dalam rangka pencapaian sasaran strategis dan menciptakan nilai perusahaan.

Berkaitan dengan menciptakan nilai perusahaan bagi shareholder, maka perusahaan harus memiliki metode pengukuran secara kuantitatif. Metode pengukuran ini disebut dengan RAPM (Risk Adjusted Performance Measurement). RAPM pada perusahaan yang telah menerapkan ERM dapat digunakan untuk mengukur kinerja setiap unit bisnis yang ada di dalam perusahaan tersebut.

Pengukuran kinerja dengan RAPM mempunyai kelebihan, yaitu pengukuran tidak hanya pada besar kecilnya profitabilitas, namun dengan memperhitungakan aspek risiko yang inheren dengan masing-masing unit bisnis.

KONSEP DAN KERANGKAN KERJA ERM

Tinjauan tentang Risiko

Risiko menurut Monahan (2008) merupakan ancaman yang berpotensi menyebabkan ketidakpastian dalam pencapaian sasaran yang telah ditetapkan. Risiko dapat dipandang secara netral, yakni risiko belum tentu segala sesuatu yang bersifat merugikan (downside risk). Risiko bisa juga mengenai opportunity yang tidak bisa diraih (upside risk).

Chapman (2006) membagi risiko berdasarkan sumber dari risiko tersebut, yaitu eksternal dan internal. Dalam konteks sebuah organisasi, risiko eksternal adalah risiko yang berasal dari luar organisasi, sedangkan risiko internal adalah risiko yang berasal dari dalam tubuh organisasi itu sendiri.

Risiko internal meliputi risiko finansial, risiko teknologi, dan risiko operasional. Sedangkan risiko eksternal meliputi risiko ekonomik, risiko lingkungan, risiko hukum, risiko politik, risiko pasar, dan risiko sosial.

Kerangka kerja manajemen risiko

Secara sederhana, teknik pengelolaan risiko yang digunakan secara konvensional adalah dihindari, ditransfer, disebar, lindung nilai, diterima, atau dikurangi.

Dalam penerapan enterprise risk management untuk pencapaian sasaran strategis, suatu perusahaan dapat menggunakan sebuah metodologi yang yang diperkenalkan oleh Monahan tahun 2008, yakni SOAR (Strategic Objective at Risk). SOAR mempergunakan konsep at risk yang sebelumnya telah dirumuskan oleh JP Morgan untuk mengukur risiko dalam portofolio trading book pada institusi keuangan.

Saat ini, telah terdapat tiga kerangka kerja yang secara umum telah banyak dipergunakan oleh perusahaan dalam menerapkan enterprise risk management yaitu COSO ERM Framework, ANZS 4360 ERM Framework, dan ISO 31000. Namun demikian, ketiga kerangka kerja ini mempunyai persamaan yaitu dalam cakupan, bahwa ERM harus meliputi seluruh elemen dalam organisasi, baik lebar cakupan, juga kedalaman dari cakupan ERM dalam elemen organisasi.

Dalam hal penerapan enterprise risk management untuk meningkatkan value of the firm, sebuah perusahaan dapat menggunakan sebuah metode dalam pengukuran kinerja berbasis risiko, yaitu (RAPM) Risk Adjusted Performance Measurement. RAPM menggunakan indikator RAROC (Risk Adjusted Return on Capital), yaitu sebuah indikator untuk mengukur seberapa besar tingkat keuntungan yang dihasilkan oleh suatu Strategic Business Unit (SBU) dalam perusahaan dibandingkan dengan modal yang dialokasikan oleh investor kepada SBU tersebut.

Istilah yang lazim dipergunakan untuk menyebut besarnya tingkat keuntungan yang dikehendaki investor atas sejumlah modal yang disetorkan tersebut adalah Cost of Equity (CoE). Sebagai ilustrasi, pada sebuah perusahaan investor menginginkan tingkat keuntungan adalah 20% dari modal yang disetorkan maka, CoE dari modal tersebut adalah sebesar 20%.

PENGUKURAN KINERJA DALAM ERM

Risiko dan Permodalan

Dalam konteks risiko dan kontinuitas bisnis, modal mempunyai fungsi utama yaitu untuk menyerap kerugian akibat kejadian risiko yang dialami oleh sebuah perusahaan. Semakin kuat struktur modal sebuah perusahaan, maka semakin tinggi daya tahan perusahaan tersebut atas kerugian yang ditanggungnya, sehingga perusahaan dapat menjaga kontinuitas bisnisnya. Kecukupan alokasi modal dapat menjadi salah satu indikator penting untuk menggambarkan kredibilitas sebuah perusahaan.

