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All Journal Specta Journal of Technology Ascendia: Journal of Economic and Business Advancement
Aris Pransisco Siringo Ringo
Institut Teknologi Kalimantan
Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Economics, Econometrics & Finance Electrical & Electronics Engineering Environmental Science

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Penerapan Enterprise Risk Management (ERM) pada Usaha Mikro, Kecil, dan Menengah (UMKM) di Indonesia: Analisis Sistematik Literatur dan Tantangan Implementasi Aris Pransisco Siringo Ringo; Margaret Boru Siregar; Muhammad Aziz Malikul Mulki Muttaqin; Alvianus Kristian Sumual
Journal of Economic and Business Advancement Vol. 1 No. 2 (2025): December: Ascendia: Journal of Economic and Business Advancement
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/zsa2hz71

Abstract

This study aims to analyze the implementation of Enterprise Risk Management (ERM) in Micro, Small, and Medium Enterprises (UMKM) in Indonesia through a Systematic Literature Review (SLR) approach. The study reviewed various national and international literature discussing ERM practices in the culinary, agribusiness, and creative digital sectors during the period 2019–2025. The results of the study show that the implementation of ERM in UMKM is still partial and has not been strategically integrated into business processes. Most UMKM only implement the risk identification and mitigation stages, while the risk monitoring and evaluation aspects are not yet optimal. The level of ERM maturity varies between sectors, with agribusiness being relatively more advanced than the culinary and creative digital sectors. The main obstacles include low risk and digital literacy, limited human resources, and a lack of institutional support and national standard policies. This study emphasizes the need to strengthen an ERM framework that is adaptive to the characteristics of UMKM, improve managerial and technological capacity, and foster cross-actor collaboration to realize value-based and sustainable ERM.
Indonesian Mortality-Based Dual Purpose Life Insurance Premium Model with Multiple Decrement and Interest Rate Sensitivity Aris Pransisco Siringo Ringo; Eli Zulkatri; Ahmad Rhandy Irsandha; Brayen Endo Raldie; Novia Ramadhany Rumengan; Natalie Mawar Desember Desember; Beby Griselda Putri
SPECTA Journal of Technology Vol. 10 No. 1 (2026): Specta Journal of Technology
Publisher : LPPM ITK

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35718/specta.v10i1.8481947

Abstract

Endowment life insurance is a product that provides benefits both upon the insured's death and while they remain alive until the end of the contract period. Determining premiums for this product requires a model that can capture multiple types of risk, making the multiple-decrement approach relevant. This study aims to calculate dual-purpose life insurance premiums by considering two causes of termination, namely death and inability to pay (lapse), using Indonesia's TMI 2023 mortality data, the probability of default from the OJK 2025 report, and interest rate sensitivity scenarios. The research methods include compiling life expectancy and active-payment probability tables, determining discount factors based on a deterministic interest rate model across three scenarios (pessimistic, realistic, optimistic), and calculating the present value of benefits and annual premiums for two decrement cases. The results show that premiums are highly sensitive to interest rates. Lower interest rates result in higher premiums, while higher interest rates reduce premiums according to the discount principle. In Case 1 (death) and Case 2 (default), different premium values are obtained due to variations in the decrement probabilities of each risk. Overall, the multiple decrement model proved to provide more accurate calculation results that are in line with the actual risk conditions in Indonesia. This study also identified potential developments by incorporating a stochastic interest rate model and adding other types of decrements to support more comprehensive premium setting for the insurance industry.
Analisis Korelasi Antar Sektor di Indeks Harga Saham Gabungan (IHSG): 164 - 176 Eka Santoso; Akbar Taufik Amrullah; Yohanes Novandi Kurniawan Lazuardi; Aris Pransisco Siringo Ringo; Magh Heryan Tudaan; Febri Rahmawati; Muhamad Aziz Malikul Mulki Muttaqin
SPECTA Journal of Technology Vol. 10 No. 2 (2026): Specta Journal of Technology
Publisher : LPPM ITK

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35718/specta.v10i2.8481793

Abstract

Penelitian ini menganalisis korelasi antar sektor penyusun Indeks Harga Saham Gabungan (IHSG) dan implikasinya terhadap diversifikasi portofolio, menggunakan log return harian tujuh indeks sektoral pada periode 26 Januari 2021 sampai 26 Mei 2025 sebanyak 1043 hari perdagangan. Korelasi Pearson dihitung untuk seluruh pasangan sektor beserta uji signifikansinya, dan dinamika korelasi diperiksa melalui jendela bergulir 126 hari serta perbandingan dua paruh sampel. Optimisasi mean variance atau MVO diterapkan dengan batasan tanpa short selling dan tanpa leverage, asumsi tingkat bebas risiko 6 persen per tahun, serta anualisasi 252 hari, dengan portofolio bobot sama rata sebagai pembanding naif. Hasil menunjukkan seluruh pasangan korelasi signifikan secara statistik, dengan pasangan terkuat adalah industri dan energi (r = 0,545) dan pasangan terlemah adalah kesehatan dan teknologi (r = 0,087, p = 0,0048). Analisis bergulir dan dua paruh sampel menunjukkan struktur korelasi ini tidak stabil sepanjang waktu, bergeser rata rata sebesar 0,151 antar sub periode. Portofolio rasio Sharpe maksimum mencapai rasio Sharpe 1,247 dibandingkan 0,496 untuk portofolio bobot sama rata, mengonfirmasi adanya nilai tambah efisiensi dari alokasi berbasis korelasi, namun portofolio ini menempatkan seluruh bobotnya hanya pada dua dari tujuh sektor, sebuah konsentrasi yang sekaligus mendukung dan mempersulit narasi diversifikasi serta memerlukan validasi luar sampel sebelum digunakan secara praktis.
Co-Authors Ahmad Rhandy Irsandha Akbar Taufik Amrullah Alvianus Kristian Sumual Beby Griselda Putri Brayen Endo Raldie Eka Santoso Eli Zulkatri Febri Rahmawati Magh Heryan Tudaan Margaret Boru Siregar Muhamad Aziz Malikul Mulki Muttaqin Muhammad Aziz Malikul Mulki Muttaqin Natalie Mawar Desember Desember Novia Ramadhany Rumengan Yohanes Novandi Kurniawan Lazuardi