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A Risk Management Plan maps out how your organization identifies, assesses, and handles potential threats to your business operations in Indonesia. It's a strategic document that aligns with OJK regulations and follows Indonesian risk management standards (SNI ISO 31000:2018), helping you stay compliant while protecting your assets.

The plan typically covers your risk assessment methods, response strategies, and monitoring procedures. It spells out who's responsible for managing different types of risks - from financial and operational risks to compliance issues - and includes specific steps for risk mitigation, crisis response, and regular review processes. Good plans also factor in Indonesia's unique business environment, from natural disaster preparedness to local regulatory requirements.

Your business needs a Risk Management Plan when starting new ventures, expanding operations, or facing significant changes in Indonesia's regulatory landscape. It's especially crucial when entering regulated sectors like financial services, where OJK compliance is mandatory, or when launching projects that could impact public safety or environmental regulations.

Update your plan before major business decisions, after significant market shifts, or when regulators introduce new requirements. Many Indonesian companies revise their plans quarterly, with comprehensive updates annually. Having an up-to-date plan proves particularly valuable during due diligence processes, when seeking investment, or when navigating crisis situations like natural disasters or economic downturns.

• Risk Assessment Plan: Basic template focused on identifying and evaluating risks, commonly used by Indonesian SMEs for initial risk planning
• Risk Assessment Action Plan: Detailed action-oriented version that includes specific mitigation steps and timelines, preferred by larger corporations
• Risk Assessment And Contingency Plan: Comprehensive version including backup strategies, essential for OJK-regulated entities
• Contract Management Risk Assessment Matrix: Specialized version for evaluating contract-related risks, popular in procurement departments
• Evaluation Of Risk Management Plan: Review-focused template for assessing effectiveness of existing risk management strategies

• Risk Management Teams: Lead the development and implementation of Risk Management Plans, usually reporting directly to senior management or the board
• Board of Directors: Review and approve plans, ensuring alignment with corporate strategy and OJK regulations
• Compliance Officers: Monitor adherence to the plan and coordinate with regulatory bodies like OJK and IDX
• Department Heads: Implement risk controls within their units and report on effectiveness
• External Auditors: Evaluate plan effectiveness and compliance with Indonesian risk management standards
• Legal Counsel: Review plans for regulatory compliance and legal exposure management

• Company Profile: Gather details about your organization's size, industry, and regulatory obligations under OJK guidelines
• Risk Assessment: Document all potential risks, their likelihood, and potential impact on operations
• Current Controls: List existing risk management measures and their effectiveness
• Stakeholder Input: Collect feedback from department heads and key personnel about operational risks
• Resource Inventory: Map available resources for risk mitigation, including budget and personnel
• Documentation Review: Check existing policies, procedures, and incident reports
• Compliance Check: Verify alignment with SNI ISO 31000:2018 standards and Indonesian regulations

• Risk Context: Clear description of business environment and scope of operations under Indonesian law
• Risk Categories: Detailed classification of risks following OJK guidelines and SNI ISO 31000:2018 standards
• Assessment Methodology: Documented approach for identifying and evaluating risks, aligned with regulatory requirements
• Control Measures: Specific mitigation strategies and responsible parties for each identified risk
• Monitoring Framework: Clear procedures for ongoing risk assessment and reporting
• Emergency Protocols: Defined response procedures for critical risk events
• Review Schedule: Specified timeframes for plan updates and effectiveness evaluations
• Authorization: Signatures from authorized personnel and board approval documentation

A Risk Management Plan differs significantly from an Enterprise Risk Management Framework in several key ways, though they're often confused in Indonesian business contexts. While both deal with organizational risks, their scope and application serve different purposes.

• Scope and Detail: Risk Management Plans are specific, actionable documents focusing on particular projects or departments, while Enterprise Risk Management Frameworks provide broad, organization-wide guidelines
• Implementation Level: Plans outline specific actions, timelines, and responsible parties, whereas Frameworks establish general principles and governance structures
• Regulatory Compliance: Plans must align with OJK's specific risk management requirements, while Frameworks focus on broader corporate governance standards
• Update Frequency: Plans typically require quarterly reviews and updates based on specific risk events, while Frameworks usually undergo annual reviews
• Operational Focus: Plans include detailed mitigation strategies and response procedures, whereas Frameworks set overall risk appetite and management philosophy