The research is aiming at obtaining understanding and assurance whether the regulation of Indonesia Financial Services Authority (orOtoritas Jasa Keuangan/OJK) for banking industry on Governance, Risk Management, and Compliance (GRC) in Indonesia are compatible with the requirements and suggested practices of ISO 37000/DIS on Governance, ISO 31000:2018 Risk Management, and ISO 37301: Compliance Management as international standards for Governance, Risk, and Compliance (GRC). The regulatory requirements as set forth by Indonesian FSA to banking industry for integrated GRC have all been compatible with all the elements of ISO 37000, ISO 31000:2018, and ISO 37301. This study utilizes a comparative study method, which is conducted by assessing the similarities and differences between two standards or regulations, or in this study, between Indonesia Financial Services Authority Regulation, or Peraturan Otoritas Jasa Keuangan (POJK) on Governance, Risk Management and Compliance (GRC), with their ISO Standards counterparts. The result is expected to show the degree of fitness of Indonesian banking regulations with these ISO standards. There is only a very small number of studies have been done in the light of calibrating the Indonesian banking regulation in Governance, Risk Management and Compliance (GRC) with their ISO counterparts. Therefore, the result of this paper could be used as generic inputs and considerations for banks which have initiated their integrated GRC practices, and/or just recently commenced, and/or improving their practices more effectively. Whereas the study provides general understanding and assurance of the compatibility, it is not supported yet by empirical evidence of how banks practically exercise the implementation of integrated GRC based on ISO 37000, ISO 31000, and ISO 37301 and how do they conduct calibration efforts to its efficacy. Therefore, it is recommended to conduct such empirical case study in several banks in Indonesia as further study. Further, a field study such as interviews and surveys with Indonesian banking professionals could also be performed to provide additional perspectives on how integrated GRC is implemented in Indonesian banking.
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