PROFIL RISIKO INVESTASI DAN MITIGASI RISK INVESTMENT AND MITIGATION PROFILE

PT KERETA API INDONESIA PERSERO 2013 ANNUAL REPORT 368 PT KERETA API INDONESIA PERSERO LAPORAN TAHUNAN 2013 369 Business Prospects and Corporate Strategy Analysis and Managerial Discussion Supporting Business Report Tipikal Risiko-Risiko yang Dihadapi Perusahaan dan Upaya Mitigasinya Fokus: investasi Typical risks which are faced by company and their mitigation efforts Focus: investment NO JENIS RESIKO UPAYA MITIGASI NO RISK TYPE MITIGATION EFFORTS 1 Risiko Strategis Pematangan perencanaan bisnis strategis busi- ness plan, sinkronisasi perencanaan terpadu, memastikan keselarasan strategisdengan tujuan visimisi perusahaan. 1 Strategic Risk Strategic business plan perfection, integrated planning synchronisation, making sure the har- mony of strategies and company objectivesvi- sionmission. 2 Risiko Legal Regulasi Percepatan pengurusan perizinan, koordinasi den- gan instansi regulator, pencantuman pasal-pasal pengaman risiko dalam naskah kontrak dengan pihak mitra kerjasama, sertifikasi kepemilikan aset perusahaan. 2 Legalregulation Risk Accelerating permit arrangement, coordinating with institution regulator, putting risk security ar- ticle in contract paper with joint partner, company asset possession certification 3 Risiko Kepatuhan . Memastikan kepatuhan kode etik dan peraturan internal dengan dengan hukum dan peraturan terkait yang berlaku. 3 Obedient Risk Making sure the obedience of code of conduct and internal regulation with relevant laws and regulation. PT KERETA API INDONESIA PERSERO 2013 ANNUAL REPORT 370 NO JENIS RESIKO UPAYA MITIGASI NO RISK TYPE MITIGATION EFFORTS 4 Risiko Operasional. Pematangan rencana operasi sarana, prasarana danatau pemeliharaan alat produksi, penyiapan keterampilam SDM , perancangan proses kerja, memastikan adanya SOP, memastikan ada contin- gency plan. Memastikan kepatuhan terhadap hukumregulasi peraturan eksternal. Memastikan tertanamnya budaya kerja unggul dan pencapaian tingkat kepuasan kerja pada level yang cukup bagi para pegawai. 4 Operational Risk Perfecting of manufacturing equipment facility andor maintenance operational planning, prepar- ing Human Resource skill, designing work process, making sure the availability of SOP, making sure that there is a contingency plan. Making sure the obedience on lawregulation ex- ternal regulation Making sure the excellent work culture and the achievement of work satisfaction level on ad- equate level to the employees. 5 Risiko Bencana AlamNatural, Kecelakaan, Ke- bakaran, dan sebagainya. Memastikan adanya sistem peringatan dini alarm, business continuity planningcontingency plan, penyiap-siagaan backup systems, prosedur kerja untuk keadaan darurat bencana, sistem pemadam kebakaran, tangga darurat, coverage asuransi untuk meminimalkan kerugiandampak negatif, dan sebagainya. 5 Natural disaster risk, accident, wildfire, etc. Making sure the availability of early warning system alarm, business continuity planning contingency plan, preparing backup systems, work procedure for disaster emergency situation, firefighting system, emergency stairs, insurance coverage to minimize lostnegative impacts, etc. 6 Risiko Finansial a. Risiko Kurs Mata-Uang Penyediaan sebagian valas lebih awal dari pem- bayaran atau penerapan mekanisme lindung-nilai hedging. b. Risiko Komoditi Pengadaan dengan kontrak multi-years dan fixed price c. Risiko Likiditas akibat konsentrasi cash out- flow Penajaman perencanaan simulasi cash-flow Pe- rusahaan, pencarian sumber dana alternatifloan modal kerjamodal investasi, koordinasi antar unit pengadaan dan keuangan. d. Risiko kesulitan pendanaan Memastikan studi kelayakan yang bankable dibuat oleh konsultan independen yang kredibel dan be- reputasi baik di kalangan bisnis internasional. 