Implementation of Risk Management for Non-Bank Financial Service Institutions Reregulated by OJK

In order to implement adequate, effective and measurable risk-management procedures for the development of non-bank financial-service institutions, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) recently renewed provisions relating to the implementation of risk management by non-bank financial-service institutions through the issuance of Regulation No. 44/POJK.05/2020  (“Regulation 44/2020”), which deals with matters previously addressed under Regulation of the OJK No. 1/POJK.05/2015  (“Regulation 1/2015”).[1] As a result, Regulation 1/2015 has now been repealed and replaced through the issuance of Regulation 44/2020.[2]