WIDYAMERU, KEN and Priyono, FX. Joko and Lumbanraja, Anggita Doramia (2025) THE URGENCY TO IMPLEMENT THE INTEGRATED GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE (GRC) ON STATE-OWNED ENTERPRISES: MARKING THE BORDER LINE BETWEEN BUSINESS RISK AND STATE-LOSS. _190 DG 2025. Undergraduate thesis, Fakultas Hukum Universitas Diponegoro.

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Abstract

This abstract provides an overview of the urgency to implement an integrated Governance, Risk Management, and Compliance (GRC) framework within State-Owned Enterprises (SOEs). As SOEs must continually strive to improve their profitability for their survival, it is crucial for them to enhance their ability to borderline between business risk and state loss. The lack of a distinct line separating state losses from business risks in SOEs has resulted in a number of issues, including the criminalization of reasonable business decisions. This undergraduate thesis specifically investigates the case of the former president director of PT Bukit Asam, where the acquisition of PT Satria Bahana Sarana (SBS) by PT Bukit Asam was alleged to have caused state losses. This study uses a normative legal research methodology employing conceptual and case-study approaches. Data was analyzed from primary, secondary, and tertiary legal sources. The analysis performed is interpretation data analysis data based on grammatical interpretation, systematic interpretation, and comparative interpretation. Key findings indicate that integrated GRC helps organizations to provide greater transparency and minimize the possibility of non-compliance, which serves as a borderline between business risk and state-loss. Furthermore, the analysis of the PT Bukit Asam case reveals that the financial setback encountered was a business risk rather than a state loss, as the management adhered to fiduciary duty and Good Corporate Governance (GCG) principles.
Keywords: GRC, State-Owned Enterprise, and State-loss

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