<![CDATA[Uneven cash flow distribution across operational units may create idle cash in some units while exposing others to cash deficit risk. This study aims to formulate an adaptive and segmented cash pooling strategy for nine operational units of PT Jasa Raharja in Kalimantan by considering both cash flow scale and relative volatility. This study integrates K-Means clustering and Z-score standardization into corporate cash pooling policy design, enabling operational units to be segmented based on their relative liquidity risk rather than relying solely on nominal cash volume. The study uses secondary quantitative financial data from nine operational units over a 36-month period from January 2023 to December 2025. K-Means clustering is applied through two models: a scale-based model using mean cash inflow and standard deviation, and a volatility-based model using the Coefficient of Variation (CV). The findings reveal a substantial divergence between nominal cash scale and relative cash flow risk. Central Kalimantan Branch, classified as moderate based on nominal cash scale, emerges as a high-volatility unit when assessed using CV, whereas Tarakan Office is identified as a low-volatility unit despite its relatively low cash inflow. Cash pooling policies should therefore adopt a differentiated framework based on both cash scale and relative volatility. High-volume stable units require aggressive daily sweeping, high-risk volatile units require dynamic cash buffers supported by standby credit facilities, while low-volume stable units are more appropriately managed through periodic sweeping and minimal cash reserves]]>
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