PPA Wins Gold at the Indonesia Regulatory Compliance Awards 2024

PT Putra Perkasa Abadi (PPA) received an award at the Indonesia Regulatory Compliance Awards (IRCA) 2024, held in Jakarta on Friday (31/05). PPA won the Gold award for Notable Enterprise in Regulatory Compliance, judged one of the best teams carrying out the legal compliance function in running a company.

The event is held to recognise companies and company leaders judged to have complied with the law across all their business processes. This awards event in the field of corporate legal compliance in Indonesia was held by Hukumonline for the first time and was joined by more than 60 participating companies from 17 industrial sectors in Indonesia.

Five judges carried out the assessment for IRCA 2024: Senior Advocate and Head of the Jentera Indonesian School of Law Arief T Surowidjojo; Chair of the Association of Oil, Gas and Renewable Energy Legal Practitioners Didik Sasono Setyadi; Commissioner of PT Bank Jago Tbk Anika Faisal; Secretary General of the Institute of Compliance Professional Indonesia Agustinus A. Haryono; and Chair of the Indonesian GRC Association and Expert Council member of the National Committee on Governance Policy Achmad Daniri. The Chief Executive of Financial Services Business Conduct Supervision at OJK, Friderica Widyasari Dewi, gave the keynote speech as a mark of OJK's support for IRCA 2024.

"Dewan juri memastikan bahwa setiap perusahaan dinilai secara objektif, adil dan transparan sehingga mencerminkan kinerja nyata dalam kepatuhan hukum," said one of the judges, Anika Faisal, Commissioner of PT Bank Jago Tbk. and Compliance Director of PT Bank BTPN Tbk from 2008 to 2019, as reported by liputan6.com

As reported by hukumonline.com, the judges assessed companies and company leaders on three key aspects: the implementation of the company's strategy for complying with the law — covering business processes, the strategy for communicating regulations internally, control over regulatory compliance in each division, policies and the mechanism for making internal policies that support compliance, the evaluation process, reporting on compliance performance, and the innovation or technology used for regulatory compliance.

The next aspect is organisational/managerial performance in complying with the law, including managing people in the effort to comply, mechanisms for evaluating and monitoring work in that effort, efforts to build collaboration and maintain integration, and efforts to respond to non-compliance within the company.

The final aspect is the parent company's control of legal compliance in its subsidiaries. The validation parameter for the assessment is based on the Indonesian Standard Industrial Classification (KBLI) under which each company operates.

The award categories are broken into 4 tiers: Sapphire for Best Enterprise in Regulatory Compliance; Diamond for Most Strategic Enterprise in Regulatory Compliance; Gold for Notable Enterprise in Regulatory Compliance; and Silver for Recognized Enterprise in Regulatory Compliance.

The award is both evidence and motivation for PPA to keep pursuing and advancing the level of legal compliance across every one of its business processes.