<![CDATA[Payment default risk represents a significant financial threat that may jeopardize business continuity, as experienced by PT Indonesia Sejahtera during the implementation of the Pertashop procurement project, in which PT Pindad Internasional Logistic had not fully fulfilled its payment obligations. This study aimed to identify the root causes of payment default risk, analyze the interrelationships among contributing factors, and formulate appropriate mitigation strategies based on the Enterprise Risk Management framework of ISO 31000. A qualitative approach with a case study design was employed at PT Indonesia Sejahtera. Primary data were collected through in-depth interviews with six informants comprising leaders and staff from relevant functions, supported by field observations and document analysis. Data were analyzed through data reduction, data display, and conclusion drawing, complemented by the Analytical Hierarchy Process (AHP) to determine the priority weights of risk factors. The results identified eight causal factors contributing to payment default, with three dominant factors: weak project supervision and monitoring, the absence of payment protection mechanisms such as bank guarantees or Surat Kredit Berdokumen Dalam Negeri (SKBDN), and the absence of an Early Warning System (EWS). Based on these findings, the study proposed an EWS model integrating Key Risk Indicators (KRI), trigger levels, continuous monitoring, and an escalation matrix as a closed-loop risk management system. This model enabled early detection of potential payment issues and supported proactive mitigation and decision-making. The study concluded that payment default risk was not solely attributable to the customer's financial capacity but also resulted from weaknesses in project governance, contractual control, and organizational risk management systems. Therefore, comprehensive, integrated, and preventive risk management was required to strengthen financial resilience and ensure business continuity.]]>
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