Jakarta – PT Pertamina Hulu Indonesia (PHI), as Subholding Upstream Regional 3 Kalimantan held a Joint Signing Ceremony for the Risk Control Matrix (RCM) Internal Control over Financial Reporting (ICoFR) at Graha Elnusa (1/11). This signing is intended as a follow-up to the signing of the treaty, kick-off, upskilling, and workshop with business process owners as Preparers, Reviewers, and Approvers on IMS applications which started from June to September 2021.
The event was attended by the President Director of PHI, Chalid Said Salim, along with all levels of management whose role as Approvers regarding Entity Level Control (ELC) and Activity Level Control (ALC) in the ICoFR Management System (IMS) application. The signing of the RCM is a milestone for the ICoFR implementation project according to the Three Lines Model (3LOD) concept.
With the signing of the ICoFR RCM, business process owners who controls risk and control owners strengthen the ICoFR system based on the three lines model by supporting the implementation of the Control Self-Assessment (CSA) ICoFR Certification, in order to realize the implementation of ICoFR in supporting the board of directors’ internal statements in the financial articulation.
On this occasion, Chalid Said Salim said that all levels of PHI management must understand the concept of risk management & IcoFR with the aim to provide commitment, support and active participation as business process owners, risk owners, and control owners over business processes, with the view to risk management and ICoFR to run effectively. “I hope that all management at PHI can understand the concept of three lines of defense, risk management, and ICoFR,” he added.
Meanwhile, PHI’s Vice President (VP) Business Support, Satya Nugraha, said that every function synergizes to achieve common goals. “Implementation of risk management & ICoFR is a joint process designed and implemented to provide adequate assurance regarding compliance with applicable laws and regulations, effective and efficient operations, and reliable financial reporting,” said Satya Nugraha.
