Three layers of Defense applied OJK

David Ameidyo

Sindonews.com -Deputy Commissioner of the area of Internal Audit, risk management, and quality control (AIMRPK) the financial services authority (OJK) Anis Baridwan says, the relationship between the internal audit function, risk management and quality control in OJK will use three lines of defense or the defense of three layers that differentiate the functions of the unit or organization.

"Of the three new things makes three lines of OJK defense that includes that the synergy to create resilience unit work units," he said in a Weekly Media Briefing held at the Office Building OJK Soemitro Djojohadikoesoemo, Jakarta, Monday (21/3/2013).

Anis, the strategy sets forth the concept starts from the first tier implemented organizational units that perform daily operational activities, which run the risk management function and determination of the quality of the resulting output.

Second-tier defense implemented risk management Directorate (OJK risk manager) and the Directorate of quality control (functions as a business process quality control unit of work). While the third-tier defense exercised by the Directorate of Internal Auditor I and II who runs the internal audit function OJK.

"We have also set up so that when there is an external auditor who entered everything is arranged to mess with because it has been tested in advance by one of the unit whether it be quality assurance and risk management unit," he said.

For example, Anis, due to continued management of overlapping control three units that maintain the system, such as in the financial services industry, if anyone in the unit to find something related that doesn't fit, then per unit will see.

"With three layers we will minimize the risk of, this is check balances can be applied with either a reply and this international standard," the lid.

(gpr)

Finance; Investment; Business; Economics

Finance; Investment; Business; Economics

OJK has three main areas

David Ameidyo

Sindonews.com -Deputy Commissioner of the area of Internal Audit, risk management, and quality control (AIMRPK) the financial services authority (OJK) Anis Baridwan says, its divisions carry out the strategy of improving the internal governance and quality assurance on the execution of integration through OJK internal audit, risk management and quality control.

"There are three main areas that are ascertained (integrate) the risk management, internal audit and quality assurance," he said in a Weekly Media Briefing on building Soemitro Djojohadikoesoemo, Jakarta, Monday (21/3/2013).

He added, it would have been the third merged under one Deputy under Board Komisisoner so so one control and provide synergy in the future governance of the financial industry in Indonesia.

"We are grateful to make a control so that if one moves the other unit can work well with the coordination that's easy," he said.

Anis reveal, develop infrastructure related OJK integration with several stages, namely the preparation of the draft standard, the deliberations of the Board of audit's best, the collection of input with the units of work and the deliberations of the meeting of the Board's Commissioners.

(gpr)

Finance; Investment; Business; Economics

Finance; Investment; Business; Economics

Bolivia expropriated the subsidiary Abertis and Aena, which manages three airports

The President of Bolivia, Evo Morales. / EFE

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The Bolivian President, Evo Morales, has enacted and has personally read the Decree of nationalization of the actions which the Abertis and Aena Spanish had until this Monday in the company of services of airports in Bolivia society Anonima (Sabsa), responsible for the administration of the international airports of Santa Cruz, La Paz and Cochabamba. From Spain, the Government has warned that it will review its bilateral relations with Bolivia before the succession of interventions "with occupation by the security forces" that the Government has carried out in recent days.

It's the third nationalization that aims a Spanish company in less than ten months in Bolivia. Last December, Morales decreed the expropriation of the four subsidiaries that operates Iberdrola in the Latin American country - two electricity distribution in the regions of La Paz and Oruro, a service company and a manager of investments--alleging that they were paid more than the double of rural consumers. Last may, Morales expropriated Transportadora de Electricidad, from power supply firm. These companies have not yet been offset by the nationalizations.

Morales has nationalized Monday shareholder package "that the TDI company holds Overseas Bolivia, belonging to the Airport Services company led by Abertis SA" and the titles that may possess third, during a ceremony held in this city, in the center of the country. Abertis has 90% of the firm, while the remaining 10% Aena.

The Bolivian Government has reported that the breach of contract has been the main cause of the nationalization. Morales explained that the investment between 2006 and 2022 programme meant 53.4 million dollars. Until 2009 the executed investment should reach $ 26.9 million, and reality shows that did not reach the six million dollars. The benefits of Sabsa between 1997 and 2011 accounted for 20.6 million dollars.

On 31 January the Prosecutor's Office of peace recorded Sabsa offices

The reversal of actions to the Bolivian State repeats the same pattern of nationalization of other Spanish companies in the recent past: is it will hire an independent firm so be responsible for pricing the assets of the company within a period of 180 days and then, negotiations shall be brought to agree on the amount the Government will pay to Abertis and Aena.

The Sabsa in La Paz executives announced to the local press that will immediately leave the management of airport services and will expect to the concession of the service contract is resolved formally. The authorities work, justice and the public prosecutor's Office took control of Sabsa in three Bolivian cities airports. In the specific case of Cochabamba and La Paz was not recorded military presence, in contrast to Santa Cruz, where visited a military unit that monitors activity in the terminal of Viru Viru, according to local radio reports.

