HERSUGONDO, Hersugondo (2026) ARTIKEL Dr. HERSUGONDO, SE, MM.: Enterprise Risk Management and Cyber Fraud Mitigation: Evidence from Indonesian State-Owned Enterprises. Journal of Risk and Financial Management, 19. p. 280.

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Abstract

This study examines the role of Enterprise Risk Management (ERM) in mitigating cyber
fraud in Indonesian State-Owned Enterprises (SOEs). As digital transformation increases
organizational exposure to cyber risks, effective risk governance mechanisms become
essential for safeguarding financial integrity. This research investigates how ERM im
plementation is associated with cyber fraud prevention and detection within SOEs. The
study employs a mixed-methods approach using quantitative firm-year observations from
48 non-financial SOEs during the 2020–2024 period, resulting in 112 pooled observations,
complemented by qualitative insights from 25 key informants, including auditors, risk
officers, and IT/cybersecurity specialists. The empirical analysis indicates that stronger
ERMimplementation is positively associated with higher levels of cyber fraud mitigation
and improved coordination between financial risk management and information technol
ogy governance. The findings also highlight the importance of integrated risk governance
structures in strengthening internal controls and organizational resilience against digital
threats. However, given the cross-sectional and perception-based nature of the data, the
f
indings should be interpreted as associative rather than causal relationships. This study
contributes to the literature on risk governance and digital risk management by providing
empirical evidence on the role of ERM in supporting financial accountability and cyber risk
mitigation in emerging market SOEs.

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