What is the background for the formation of OJK? The Financial Services Authority (OJK) is a State institution established based on Law Number 21 of 2011 whose function is to organize an integrated regulatory and supervisory system for all activities in the financial services sector, both in the banking sector, capital market, and non-financial services sector. banks such as Insurance, Pension Funds, Financing Institutions, and other Financial Services Institutions. In a more complete manner, OJK is an independent institution and is free from interference from other parties having the functions, duties, and authorities of regulation, supervision, examination and investigation as referred to in Law Number 21. 2. What is the purpose of establishing OJK? Article 4 of Law Number 21 of 2011 concerning OJK states that OJK was established with the aim that all activities in the financial services sector are carried out in an orderly, fair, transparent, accountable manner and are able to realize a financial system that grows in a sustainable and stable manner, and is able to protect the interests of consumers and consumers. Public.
3. What is the vision and mission of OJK?
With the establishment of the OJK, it is hoped that this institution will be able to support the interests of the financial services sector as a whole so as to increase the competitiveness of the economy. In addition, OJK must be able to protect the national interest. These include human resources, management, control, and ownership in the financial services sector while taking into account the positive aspects of globalization. OJK was formed and based on the principles of good governance, which include independence, accountability, responsibility, transparency, and fairness. 3. What is the vision and mission of OJK? OJK's vision is to become a trusted supervisory institution for the financial services industry, protect the interests of consumers and the public and be able to make the financial services industry a pillar of the national economy that is globally competitive and can promote public welfare. 3. Protecting the interests of consumers and society.
6. What is the principle of OJK?
4. What are the functions, duties, and authorities of OJK? OJK functions to organize an integrated regulatory and supervisory system for all activities in the financial services sector. 3. Financial services activities in the Insurance, Pension Fund, Financing Institutions, and Other Financial Services Institutions sector. Regulation and supervision of the prudential aspects of banks, including: risk management; bank governance; know-your-customer and anti-money laundering principles; and prevention of terrorism financing and banking crimes; and bank checks. Establish regulations regarding the procedures for imposing sanctions in accordance with the provisions of laws and regulations in the financial services sector. Grant and/or revoke: business license, individual license, effective registration statement, registration certificate, approval to conduct business activities, ratification, approval or determination of dissolution and other determinations. 5. What are OJK's values? Act objectively, fairly, and consistently in accordance with the code of ethics and organizational policies by upholding honesty and commitment. Work responsibly based on high competence to achieve the best performance. Open and accept the diversity of stakeholders as well as expand opportunities and public access to the financial industry. Has broad insight and is able to look ahead (Forward looking) and can think out of the box (Out of the Box Thinking). 6. What is the principle of OJK? The principle of accountability, namely the principle that determines that every activity and the final result of every activity in the implementation of the Financial Services Authority must be accountable to the public. 7. What is the organizational structure of OJK?
39;s strategy to realize its vision and mission?
2. Implementing operational activities. 9. Ex-officio member from the Ministry of Finance who is an echelon I level official at the Ministry of Finance. 6. Member of the Board of Commissioners for Consumer Education and Protection leads the field of Consumer Education and Protection. 8. Who are the leaders of OJK? OJK is led by nine Board of Commissioners whose leadership is collective and collegial. To assist with its duties, the Board of Commissioners appoints structural and functional officers, including Deputy Commissioners, directors, and officers under them. The Deputy Commissioners are officials who are directly under the Board of Commissioners. In carrying out its functions and duties, OJK has employees from Bank Indonesia and the Capital Market and Financial Institution Supervisory Agency. 9. What is OJK's strategy to realize its vision and mission? Strategy 1: Integrate regulation and supervision of financial institutions. The aim is to reduce and eliminate duplication and fragmentary arrangements through harmonization of policies.
Strategy 3: Strengthen the resilience and performance of the financial system.
Thus, added value will be obtained in the form of increasing efficiency and consistency of policies to reduce arbitration so as to encourage equality in the financial industry, reducing costs to industry and society. The integration will refer to the Financial Services Sector Development Architecture which synergizes various master plans that have been prepared previously at Bank Indonesia and Bapepam-LK. Strategy 2: Increase regulatory and supervisory capacity. This strategy is pursued through the adoption of a better regulatory framework adapted to the complexity, size, integration and conglomeration of the financial sector. In addition, the latest and most holistic monitoring methods will be developed for the entire financial sector, including improving risk assessment methods and early detection of problems in financial institutions. Strategy 3: Strengthen the resilience and performance of the financial system. This strategy is pursued by focusing on strengthening liquidity and capital for all financial institutions, so that they are more resilient in facing risks both in normal times and in crises. Strategy 4: Support improvement of financial system stability. In addition to regulating and supervising the financial industry individually, OJK also analyzes and monitors potential systemic risks in each individual financial institution.
