IMPLEMENTASI KEBIJAKAN DAN STRATEGI MANAJEMEN RISIKO DI BADAN USAHA MILIK NEGARA: KAJIAN PUSTAKA MENGENAI OPTIMALISASI SIKLUS PLAN-DO-CHECK-ACT (PDCA), RISK APPETITE FRAMEWORK, DAN KEY RISK INDICATORS (KRI) DALAM PENGUATAN KAPABILITAS, KEPATUHAN, DAN KEBERLANJUTAN OPERASIONAL BUMN

Gunawan Widjaja (Senior Lecturer Faculty of Law Universitas 17 Agustus 1945 Jakarta)

NETIZEN (JOURNAL OF SOCIETY AND BUSSINESS)
Vol. 2 No. 2 (2026): NETIZEN: JOURNAL OF SOCIETY AND BUSSINESS

This study examines the implementation of risk management policies and strategies in State-Owned Enterprises (SOEs) through the optimisation of the Plan-Do-Check-Act (PDCA) cycle, Risk Appetite Framework (RAF), and Key Risk Indicators (KRI) based on a literature review approach. The study found that the integration of these three elements strengthens organisational capabilities through a continuous learning process, improves regulatory compliance in accordance with PER-1/MBU/2011 and ISO 31000, and ensures operational sustainability amid economic and ESG disruptions. The impact includes reduced performance volatility, increased ROE, and post-crisis resilience, with the main challenges being cultural resistance and technological limitations. Strategic recommendations include the formation of a Risk Committee, an AI-based KRI dashboard, and policy standardisation by the Ministry of State-Owned Enterprises for the transformation of state-owned enterprises towards agile and accountable governance.