PENERAPAN ENTERPRISE RISK BUDGETING DALAM PROSES PERENCANAAN KEUANGAN PADA UNIT BISNIS UTAMA (TELKOMSEL) PERUSAHAAN TELKOM

• Main Authors: , I Ketut Widya Nagara, , Dr. Erni Ekawati, MBA
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2012
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/98772/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=54992
• Institution: Universitas Gadjah Mada

Fierce competition on telecommunication industry in Indonesia has raised new risk for Telkom�s main business unit (Telkomsel). Telkomsel in managing their risk implements corporate wide risk management. This Telkomsel�s risk management is part of development of Telkom�s Enterprise Risk Management (ERM) which is intended to protect company product, service and enterprise value. Implementation of risk management in Telkomsel still can�t be used to predict probability of financial performance problem whenever worst risk happened. Projection is required by company as guidance of their policy and strategy. By using a quantitative approach of Enterprise Risk Budgeting (ERB), Telkomsel will be able to evaluate the risk and projects the financial performance based on economic capital concepts. ERB will provide the description of company risk capacity to mitigate risk on policy and strategy. ERB implementation in Telkomsel has provides projection on cash flow position based on enterprise risk factor which are inherent from Telkom�s ERM. ERB implementation also measures Telkomsel�s risk capacity based on indicator of debt-to-equity ratio, liquidity ratio and profitability ratio. This risk capacity is based on concept of Cash-Flow-at-Risk (CFaR). Based on the analysis, Telkomsel has high risk capacity to running risky policy and strategic to increase enterprise value.