The authority to carry out integrated supervision will provide space for OJK to more closely monitor various possible risks and take mitigation steps, especially risks that occur in financial conglomerates. Strategy 5: Improving the culture of governance and risk management in financial institutions. A culture of good governance and risk management must be the soul of activities in the financial sector. For this reason, OJK will apply the principles of governance and risk management that are equivalent in all financial service institutions. No less important is the development of a culture of integrity that demands strong leadership and character. For this reason, in the future, OJK will give more weight to the assessment of this aspect in the fit and proper test process for the management of financial institutions. Strategy 6: Build an integrated financial consumer protection system and carry out massive and comprehensive education and outreach. This strategy is needed to streamline and strengthen forms of consumer protection that are still widespread, so that together with education and outreach activities, they will create a level playing field between financial service institutions and financial consumers.
Strategy 8: Improve internal governance and quality assurance.
Strategy 7: Increase the professionalism of human resources. This strategy is needed to answer the need for capacity building for supervisors. Strategy 8: Improve internal governance and quality assurance. For this purpose, OJK will apply consistent quality standards at all levels of the organization, align OJK's objectives with the needs of stakeholders, among others, open dialogue with the industry on a regular basis, and ensure the right decision making so as to provide benefits to the community. 10. What is OJK's governance like? 8. Never been sentenced to imprisonment based on a court decision that has permanent legal force for committing a crime punishable by a sentence of five years or more. The term of office of the OJK commissioner is 5 (five) years and can be extended for 1 (one) term of office. 4. Holding positions in other institutions, except in the context of carrying out the functions, duties, and authorities of the OJK or assignments based on the provisions of laws and regulations. In accordance with article 17 of the OJK Law, members of the board of commissioners cannot be dismissed before their term of office ends, unless they meet the following reasons: death, resignation, term of office has ended and is not re-elected, permanently unable to carry out duties for more than 6 months. six) consecutive months, does not carry out his duties as a member of the board of commissioners for more than 3 (three) consecutive months without justifiable reasons, is no longer a member of the BI Board of Governors for ex-officio members of the board of commissioners originating from Bank Indonesia, is no longer an official at echelon 1 level at the Ministry of Finance for ex-officio members of the board of commissioners originating from the Ministry of Finance, has family relationships to the second degree with other members of the board of commissioners.
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Each member of the board of commissioners has the right to give an opinion in every decision-making process of the board of commissioners, and has the right to vote when the decision is made by majority vote. OJK is supervised by the DPR, in this case, Commission XI. As part of public accountability, OJK is required to compile financial reports consisting of quarterly, semester and annual financial reports. This report will be submitted to the Supreme Audit Agency and the DPR. In addition, OJK is also required to compile activity reports consisting of monthly, quarterly and annual activity reports. In order to implement the provisions of article 34 of the OJK Law, in 2103 OJK was able to develop a Strategy, Budget and Performance Management System (MSAK), which is a system that not only contains activities for the preparation and determination of the OJK work plan and budget (RKA), but more comprehensively linking the preparation of the RAK with the implementation of OJK's strategy and performance appraisal. MSAK regulates from the strategy formulation process, implements and aligns the allocation of resources (including budget) to achieve strategic goals, monitors strategy implementation, to evaluate the success of achieving these strategic targets. Utilization of the MSAK System as a structured and accountable management tool is important so that stakeholders can assess OJK's performance in a transparent and objective manner. With the MSAK system, stakeholders' expectations of OJK in creating a financial services sector and industry that are safe, efficient, reliable, and always protect the interests of consumers are described in detail in the form of strategies, work plans, and Key Performance Indicators (KPI) whose success is measured. The MSAK system has a cycle consisting of four stages. The first and second stages, which are the stages of formulating and formulating strategies as well as the OJK's RKA and Work Units, are carried out one year prior to the implementation year. The OJK's strategic direction that has been formulated by the Board of Commissioners in the Board Retreat is then communicated to all Work Unit Leaders in the OJK Annual Strategic Work Meeting (Rakerstra) forum as the basis for elaborating it into a Work Unit strategy.