6 Financial risk a. Currency risk Providing foreign currency earlier than payment or applying value-protect mechanism hedging. b. Commodity risk Multi-year and fixed price procurement contract PT KERETA API INDONESIA PERSERO LAPORAN TAHUNAN 2013 371 Business Prospects and Corporate Strategy Analysis and Managerial Discussion Supporting Business Report c. Liquidity risk as a result of cash out-flow concentration Sharpening cash flow planningsimulation, seeking alternative financialloan source work capitalin- vestment capital, coordination between procure- ment and financial unit. d. Financial barrier risk Making sure the feasibility study which is bank- able is made by independent consultant who is credible and has good reputation in international business community 7 Risiko Proyek a. Penyimpangan Waktu StartPelaksanaan Percepatan perizinan, penyiapan desain dan ap- proval teknis, AMDAL, penyiapan lokasisite, pem- bebasan lahan, perencanaan dan approval biaya sumber dana. b. Penyimpangan Waktu Delivery PelaksanaanTime Overruns Penajaman schedule risk corrected schedule, perkuatan manajemen proyek, memastikan ke- cukupan supervisi proyek, pemantauan dan evalu- asi kemajuan proyek secara berjenjang. c. Penyimpangan Biaya Realisasi Cost Overruns Penajaman surveyperencanaan dan scope proyek, RAB EE dan OE realistis, amandemen kontrak, memastikan pasal-pasal pengaman risiko proyek, kontrak lump-sum fixed price sejauh memungkin- kan, dan sebagainya. d. Penyimpangan Biaya Realisasi Cost Overruns Memastikan kualifikasi dan seleksi penyedia ba- rangjasa dan supervisi serta pengujian mutu se- cara ketat. 7 e. Implementation start overruns Permit acceleration, technical approval and design preparation, environment impact analysis, site location preparation, land acquisition, financial sourcecost plan and approval. f. Time Overruns Risk corrected schedule, strengthening project management, making sure project supervision sufficiency, review, and gradual project progress evaluation. g. Cost Overruns Sharpening surveyplanning and project scope, RAB EE and OE realistic, contract amendment, mak- ing sure project risk security articles as well as lump- sum fixed price contract as far as possible, etc. h. Quality overruns compare to spectec Making sure the qualification and selection of goods servide provider, supervision, and strict quality test. 8 Risiko KomersialPasar Penajaman survey pasar pelanggan dan studi kelayakan FS oleh pihak independen yang kredi- bel, strategi pemasaran produkjasa, perencanaan aliansi strategis skema kerjasama bisnis risk shar- ing, kontrak angkutan jangka-panjang minimum transport demand agrement, dan sebagainya. 8 Commercialmarket risk Sharpening marketcustomer survey and feasibil- ity study by a credible independent party, product and service marketing strategy, strategic alliance risk sharing scheme planning, long term minimum transport demand agreement, etc. NO JENIS RESIKO UPAYA MITIGASI NO RISK TYPE MITIGATION EFFORTS PT KERETA API INDONESIA PERSERO 2013 ANNUAL REPORT 372 NO JENIS RESIKO UPAYA MITIGASI NO JENIS RESIKO UPAYA MITIGASI 9 Risiko Investasi Scenario analysis, Penajaman FS atau Benefit-Cost Analysis, sensitivity analysis. 9 Risiko Investasi Scenario analysis, Penajaman FS atau Benefit-Cost Analysis, sensitivity analysis. 10 Risiko Kemitraan mitra wanprestasi terminasi sepihak Pengamanan risiko perusahaan via pasal-pasal perjanjian kerjasamakontrak, khususnya pasal ter- minasi, penalti, dendasanksi, indemnifikasipem- bebasan tanggung-jawab terhadap pihak ketiga, konsekuensi biaya pasca terminasi, sengketa dan arbitrase, dan sebagainya. 10 Partnership risk unreliable partner one party termination Securing company risk through articles in the con- tract agreement, especially termination article, penalty, finepunishment, indemnificationrespon- sibility exemption towards the third party, post- termination consequence cost, dispute and arbitra- tion, etc. 11 Risiko Sosial Early anticipation through socialization, public relation, and consultation with socielt leaders, coordination with relevant institution, and early communication with nearby publicsociety, CSR program, etc. 11 Social risk Early anticipation through socialization, public rela- tion, and consultation with socielt leaders, coordi- nation with relevant institution, and early commu- nication with nearby publicsociety, CSR program, etc. 12 Risiko Fraud Penerapanpenegakan aturan dan kode etik perusahaan secara konsisten berikut sanksi yang tegas dan sepadan bagi para pelanggarnya serta menumbuh-kembangkan budaya bersih di seluruh jajaran perusahaan. 12 Fraud risk Consistent company regulation and code of conduct implementation, including strict punishment and adjust the violation as well as growing clean culture in the entire parts of the company. PT KERETA API INDONESIA PERSERO LAPORAN TAHUNAN 2013 373 Business Prospects and Corporate Strategy Analysis and Managerial Discussion Supporting Business Report

