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Risk Management
External and internal changes in business environment of PT. Waskita Karya (Persero) Tbk may increase the uncertainty that can harm the company. To anticipate the impact of these changes, PT. Waskita Karya (Persero) Tbk has implemented has implemented risk management in every business process of the company since 2004. The implementation of risk management is carried out throughout the corporate scope, therefore it creates an Enterprise Risk Management system.
Risk management policies and procedures within PT Waskita Karya (Persero) Tbk are always updated to accommodate the needs of stakeholders. The most recent updates of risk management procedures and policies was carried out in 2020 according to the Decree of the Board of Directors Number 08 / SK / WK / 2020 concerning Waskita Procedures of Risk Management and Decree of the Board of Directors Number 81 / SK / WK / 2020 concerning Waskita Karya Risk Management Policies. The reform of risk management policies and procedures aims to increase the effectiveness of risk management and reporting and to carry out continuous improvements related to risk management practices.
Road Map Risk Management
The Implementation of Risk Management Work Programs In PT Waskita Karya (Persero) Tbk
The 2020 risk management work program includes:
1. Reforming Waskita Procedures of Risk Management.
The update included:
a. Addition scope of ISO 37001: 2016 concerning Anti-Bribery Management System.
b. Classification of 12 types of risk taxonomy into 4 main types of risk taxonomy, which are Business and Financial;
Legal; Technical and Operational; and QHSE and Performance.
c. Changes in near miss and loss event reporting mechanism.
d. Addition of incidental risk assessment procedure.
2. Reforming Waskita Risk Management Policy
Adjustment of risk management policies due to changes in the company's organizational structure and internal and external issues which may affect the company
3. Reforming Risk Management Operation Policy
Adjustment in company's risk appetite, risk tolerance and risk rating criterias according to the company short-range plans, stakeholder interests, company goals, and loss event and nearmiss experiences
4. Improving Waskita Risk Management Application
Added features for loss events and near miss reporting process, improved risk register export system, increased data base capacity, and improved the more user friendly interface
5. Composing Risk Book
Risk book used as the reference and documentation platform for risk events discovered in Waskita project.
Risk Management Certification and Training PT Waskita Karya (Persero) Tbk
1. Certified Risk Management Officer (CRMO) and Certified Risk Management Professional (CRMP)
2. Internal Audit Training for ISO 31000:2018, ISO 9001:2015, ISO 14001:2015 Integration, ISO 37001:2016;
3. Project Risk Management Workshop by companies and institutions
4. Training of Governance, Risk, and Compliance (GRC) by a certified institution
Sharing knowledge PT Waskita Karya (Persero) Tbk
Sharing knowledge is a way to socialize and build corporate risk culture that is routinely carried out in every event such as coordination meeting, training and socialization, FGD (Focus Group Discussion) and LDP (Learning Development Program).