Di sisi lain, kecukupan modal juga mempunyai sisi buruk bagi kinerja perusahaan. Cadangan modal yang terlalu berlebihan dapat menyebabkan profitabilitas perusahaan tersebut menjadi tidak optimal karena sejumlah dana yang dicadangkan tentunya tidak dapat dipakai untuk menjadi asset produktif yang menciptakan keuntungan.

Masalah mengenai kecukupan alokasi modal yang berdampak terhadap profitabilitas perusahaan ini terkait dengan seberapa besar tingkat sensitifitas modal terhadap risiko. Semakin tinggi tingkat sensitifitas modal terhadap risiko, maka besarnya modal yang dialokasi akan semakin optimal. Hasilnya, sisa cadangan modal yang tidak dialokasikan dapat dipakai untuk asset yang menguntungkan bagi perusahaan.

Secara modal dikaitkan dengan teori probabilitas atau ketidakpastian yang menimbulkan risiko dapat digambarkan dengan grafik distribusi probabilitas di bawah ini.

Dalam model sederhana pengukuran risiko dikenal istilah Expected Loss (EL) dan Unexpected Loss (UL). EL pada umumnya digunakan sebagai dasar perhitungan pencadangan dana (buffer) untuk menyerap risiko. Pada grafik distribusi probabilitas EL dibatasi hingga nilai mean (µ) dari distribusi probabilitas tersebut. Sedangkan UL digunakan sebagai dasar perhitungan modal. UL dihitung sampai dengan suatu batas tertentu yang disebut dengan confidence level (α).

Sisa area distribusi terakhir adalah area stress loss. Sebuah perusahaan yang berbentuk institusi finansial pada umumnya mencadangkan modal untuk area ini, gunanya untuk mengantisipasi kondisi-kondisi stress yang berpotensi terjadi terhadap perusahaan, misalnya krisis ekonomi, wabah penyakit, bencana alam, dan lain sebagainya.

Seiring dengan berkembangnya best practice mengenai manajemen risiko, perusahaan dapat mengembangankan model internal untuk menghitung berapa besar alokasi modal yang sesuai dengan risiko yang dihadapi perusahaan tersebut. Dengan kata lain, setiap perusahaan yang menerapkan model internal dalam mengukur risiko akan memiliki besaran alokasi modal yang berbeda satu dengan yang lain sesuai dengan risiko yang dihadapi di masing-masing perusahaan tersebut.

Pengukuran Kinerja

Konsep pengukuran kinerja menggunakan ERM, yang dikenal juga dengan RAPM (Risk Adjusted Performance Measurement) yang dilakukan berdasarkan besarnya alokasi modal berbasis risiko. Pengukuran kinerja ini dapat dilakukan terhadap setiap business unit yang menerima alokasi modal atas risiko yang dihadapinya. 

Indikator yang digunakan untuk mengukur kinerja unit bisnis ini dikenal dengan istilah RAROC (Risk Adjusted Return on Capital). Formula RAROC adalah:

 

Dari formula diatas, dapat dilihat bahwa Expected Risk Adjusted Net Income merupakan proxy untuk reward. Sedangkan Economic Capital adalah proxy untuk risk. Dengan demikian metode RAROC dapat mengakomodir konsep mengenai risk/reward.

Pada pengukuran nilai tambah bagi shareholder, RAROC digunakan bersama-sama dengan indikator CoE (Cost of Equity). Dari sudut pandang perusahaan, CoE merupakan biaya yang harus dikeluarkan atas modal yang dialokasikan kepada perusahaan. Sedangkan dari sudut pandang investor atau shareholder, CoE adalah besarnya nilai pengembalian yang dikehendaki oleh shareholder atas modal yang dialokasikan kepada sebuah perusahaan.

 

Dari kedua indikator tersebut dapat dihasilkan suatu informasi kinerja perusahaan dibandingkan dengan ekspektasi shareholder. Bila RAROC lebih besar daripada CoE, maka kinerja perusahaan telah melebihi hasil yang diharapkan oleh shareholder. Hal ini berarti bahwa shareholder telah mendapatkan nilai tambah (added value).

Di dalam mengelola perusahaan, RAROC dapat digunakan untuk mengukur kinerja setiap Strategic Business Unit (SBU). Semakin tinggi shareholder’s value added yang diciptakan, maka semasih baik kinerja SBU tersebut yang pada akhirnya akan berpengaruh kepada reward yang akan diterima atas kinerja SBU tersebut.

