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Indonesia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision

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  • International Monetary Fund

Abstract

The Financial Services Authority (OJK) has made substantial progress in updating its regulatory and supervisory frameworks since the last Financial Stability Assessment Program (FSAP) in 2017. The OJK has strengthened its regulatory framework, implementing the Basel III post-crisis reforms. The recently enacted Financial Sector Omnibus Law (FSOL) enhances the OJK’s institutional set-up, powers, banking regulation and supervisory frameworks and clarifies the Financial System Stability Committee’s (KSSK’s) mandate for systemic risk monitoring and coordination. The OJK has developed supervision capabilities and deployed innovative Supervisory Technologies (SupTech) to achieve greater efficiency in banking supervision. New regulations on corporate governance have elevated the importance of good governance within the banking industry. While progress has been made, the OJK must continue intensifying its efforts, considering emerging challenges in the global economic and financial environment and new risks from digitalization, cyber and climate change.

Suggested Citation

  • International Monetary Fund, 2024. "Indonesia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision," IMF Staff Country Reports 2024/273, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/273
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