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A Structural Model of Risk Governance and Maturity in Ultra Microfinance SOEs

International Journal of Cyber and IT Service Management · Vol. 5 No. 2 (2025)

DOI
10.34306/ijcitsm.v5i2.200
ISSN
2808-554X, 2797-1325
Terbit
2025-09-09
Penerbit
Pandawan Sejahtera Indonesia
Bahasa
en
Lisensi
creativecommons.org/licenses/by/4.0/

Abstrak

The Indonesian government has set a target for State-Owned Enterprises (SOEs) to achieve a risk management maturity level of 4.2 out of 5 by 2024. This objective is especially crucial following the consolidation of BRI, Pegadaian, and PNM into the Ultra Micro SOEs Holding. The integration process introduces new risks that require robust governance and control mechanisms. This study investigates how key risk management components namely governance, frameworks, processes, and internal controls contribute to strengthening risk management maturity in the Ultra Micro holding structure. Using Structural Equation Modelling (SEM), the research explores complex interrelations among these elements based on survey data from 644 respondents across the three SOEs. The findings confirm that most variables significantly influence one another and collectively support a sound model for maturity enhancement. However, the study also uncovers two statistically insignificant relationships: between the framework and the process, and between the process and overall maturity. These anomalies indicate the potential presence of mediating variables or implementation gaps that reduce the practical effectiveness of formal structures. The study concludes that a strong foundation in governance and internal control can meaningfully support risk maturity, but effective process execution may require further contextual and operational alignment. These results offer strategic insights for improving risk practices in SOEs and emphasize the need for future research to investigate hidden dynamics that may affect risk maturity outcomes.

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31 penulis · 60 tautan kepenulisan bersama · 7 lintas organisasi

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  • IPB University
  • Mercu Buana University
  • Universitas Raharja
  • Universitas Pertamina
  • Yogyakarta State University
  • Afiliasi tidak diketahui
  • Organisasi berbeda
  • Organisasi sama
  • Afiliasi tidak diketahui
  • Garis lebih tebal = lebih banyak artikel bersama · lingkaran lebih besar = lebih banyak artikel
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Rekan penulisOrganisasiArtikel bersama
Wiwiek RindayatiIPB University2
Ujang SumarwanIPB University2
Gerhana GerhanaIPB University1
Arif Imam SurosoIPB University1
Agus BuonoIPB University1
Trukan Sri BahukelingIPB University1
Lilik Noor YuliatiIPB University1
Elke AlexandrinaIPB University1
Muchlisina MadaniAfiliasi tidak diketahui1
Alfri AdiwijayaUniversitas Raharja1
SyahidunMercu Buana University1
Yasir Mustafa KareemAfiliasi tidak diketahui1
Putri PuspitasariAfiliasi tidak diketahui1
Noer Azam AchsaniIPB University1
Harianto HariantoIPB University1
Dina Nurul FitriaUniversitas Pertamina1
Bambang JuandaIPB University1
Andika PambudiAfiliasi tidak diketahui1
Toni BakhtiarIPB University1
Siti JahrohIPB University1
Kristio RapiIPB University1
Sri MulatsihIPB University1
Bayu Agung PrasetyoIPB University1
Galeh Nur Indriatno Putra PratamaYogyakarta State University1
Devi IstiyaningrumAfiliasi tidak diketahui1
Arry EkanantaAfiliasi tidak diketahui1
GerhanaAfiliasi tidak diketahui1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://iiast.iaic-publisher.org/ijcitsm/index.php/IJCITSM/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">A Structural Model of Risk Governance and Maturity in Ultra Microfinance SOEs</dc:title>
	<dc:creator xml:lang="en">Susetyono, Eko</dc:creator>
	<dc:creator xml:lang="en">Priyarsono, Dominicus Savio</dc:creator>
	<dc:creator xml:lang="en">Sukmawati, Anggraini</dc:creator>
	<dc:creator xml:lang="en">Nurhayati, Popong</dc:creator>
	<dc:subject xml:lang="en">Integration</dc:subject>
	<dc:subject xml:lang="en">Risk Management Maturity</dc:subject>
	<dc:subject xml:lang="en">SOEs Holding</dc:subject>
	<dc:subject xml:lang="en">Ultra Micro</dc:subject>
	<dc:subject xml:lang="en">SEM</dc:subject>
	<dc:description xml:lang="en">The Indonesian government has set a target for State-Owned Enterprises (SOEs) to achieve a risk management maturity level of 4.2 out of 5 by 2024. This objective is especially crucial following the consolidation of BRI, Pegadaian, and PNM into the Ultra Micro SOEs Holding. The integration process introduces new risks that require robust governance and control mechanisms. This study investigates how key risk management components namely governance, frameworks, processes, and internal controls contribute to strengthening risk management maturity in the Ultra Micro holding structure. Using Structural Equation Modelling (SEM), the research explores complex interrelations among these elements based on survey data from 644 respondents across the three SOEs. The findings confirm that most variables significantly influence one another and collectively support a sound model for maturity enhancement. However, the study also uncovers two statistically insignificant relationships: between the framework and the process, and between the process and overall maturity. These anomalies indicate the potential presence of mediating variables or implementation gaps that reduce the practical effectiveness of formal structures. The study concludes that a strong foundation in governance and internal control can meaningfully support risk maturity, but effective process execution may require further contextual and operational alignment. These results offer strategic insights for improving risk practices in SOEs and emphasize the need for future research to investigate hidden dynamics that may affect risk maturity outcomes.</dc:description>
	<dc:publisher xml:lang="en">Pandawan Sejahtera Indonesia</dc:publisher>
	<dc:date>2025-09-09</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://iiast.iaic-publisher.org/ijcitsm/IJCITSM/article/view/200</dc:identifier>
	<dc:identifier>10.34306/ijcitsm.v5i2.200</dc:identifier>
	<dc:source xml:lang="en">International Journal of Cyber and IT Service Management; Vol. 5 No. 2 (2025): October; 156−170</dc:source>
	<dc:source>2808-554X</dc:source>
	<dc:source>2797-1325</dc:source>
	<dc:source>10.34306/ijcitsm.v5i2</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://iiast.iaic-publisher.org/ijcitsm/IJCITSM/article/view/200/133</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Eko Susetyono, Dominicus Savio Priyarsono, Anggraini Sukmawati, Popong Nurhayati</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0/</dc:rights>
</oai_dc:dc>