KESIMPULAN

 

Perusahaan yang mengimplementasikan ERM bertujuan untuk mendapatkan kekuatan dalam pencapaian strategic objective yang telah ditetapkannya. Penerapan ERM yang baik akan membantu perusahaan dengan cara meningkatkan probabilitas tercapainya strategic objective yang diinginkan. Dengan tercapainya strategic objective maka perusahaan akan mampu menciptakan value bagi shareholder.

Guna memastikan bahwa penerapan ERM pada suatu perusahaan telah menciptakan shareholder’s value, maka dibutuhkan suatu teknik pengukuran yang dapat memerikan informasi mengenai kinerja perusahaan, terutama untuk melihat strategic business unit atau produk dan aktivitas mana yang perusahaan miliki yang menciptakan shareholder’s value dengan baik, yakni RAPM (Risk Adjusted Performance Measurement).

Dalam konteks manajemen strategi, RAPM dapat digunakan sebagai salah satu perangkat dalam menerapkan kebijakan tentang reward and punishment secara lebih akurat. Hal ini karena penilaian terhadap suatu unit bisnis bukan hanya dilihat dari profitabilitas yang dihasilkan, namun berdasarkan risiko yang dihadapi setiap unit bisnis yang ada. 

REFERENSI

Books

Chapman, Robert J. (2006). Tools and Techniques of Enterprise Risk Management. John Wiley & Sons Ltd.

Crouhy, Michel et al. (2006). The Essential of Risk Management. McGraw Hill.

Monahan, Gregory. (2008). Enterprise Risk Management, Methodology for Achieving Strategic Obtectives.

Marrison, Chris. (2002). The Fundamental of Risk Measurement. McGraw Hill.

Articles

Enterprise Risk Management Committee (2004). Overview of Enterprise Risk Management. Casualty Actuarial Science.

Chitakornkijsil, Pranee. Enterprise Risk Management. International Journal of Organizational Innovation.

Troy, Gandung S. (2010). Enterprise Risk Management in Banking. Badan Sertifikasi Manajemen Risiko.

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Posted in: ERM,Management,RAPM,Risk Adjusted Performance Measurement,Risk Based Performance

Metode Perhitungan Premi Risiko sebaga Komponen Suku Bunga Kredit Perbankan

Referring to the provisions of the Bank Indonesia 13/5/DPNP dated February 8, 2011 on Transparency of Credit Interest Rate Information Base (SBDK), stated that SBDK formed as part of efforts to enhance good governance and encourage healthy competition in the banking industry, among others through the creation of discipline of the market (market discipline) the better.

Application of regulations for the perpetrator SBDK banking becomes a challenge to be able to set lending rates are increasingly kompoetitif, safe, and remain profitable for the bank's credit activities. With the enactment SBDK components uniformly, will provide transparasnsi over burden to be borne by the debtor and the debtor's basis of considerations about the benefits, costs, and risks of the products offered by banks.

As we know that within a predetermined SBDK components include Cost of Funds for Credit (HPDK), Overhead Costs in the loan process, as well as profit margins have been defined, but do not include customers' individual risk premium (Risk Premium).

 

Philosophy Risk Premium
Before reviewing the risk premium in more depth, would be much better if the first menganai strengthen understanding of credit risk and the components in it. With reference to the definition of credit risk, which means that the risk posed by the failure of debtors to meet their obligations, which in this context is the debt to the bank.
Referring to the BIS Accord on capital adequacy for credit risk cover, explained that the components of the calculation of credit risk consist of:
a. The default probability of
b. Loss Goven Default
c. The default exposure at
d. Maturity Adjustment
Given the context of this discussion is to review the concepts and the simulation calculation of the risk premium, this paper will not discuss in depth about the definition and calculation of the components mentioned above. The discussion of credit risk component tersetbu can be seen in other literature that is more comprehensive in addressing the credit risk component.
In the context of the calculation of credit risk premium, credit risk components are used in determining the amount of premium to be paid in accordance with the measurement of the distribution of credit risk primarily relates to capital reserve requirements for the loans extended.
Defining Default
Benchmarks from the event of default, among others, is through a good indication of late payments of principal and interest on borrowers, causing a decline in credit quality. Indicators of impairment can be seen from various viewpoints. First, increasing the total number of days in arrears (which are usually formed into a bucket based on the days in arrears). Second, it can also be seen from the category of credit quality that have been set by Bank Indonesia, which consists of 5 (five) categories of collectibility. Third, it can also be seen from customers' financial decline that has been identified by the bank. The most practical method performed by a bank is to use the second way, which is based on the category of the collectibility of the Bank Indonesia.
Defining the default should be clearly defined by the bank as the basis for how banks will perform calculations, which is more advanced such as provisioning CKPN calculations, even the capital.
In banking practice of defining the defaults may vary depending on the appetite and the context of the calculation to be performed. For example, the default can be defined as a debtor of penuruhan rating> BBB to below BBB. It could happen AAA to BB, BBB into CC, and so on. In addition to using ratings, default can also be defined using time bucket days in arrears. For example, the default is defined by deterioration in credit quality becomes more than 90 days overdue.
Finally, the default can be defined as well as the further downgrading. Banks should be able to determine the limits of the default, if default occurs only for borrowers who migrate to the collectibility of 5 or ranging from 3 to 5 collectibility otherwise jump to default.

