Financial services sector must be proactive in tackling crises: OJK

Trading

Chairman of the board of commissioners of the Financial Services Authority (OJK), Mahendra Siregar, has asked players in the financial services sector, including banking, to be proactive in dealing with the current global crisis.

“Proactive and collaborative leadership is needed from CEOs and leaders of banks and financial services companies,” he remarked at the “Top 100 CEOs and the Next Leader Forum 2022” in Jakarta on Wednesday.

Siregar said that players in the financial services sector must also participate in formulating and implementing policy strategies issued by the OJK as part of their company’s business strategy.

This is because the key to the effectiveness of the policies in the financial services sector, which have been set by the OJK for dealing with crisis situations, is the full support of stakeholders, especially those in the financial services sector.

He assured that the OJK will always be at the forefront in tackling crises, including through coordination with the Ministry of Finance, Bank Indonesia (BI), and the Deposit Insurance Corporation (LPS) at the Financial System Stability Committee (KSSK) forum.

To face the challenges, complete, precise, and measurable ammunition must be prepared, including an effective policy framework and pre-emptive policy tools, he said.

This step can be carried out through the implementation of assessments for financial service institutions and other industries or sectors.

Therefore, Siregar emphasized that CEOs and bank leaders must be proactive in implementing OJK policies at their companies. In addition, CEOs must demonstrate an effective leadership spirit by continuously prioritizing the principles of integrity, professionalism, and transparency, he added.

This aspect is needed considering that the foundation of financial sector services is built on the trust and confidence of investors.

Thus, as captains determining and navigating the direction of the ship, CEOs and bank leaders have a very important role in maintaining the continuity of a company’s business.

“In facing the dimensional crisis at the global level, effective and solution (-oriented) leadership is something that leaders cannot negotiate,” Siregar said.

 

Source: Antara News