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All Journal Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Oikonomia: Jurnal Manajemen Indonesian Journal of Accounting, Risk, and Governance AI, Big Data and Quantitative Methods in Finance
Ilmi, Sendy Watazawwadu
School Of Business, IPB University, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Operational Risk Management pada PT Kimia Farma Sungwun Pharmacopia Achyar, Nadia Nurvita Ilahi; Hartoyo, Hartoyo; Palupiningrum, Agustina Widi; Ilmi, Sendy Watazawwadu
Oikonomia: Jurnal Manajemen Vol. 20 No. 2 (2024): Oikonomia: Jurnal Manajemen
Publisher : Fakultas Ekonomi dan Bisnis Universitas Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47313/oikonomia.v20i2.3844

Abstract

Purpose Operational risk management is an important part of ensuring the sustainability of a company, especially in the pharmaceutical industry that faces various complex challenges. This study aims to identify operational risks, map risks, and design risk treatments at PT Kimia Farma Sungwun Pharmacopia (KFSP) based on the ISO 31000:2018 framework. Methodology The research method used is descriptive qualitative with a data triangulation approach through interviews and surveys using questionnaires. Findings The results showed that there were 17 operational risks identified, consisting of 3 extreme risks, 4 high risks, 6 medium risks, and 4 low risks. Risk analysis focused on the level of likelihood and impact, which were then mapped into a risk matrix to determine mitigation priorities. Suggestion The discussion showed that extreme and high category risks, such as delays in customer receivables and product quality discrepancies, require priority mitigation actions through efforts to maintain the continuity of the company's operations
Digitalization and Economic Growth: Business Strategies in The Asean Market Sendy Watazawwadu’ Ilmi; Fuad Wahdan Muhibuddin; Alfa Chasanah; Tanti Novianti
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 2 (2025): JABM Vol. 11 No. 2, May 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.2.486

Abstract

Background: The increasing adoption of digital technologies has initiated a fundamental restructuring of economic landscapes worldwide, including ASEAN. The diffusion of mobile connectivity and expanded internet accessibility has not only reinforced market synthesis but also fostered technical innovation and productivity improvement.Purpose: This study examines the impact of digitalization, measured by mobile subscription and internet users, on economic growth in ASEAN countries.Design/methodology/approach: Utilizing a panel dataset comprising 10 ASEAN member countries from 2010 to 2022, this approach facilitated the assessment of the relationship between digitalization and GDP per capita and other control variables, namely trade openness, investment, and inflation.Findings/Results: The analysis indicates a statistically significant positive correlation between mobile subscriptions and internet users to GDP per capita, underscoring the crucial role of digital connectivity in fostering economic efficiency, market expansion, and innovation. Furthermore, trade openness demonstrates a beneficial effect on economic growth. Conversely, inflation demonstrates a significant negative impact on growth. Investment demonstrates no substantial effect, indicating variations in investment quality and distribution among ASEAN nations.Conclusion: The findings of this study emphasize the pivotal role of digitalization, and particularly internet penetration, in enhancing economic performance. These findings highlight the need for focused investments in telecommunications infrastructure in order to successfully promote innovation and productivity growth throughout the area.Originality/value (State of the art): This study contributes to the existing literature by integrating business perspective to offer novel insights into the interplay between digitalization, trade, and economic performance. The findings provide valuable implication for both policymakers and business leaders. Keywords: ASEAN, business economics, business strategy, digitalization, economic growth
Determinants of Qris Reuse Intention Among Buyers and MSME Merchants in Banyumas Raya Satria Candra Wibowo; Retnaningsih; Sendy Watazawwadu’Ilmi
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 2 (2026): JABM, Vol. 12 No. 2, May 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.2.588

Abstract

Background: QRIS (Quick Response Code Indonesian Standard) is a national digital payment initiative aimed at standardizing electronic transactions and enhancing financial inclusion. While QRIS adoption is growing nationally, significant disparities persist across regions, particularly among micro, small, and medium enterprises (MSMEs) in areas like Banyumas Raya.Purpose: This study aims to identify the key factors influencing users’ and MSMEs’ behavioral intention to continuously reuse QRIS in the Banyumas Raya region of Central Java.Design/methodology/approach: The research adopts a quantitative method based on the Technology Acceptance Model (TAM). Data was collected from 155 respondents (115 users and 40 MSMEs) using purposive sampling. Structural Equation Modeling using the SmartPLS software was employed to test the relationship between perceived ease of use, perceived usefulness, attitude toward use, and reuse intention.Findings/results: Perceived ease of use significantly influences both perceived usefulness and attitude toward using QRIS, while attitude toward using is the strongest predictor of reuse intention. Interestingly, perceived usefulness does not significantly affect attitude. Despite high user satisfaction, a gap remains between positive perception and actual reuse behavior, particularly among MSME merchants.Conclusion: Enhancing user experience and simplifying payment process are essential for sustaining QRIS usage.Originality/value (state of the art): This study provides novel insights into post-adoption behavior in digital payments, offering strategic implications for policymakers to improve financial inclusion through sustained QRIS usage in regional MSME ecosystems. Keywords:  digital payment, MSMEs, QRIS, reuse intention, technology acceptance
Assessing Human and Organizational Risk in Upstream Oil and Gas Supply Chains: an ISO 31000 Perspective Warashinta Nur Wulan Muthmainah; Popong Nurhayati; Sendy Watazawwadu'Ilmi
Indonesian Journal of Accounting, Risk and Governance Vol. 1 No. 1 (2026): IJAR Vol. 1 No. 1, April 2026
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/ijar.1.1.8