 Sequential deconcolidated Default Rate
The other dimension in the measurement of risk is associated with time. The longer the time, the higher the level of uncertainty over the outcome to be obtained, and thus the higher the level of risk incurred. Simple questions to illustrate the above principle is, what is the air temperature at 12 o'clock tomorrow afternoon in the Square area of ​​Bandung? Answers to these questions are not aka tone that can guarantee the truth because the next day's air temperature can be any number in the form kontinus. However, it still can be estimated by using the temperature at 12 noon today. If today's temperature is 250C, then tomorrow is not expected to be too far (lower or higher) of 250C, or maybe even exactly the same today with a temperature of 250C. Then the question is how much the temperature in the same place, at the same hour, but 1 week, 1 month, or even 1 year from today? Obviously the longer the time estimate will be more high possibility of different temperature and the temperature today, so the more difficult to estimate.
From a simple illustration above, can be seen that the level of risk has one-way relationship with the length of time estimation. For that, in the context of the risk premium calculation, the bank should be able to determine levels of risk based on any period of time there is in lending. One of the principles of risk and time relations have been discussed by Philippe Jorion (2003) that reviews the concept called Sequential Default Process.

 

A debtor, PT ABC, received a rating of AA and granted him a number of credit facilities. By attaching the prerikat AA rating, reflecting the quality of the borrowers ability to meet its obligations to the bank. After 1 (one) month of the first until the 10th month, PT ABC can consistently meet its obligations to the bank, but after a month of the 10th turned out to be a problem in the financial condition of the ABC and at month-11 PT ABC declared default. From this illustration can be seen that the debtor with a rating of AA to experience defaults though not in the first month. The longer the credit period, the probability of default will increase cumulatively from the first month until the month of the nth.

 Concept of Appropriation and Capital
In the bank's business in general, the biggest risk facing the kind of bank is sourced from credit risk. There are at least 3 (three) things that reflect this. First, the historical development of risk management for banks (Basel Accord) suggests that the accord was first compiled for credit risk, then developed further developments to other risks. Second, most contributor to risk weighted assets for capital adequacy of credit risk weighted assets are derived from considering the bank's assets is generally greater for distribution to credit. Third, the significance of the impact of the credit risk of banks is very large, this can be seen from the obligation to provide a reserve of multiple (double buffer) for mencover credit risk, ie PPAP or replaced with CKPN, and Capital. This indicates that losses due to credit risk can be a harsh blow for the health condition of a bank.
Back to the main issues in the context of this paper, namely credit risk premium, from the standpoint of statistical science, the concept of risk and uncertainty can be visualized into a probability distribution curve. This concept is known as VaR (Value at Risk). Joel Bessis (2002) describes a concept of VaR for credit risk, that does not like to market risk, credit risk curve to set up more skewed to the left. This shows that the credit risk of loss of the most frequent (mode) is a loss with a relatively small amount.

