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PT Timah Tbk Wins GRC Award & Performance Excellence Award 2022

JAKARTA -- PT Timah Tbk won The Best GRC Overall For Corporate Governance & Performance 2022 (Mining Industries) award with five gold results in the Governance, Risk and Compliance (GRC) and Performance Excellence Award 2022 from BusinessNews Indonesia Magazine.

In addition to winning awards in the Corporate category, the President Director of PT Timah Tbk, Achmad Ardianto also won an award as The Best Chief Executive Officer.

This award was received directly by the Corporate Secretary of PT Timah Tbk, Abdullah Umar at the Fairmont Hotel, Jakarta, Wednesday (27/7/2022). This year's GRC and Performance Excellence Award carries the theme 'Collaboration and Harmonization -Achieving Business Goals Together.

This event was also supported by the Indonesian Human Capital Forum (FHCI), Open Compliance & Ethics Group (OCEG), Grajosa Resources, Digital Transformation & Innovation Institute, Portege Cloud Technology, MB Solution, and others.

The 2022 GRC & Performance Excellence Award was attended by around 400 BUMN, BUMD, and private companies who were nominated. The jury and the organizing team have screened, selected, evaluated the performance and GRC of these companies, and about 40 companies that meet the requirements will give presentations to the jury online. As a result, 24 BUMN, BUMD, and private companies were selected by the winning jury.

Based on the analysis of experts and professionals in the fields of GCG, Strategic Management, Finance, Banking, Insurance, ICT, Research & Innovation who became the Jury of the GRC & Performance Excellence Award 2022 in the judging process, it was decided that these companies were assessed
has implemented the GRC properly in accordance with the values ??and risk management applications in the international world.

The Chairperson of the 2022 GRC & Performance Excellence Award and CEO of Business news Indonesia, Irnanda Laksanawan explained that this event is an annual corporate rating (award) activity in the fields of Corporate Governance, Risk Management, and Compliance Management.
(Compliance) organized by Businessnews Indonesia Magazine.

“The 2022 GRC & Performance Excellence Award encourages the improvement of the company's business through the development of policies and implementation of integrated corporate governance, risk management, and regulatory compliance to improve performance, competitiveness, and reputation of state companies and government agencies so that the management of state assets can be optimized, so that data provides maximum benefit to the community," said Irnanda in his speech at the prestigious GRC & Performance Excellence Award 2022, Wednesday (27/7/2022).

Meanwhile, Chairperson of the Board of Jury GRC & Performance Excellence Award 2022, who is also the Dean of the Faculty of Communication and Diplomacy & the Faculty of Economics and Business (FKD & FEB) Pertamina University, Dewi Hanggraeni said that in dealing with Volatility, Uncertainty, Complexity, Ambiguity (VUCA), companies need to refocus the implementation of risk management accompanied by optimization of integrated corporate governance (Corporate Governance) and compliance (Compliance). Dewi said that there are several challenges for GRC at this time.

“Like the demands for better performance and company visibility, the value of the business model has changed, including a very fast phase of change, agile governance and regulation, then regulators, especially the non-financial sector, have not optimally managed and monitored the implementation of GRC. The documentation process for monitoring has not been consistent, complete and the system has not been fully integrated, and the risk management process including monitoring is still in silos,” said Dewi.

Dewi also said that the 2022 GRC & Performance Excellence Award is the right time to map risks in the VUCA era, make improvements, and refocus the company's strategic objectives based on the implementation of the GRC, in order to improve the performance company.

"There is no doubt that the implementation of the GRC can serve as a dashboard for achieving goals, increasing a risk-aware culture, increasing confidence levels, reducing potential losses, being more efficient, effective, increasing competitiveness, and optimizing company value," said Dewi.

Meanwhile, the Corporate Secretary of PT Timah Tbk, Abdullah Umar said, PT Timah Tbk continues to innovate and digitally transform all lines of the company's business.

"This award is a motivation for the company to continue to be consistent and optimal in risk management. PT Timah Tbk consistently strives to maintain the continuity of the company's business so that it continues to grow and develop well," he said.

Abdullah said that PT Timah Tbk had a roadmap and systematic strategy in risk management for five years. Meanwhile, in 2022, PT Timah Tbk will optimize Integrated Risk Management (ERM) in order to provide optimal benefits for improving sustainability performance.

Not only that, this year PT Timah Tbk is building a risk-aware culture in an effort to increase the value of Risk Management maturity. Even PT tin is developing a Risk Value system as part of the Company's Core Values ??and building a Risk Management Information System "TRIMS" which is integrated with Internal Audit "TIAMS".

PT Timah Tbk continues to strengthen its internal control system through risk management based on prudent, integrated, effective, and efficient principles at every level of the organization.

As for the implementation of the risk management system in the company, PT Timah refers to the Risk Management System ISO 31000:2009 Risk Management – ??Principles and Guidelines which has been revised to ISO 31000:2018 Risk Management – ??Guidelines.

As part of the implementation of GRC (Governance, Risk and Compliance), the company which has a vision of “To become a leading mining company in the world that is environmentally friendly” managed to get a score of 90.64 with a very good results.

"This assessment is based on the results of the 2021 financial year assessment from the ASEAN Corporate Governance Scorecard (ACGS)," Abdullah said. (**)