E. EVALUASI DAN EFEKTIVITAS SISTEM MANAJEMEN RISIKO

Efektivitas sistem manajemen risiko sangat bergantung pada infrastruktur dan efektivitas proses pelaporan, monitoring, evaluasi, dan kontrol progress mitigasi risiko yang dilaksanakan dan dilaporkan oleh masing- masing RTU. Hingga saat ini, kemajuan dalam proses assessment risiko sudah cukup signifikan, meskipun masih menggunakan pendekatan deterministik yang dikombinasi dengan estimasi interval kemungkinan dan dampak dengan pendekatan collective judgment berdasarkan pengalaman ataupun educated guessing. Keterbatasan SDM juga menyebabkan proses manajemen risiko masih fokus pada aspek mitigasi, dan kurang fokus pada aspek monitoring dan pencegahan risiko. Dengan Ke depan, selain menyiapkan infrastruktur, sistem informasi, fokus pekerjaan akan secara bertahap bergeser lebih banyak porsinya ke proses monitoring dan kontrol. Pada level ProyekRTU, tantangan utamanya adalah sikap yang memperlakukan hasil assement risiko hanya untuk memenuhi syarat administrasi compliance saja. Untuk mengatasi tantangan tersebut, Direksi telah menginstruksikan PMR untuk mengintensifkan program sosialisasi manajemen risiko ke seluruh daerah mulai awal tahun 2014.

F. RENCANA PENINGKATAN MANAJEMEN RISIKO TAHUN 2014

1. Meneruskan upaya perkuatan kompetensi SDM pada segmen proses pemantauan dan pengendalian risiko berikut penyempurnaan sistem pelaporannya; 2. Melakukan intensifikasi kegiatan sosialisasi disseminasi pengetahuan, prinsip-prinsip dan proses manajemen risiko serta pemanduan praktek terbaik berbasis ISO 31000:2009 ke seluruh jajaran manajemen di Daerah OperasiDivisi dan Anak Perusahaan; 3. Melakukan benchmarking kinerjaproses manajemen risiko ke peer-company yang telah lebih sukses menerapkan praktek terbaik dalam manajemen risiko;

E. RISK MANAGEMENT SYSTEM EFFECTIVENESS AND EVALUATION

The effectiveness of risk management system highly depends on the infrastructure and the effectiveness of reporting, monitoring, evaluation, and risk mitigation progress control process which is conducted and reported by each RTU. Until now, the progress in risk assessment process is already quite significant although it still uses deterministic approach which is combined with possibility and impact interval estimation through collective judgment approach based on experience or educated guessing. Human resource also causes risk management process still focuses on mitigation aspect, and less focuses on monitoring aspect and risk prevention. In the future, besides preparing infrastructure and information system, the work focus will gradually shift to give more portions to monitoring and control process. In projectRTU level, the main challenge is the attitude to treat risk assessment result only to fulfill administration compliance. To overcome the challenge, directors have instructed PMR to intensify that risk management socialization program to all regions starting from the beginning of 2014.

F. RISK MANAGEMENT IMPROVEMENT PLAN 2014

1. Continuing the effort to empower human resource competence on review process and risk control segment including the improvement of the reporting system; 2. Intensifying socializationdissemination activities of risk management knowledge, principles, and process as well as best practice guidance based on ISO 31000:2009 to all management staffs in company operational areadivision and subsidiary; 3. Benchmarking the risk management performance process to peer companies which are more successful earlier in implementing best practice in risk management; PT KERETA API INDONESIA PERSERO 2013 ANNUAL REPORT 374 4. Meneruskan perbaikan berkelanjutan untuk penyempurnaan sistem manajemen risiko, meliputi pedoman kerja, framework maupun proses identifikasi, analisis dan evaluasi risiko dengan disertai perkuatan keterampilan dan memperkaya teknik serta alat bantu analisis risiko, khususnya untuk peningkatan kemampuan analisis kuantitatif; 5. Membantu memfasilitasi unit pengusul dalam penyiapan usulan investasi sedini mungkin demi mengupayakan percepatan proses asesmen risikonya agar dapat diselesaikan tepat waktu, sebelum pengesahan RKAP serta dalam melakukan asesmen risiko kegiatan investasi skala kecil Rp. 1 Milyar atau yang tidak diases risikonya oleh PMR; 6. Membangun risk universe agar dapat dipergunakan sebagai alat bantu check-list dalam proses identifikasi risiko, terutama guna memudahkan personil yang baru berkecimpung dalam bidang manajemen risiko; 7. Memperbaiki pengorganisasian basis data dan dokumen manajemen risiko sebagai sarana untuk membangun knowledge base dan traceability; 8. Memperluas orientasi manajemen risiko pada pengelolaan upper-side risks guna meningkatkan value creation bagi perusahaan. 4. Continuing implementing continuous improvement to improve risk management system, covering work code, risk framework, and process identification, analysis, and evaluation, which is supported with skill strengthening, risk analysis technique and tools enrichment, especially for the improvement of quantitative analysis ability. 5. Facilitating proposer unit in preparing investment proposal as early as possible to accelerate risk assessment process in order to finish it punctually before the RKAP is legalized. It also helps in conducting risk assessment small scale investment Rp 1 billion or the one whose risk is not assessed by PMR; 6. Building risk universe to be used as an aid checklist in the risk identification process, especially to ease personnel who are new in risk management field; 7. Improving data base organization and risk management document as an equipment to build knowledge base and traceability; 8. Expanding risk management orientation on upper- side risks management to increase company value creation.