From the above curve can be understood that for credit risk mencover there are 3 (three) types of provisioning to cover losses. First is the Reserve Impairment Losses, Capital Reserves and Capital Reserves based on stress test results. Striking differences of the three types of reserves are calculated based on estimates that CKPN Expected Loss (EL), while the capital reserve is calculated based on estimated Uxpected Loss (UL), and the provision of capital is calculated based on the Exceptional crisis / Extreem Loss or Stress Loss (SL).
Referring to the provisions of SBDK there is a significant change when compared with the usual BLR calculation made by the bank, namely the calculation of PPAP (formerly regarded as a component of risk) are included in the calculation of Over Head Cost (OHC). With these conditions the bank should be careful in determining the risk components in order to avoid double-counting in the calculation of risk components in the price of lending rates.
Capital Cost
An investor, Mr. Money, has a $ 1 million cash. He thinks that the money he has should be able to generate profit for him, but he also thought that he was reluctant to lose money due to investment activities that will be done. Mr. Money has several investment options, among others, is to buy SBI with the assumption that the SBI has almost no risk because it is guaranteed by the government. Placement of the SBI investment will produce returns a sum of money for Mr. Money at the end of the year by 5%. From the description above can be concluded that with the placement of the risk-free portfolio, he will get a return of 5% or the risk free rate is 5%.
Other investment options for Mr. Money is by placing their funds as the capital of a commercial bank in Indonesia, such as banks. Mr. decision. Money to put the funds as capital for the banks, certainly based on various considerations. First, Mr. Money realized that the capital investment in the bank is more risky than investing in SBI. Second, Mr. Money should be aware of their right to obtain a higher return than the bank, compared with investing in SBI. In short, the rate of return from banks must be greater than 5%.
Returning to the context of the calculation of the risk premium on the price of lending rates, philosophical differences over the type of investment can be an image in determining the cost of capital, or known by the concept of risk and return.
One popular concept of risk and return is the Capital Asset Pricing Model (CAPM) described by William Sharpe (1964) and John Lintner (1965). In the viewpoint of investors, the expected return will be even greater as the magnitude of risk faced by the investment.
Application of CAPM as described above is practically more applicable to investment in capital market sector given the data needed to calculate the components are in USD (risk premium) in the formula.
In the context of banking risk premium calculation, will always remain refers to calculations based on the direction of the BIS, where in calculating the risk premium, will refer to the calculation of capital requirements. Proxy that can be used to determine the cost of capital, among others, is by referring to the expectation of return on capital held by banks is the ratio of return on equity (ROE).
Treatment Risk Premium Calculation
As stated in the applicable calculation SBDK. First, that SBDK consists of the components, the Cost of Funds for Credit (HPDK), Overhead Costs, and Margins profit. Second, SBDK not taking into account the risk premium of individual debtors.
From the description above, stated that the bank can make the determination of the risk premium for each debtor to be a component of the price of lending rates to borrowers, along with SBDK. In determining the amount of risk premium, the authors divide it into 2 (two) types of interest rates, ie, individually and collectively.
Corporate Governance
Implementation of price risk-based lending rates or risk premium in addition to the potential to create competitive advantages in terms of bank lending rates, as well as potentially pose a risk to the bank. Particularly those risks are:
a. Compliance Risk, namely the potential for non-fulfillment of the provisions of the regulator about the application of credit risk premiums. This can be caused by inappropriate methods of premium calculation and application of internal rating systems which do not meet the requirements of Bank Indonesia.
b. Strategic risk, which may occur due to inaccurate calculation of risk premiums that are not realized interest rates given to the debtor does not bring in profits for banks that Secada accumulative significant effect on the profitability of banks.
In order to mitigate the risks arising from the above, it should always be an effort, among others, with good governance for the implementation of the risk premium is calculated in terms of Policy, Methodology, and Infrastructure.
Policy
Some of the main things that must be considered in the governance of credit risk premiums, among others, in terms of the Policy, namely:
a. It is confirmed that the policy regarding the calculation of the risk premium has met all applicable regulations, especially Regulation of Bank Indonesia.
Arranged the policy on adjustment measures if the risk premium is obtained which is considered beyond the credit limit competitiveness in the banking industry.
Methodology
Some of the main things that must be considered in the governance of credit risk premiums, among others, in terms of methodology, namely:
a. Validated, both by internal and external parties to:
1. Risk premium calculation method
2. Rating valuation method for the debtor (IRBA / internal modeling)
b. Conducted review (review) to the calculation of risk premiums and the internal model at least every 1 (one) year
Conducted a comparative study (benchmark) against which assessed sukup banking practitioners competent as a reference.
Infrastructure
Some of the main things that must be considered in the governance of credit risk premiums, among others, in terms of methodology, namely:
a. Implementation of Internal Credit Rating especially web-based applications (webrating) implemented by all stakeholders involved with full commitment.
Compatibility between systems Internal Credit Rating with a Core-banking to support the Risk Management Information System for the implementation of adequate internal rating models and calculation of risk premiums.

 

 

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Posted in: Management,premi risiko kredit,risk premium,suku bunga kredit