The reversal of actions was to be expected. On 31 January the Prosecutor's Office of peace recorded Sabsa offices to remove a magnetic copy of all the supporting documentation to the investment programme for enlargement of the air terminal, the revision of the fulfillment of contracts and the situation of security both in teams and workers of the company.

The extent of the Public Ministry was then a denunciation of the autonomous administration of auxiliary services to air navigation over an alleged breach of investment since 2009 especially in equipment, machinery and safety for workers. The Prosecutor Aldo Ortiz explained that the lack of response to the repeated requests for documentation, formulated Sabsa executives, forced the intervention of their offices to remove magnetic information.

The Union has complained about the high salaries of its executives

Spanish companies raised the Evo Morales Government to invest $ 36 million (24.4 million euros) in its subsidiary in Bolivia to stay in that country. The Manager of Sabsa, Anthony Alicastro, noted that the figure was proposed in negotiations which unfold from 2012 with the Executive to "Reroute" the concession for the management of three main air terminals of this country. That money would be invested in the modernization of airports in La Paz, Cochabamba and Santa Cruz in the next nine years, time that remained to the 25-year concession.

Sabsa workers have received welcomed Monday the expropriation of shares, because there was discontent with the administration of services and had warned that the international airports of Santa Cruz, Cochabamba and La Paz faced problems due to the breach of contract of extension of terminals and equipment renewal.

The Workers Union has complained publicly high wages that its executives perceive. Together with the Ministry of labour authorities exhibited returns that suggests, for example, the salary of the manager Anthony Alicastro Pucinelli which took in March 2012 the sum of approximately 12,700 euros, about eight times more than President Evo Morales, while the company had debt by some 10 million dollars to workersthat they won judgments in Bolivian courts.

Abertis was awarded the management of three airports in the mid-1990s, during the period of capitalization, i.e., the partial privatization of a large number of State-owned enterprises that Morales is recovering since 2006.

Morales has made this announcement at a ceremony in the central city of Cochabamba, where is the headquarters of Sabsa, accompanied by the Vice President of the country, Alvaro García Linera, and the Minister of public works, Vladimir Sánchez.

Finance; Economic; Business

Finance; Economic; Business

Among the worst three eurozone

It has been repeated thousands of times since the crisis began: the Spanish public debt in relation to gross domestic product (GDP) is below the European average and far away from other serious countries such as Germany. But the Spanish position in the ranking of the liability has not stopped climbing positions compared to the rest of the eurozone and it is perfectly plausible that reach or even exceed that average. Between the third quarter of 2011 and the same period in 2012, last closed comparable data, Spain is the third country that most increased their debt (10.7 percentage points of GDP), only surpassed by two rescued by the EU countries: Cyprus (17.4 percent) and Ireland (13.4 points), according to the European Statistical Office (Eurostat).

With the latest December data, the increase in Spain reaches the almost 15 percentage points (69.3% from 2011 to 84% 2012), which makes it possible to overcome Ireland depending on their data for the fourth quarter.

Spain is on track to exceed the European average debt in a few years

"Not we can't compare with the average European in debt because endurable liabilities to a country level is not the same as the other, varies according to the characteristics of its economy, and Spain, by its features, must be below the average", warns Javier Andrés, Professor of applied economics at the University of Valencia.

The Spanish economy is especially volatile with regards to other European neighbours - tends to fall more during the crisis and raise more at bonanza-, with that debt also experienced strong swings. In addition, as Andrew, the ageing of the population indicates an increase in expenditure in the future due to commitments for pensions and health care costs. "We will leave this crisis with a debt of more than 90% of GDP", says the professor.

The question is if it will reach and even exceed the average of the eurozone. The gap between the two has not stopped narrowed since the beginning of the financial storm, which has led a nationalization on the part of private debts. In 2007, the ballast in Spain was nearly half of the European, 36% of GDP compared with 66%. At the end of the third quarter, far from only 13 percentage points: 77.4% versus 90%.

If the eurozone's debt is stabilized before and the Spanish still upward, the sorpasso is likely. "This year will not occur, but in 2015 it is possible that you get or even exceed it," says Antonio García Pascual, Barclays Chief Economist. Studies of this entity service estimated that Spanish debt will reach 91% of GDP in 2013 and 2015, while the eurozone will have already managed to stabilize its liabilities, according to these forecasts, the Spanish will be around 95%, which already could be above the average of the monetary union.

The good news is that this year could become the roof from which will again decrease, since that year Barclays expects a primary surplus (excluding interest on the debt) of 0.9% for the economy. For Emilio Ontiveros, President of international financial analysts (AFI), "take longer to recover economic growth possible is that convergence".

Finance; Economic; Business

Finance; Economic; Business