Abstract

Background: Operational risk management in the upstream oil and gas sector demands a rigorous, integrated approach, particularly within supply chain administration where both technical and non-technical risk factors converge. PT Pertamina Hulu Energi (PHE) Jambi Merang, an upstream natural gas producer in South Sumatra, existing practices still tend to prioritize technical hazards while paying less attention to human and organizational factors.Purpose: This study aims to identify and evaluate operational risks within the supply chain administration of PHE Jambi Merang, and to formulate risk treatment strategies based on the ISO 31000:2018 framework.Design/Methodology/Approach: A qualitative descriptive approach was employed, utilizing in-depth interviews, field observation, and questionnaire distribution with five key respondents selected through purposive sampling using a RACI matrix. Risk assessment employed Godfrey (1996) probability and impact scales, with geometric mean aggregation and a 5x5 risk mapping matrix. Risk treatment strategies were formulated based on Flanagan and Norman (1993) typology.Findings/Result: Twenty-five operational risks were identified across four categories: internal, human resources, technical or system, and external risks. Three risks were classified as extreme, nine as high, eleven as medium, and two as low. The most critical risks include insufficient workforce competency, non-compliance with Corporate Life Saving Rules, and illegal oil and gas activities.Conclusion: The findings indicate that human and organizational factors represent the most critical operational risk exposures in upstream gas supply chain administration.Originality/Value: This study applies ISO 31000:2018 with explicit attention to human and organizational factors in upstream oil and gas supply chain administration in Indonesia. Keywords:human and organizational factors, ISO 31000:2018, operational risk management, supply chain, upstream oil and gas
Asymmetric Effects of Macroeconomic Variables on Stock Market Indices: Evidence From Developed and Emerging Economies Imatul Hamza; Linda Karlina Sari; Sendy Watazawwadu’Ilmi Watazawwadu’Ilmi; Fuad Wahdan Muhibuddin
AI, Big Data and Quantitative Methods in Finance Vol. 1 No. 1 (2026): ABQ Vol. 1 No. 1, April 2026
Publisher : School of Business, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/abq.1.1.25

Abstract

Background: Global financial markets are increasingly integrated, yet the response of stock indices to macroeconomic shocks remains poorly understood in its nonlinear dimensions. Most existing studies adopt symmetric linear frameworks that may fail to capture the differential market reactions to positive and negative macroeconomic changes.Purpose: This study investigates the asymmetric effects of key macroeconomic variables, namely exchange rates, gross domestic product (GDP), and interest rates, on stock market indices across 56 countries classified into 28 developed and 28 emerging economies over the period 2016Q1 to 2024Q3.Design/Methodology/Approach: This study employs panel Autoregressive Distributed Lag (ARDL) and panel Nonlinear Autoregressive Distributed Lag (NARDL) models estimated through Pooled Mean Group (PMG), Mean Group (MG), and Dynamic Fixed Effect (DFE) estimators. The Hausman test is applied to determine the optimal estimator. Asymmetry is formally tested using the Wald test. Unit root analysis uses the Augmented Dickey Fuller (ADF) test, and cointegration is verified via the Kao panel cointegration test.Findings/Result: The NARDL model consistently outperforms the symmetric ARDL specification across all country groups based on Akaike Information Criterion (AIC). Significant long-run asymmetric effects are identified for all three macroeconomic variables. Currency depreciation exerts a larger negative impact on stock indices than appreciation across both country groups. GDP growth positively drives stock markets in developed economies but has no significant effect in emerging markets. Interest rate cuts generate larger stock market responses than equivalent rate increases. In the short run, GDP and interest rate movements display asymmetric effects in emerging economies, while developed markets are more resilient to short-term macroeconomic fluctuations.Conclusion: Asymmetric quantitative modeling significantly enriches the understanding of macroeconomic transmission mechanisms in financial markets, with critical implications for monetary policy design and investment risk management in both developed and emerging economies.Originality/Value: This study provides one of the first comprehensive panel NARDL analyses spanning 56 countries across both developed and emerging markets simultaneously over a post-2016 dataset, explicitly testing directional asymmetry in the GDP, exchange rate, and interest rate transmission to stock markets. The findings advance the limited literature that treats these relationships as symmetric. Keywords:asymmetric effects, macroeconomic variables, panel ARDL, panel NARDL, stock market index  
Co-Authors Achyar, Nadia Nurvita Ilahi Agustina Widi Palupiningrum‬ Chasanah, Alfa Fuad Wahdan Muhibuddin Hartoyo Hartoyo Imatul Hamza Linda Karlina Sari Popong Nurhayati Retnaningsih Satria Candra Wibowo Tanti Novianti Warashinta Nur Wulan Muthmainah