Integrasi Nilai Ambang Risiko Pada Penerapan Enterprise Risk Management Di Perusahaan Energi

Januardi, Willy Januardi (2026) Integrasi Nilai Ambang Risiko Pada Penerapan Enterprise Risk Management Di Perusahaan Energi. Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

PT XYZ merupakan anak perusahaan Badan Usaha Milik Negara (BUMN) yang memiliki kewajiban menerapkan manajemen risiko secara efektif. Penilaian Risk Maturity Index (RMI) tahun 2024 menyatakan bahwa perusahaan berada pada fase "berkembang" (skor 2,9) di mana kelemahan kritis terletak pada parameter 24 (Kapasitas Risiko) karena belum melakukan perhitungan kapasitas risiko yang komprehensif. Kapasitas risiko merupakan bagian dari ambang risiko suatu perusahaan sebagai acuan untuk menetapkan selera risiko, toleransi risiko dan batasan risiko. Oleh karena itu, penelitian ini bertujuan mengidentifikasi metode yang tepat untuk menghitung nilai ambang risiko dan menerapkannya untuk tahun 2026. Kapasitas risiko dihitung berdasarkan laporan keuangan tahun 2019 – 2024 menggunakan pendekatan Net Working Capital, Retained Earnings, Total Equity, dan Net Profit After Tax sesuai SK 6 BUMN tahun 2023, serta mengusulkan pendekatan Altman Z-Score Modified untuk menentukan titik financial distress sebagai kapasitas risiko. Hasil perhitungan tersebut kemudian divalidasi menggunakan nilai Value at Risk (VaR) dan dilakukan pemilihan pendekatan yang sesuai dengan selera Board of Directors (BOD). Selera risiko dihitung berdasarkan eksposur risiko historis dari taksonomi risiko perusahaan, sedangkan toleransi dan batasan risiko ditetapkan berdasarkan standar deviasi pencapaian target kontrak manajemen. Penelitian menghasilkan dasar kuantitatif perusahan dalam menyusun strategi risiko tahun 2026, serta memberikan kontribusi terhadap peningkatan nilai RMI.
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PT XYZ is a subsidiary of a State-Owned Enterprise that has an obligation to implement effective risk management. The 2024 Risk Maturity Index (RMI) assessment states that the company is in the ‘Developing’ phase (score of 2.9), where the critical weakness lies in parameter 24 (Risk capacity), as the company had not yet established a comprehensive methodology for determining its risk capacity. In fact, risk capacity, along with Selera Risiko, tolerance, and limits, forms the foundation of a measurable risk treshold. This study aims to identify the appropriate method for calculating risk thresholds and applying them for 2026. Risk capacity was assessed using financial statement data from 2019–2024 through four financial indicators prescribed under State-Owned Enterprises Decree No. 6 of 2023: Net Working Capital, Retained Earnings, Total Equity, and Net Profit After Tax. Furthermore, a Modified Altman Z-Score model was proposed to determine the financial distress threshold as an alternative measure of risk capacity. The resulting risk capacity estimates were validated against Value at Risk (VaR) and the most suitable risk capacity approach was identified by incorporating the Board of Directors’ (BOD) preferences. Risk appetite is calculated based on historical risk exposure, while risk tolerance and risk limits are derived from the standard deviation of the management contract performance targets. The research results are the quantitative basis for company in formulating its 2026 risk strategy while increasing the RMI value.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	Manajemen Risiko, Nilai Ambang Risiko, Risk Maturity Index, Kapasitas Risiko, Risk Management, Risk Threshold Value, Risk Maturity Index, Risk capacity
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
Divisions:	Faculty of Industrial Technology and Systems Engineering (INDSYS) > Industrial Engineering > 26101-(S2) Master Thesis
Depositing User:	Willy Januardi
Date Deposited:	24 Jul 2026 22:01
Last Modified:	24 Jul 2026 22:01
URI:	http://repository.its.ac.id/id/eprint/137323

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