Financial Risk Management Practices in a State-Owned Energy Enterprise: A Process-Based Case Study of Market Research Operations at PT Pertamina (Persero)

Financial risk management (FRM) has become a strategic function within state-owned energy enterprises exposed to volatile commodity prices, exchange rate fluctuations, and interest rate movements. While a substantial body of literature examines the determinants and firm-level consequences of financial risk exposure and hedging behavior, comparatively little empirical or practice-based work documents how such risk-monitoring functions are operationally structured and executed within large state-owned enterprises (SOEs) in emerging markets. This study addresses that gap through a process-based case study of the Market Research sub-function within the Financial Risk & Insurance Center (FRIC) of PT Pertamina (Persero), Indonesia's national energy company. Using Business Process Modeling (BPM) with BPMN notation and a SWOT analysis supported by Internal Factor Analysis Summary (IFAS) and External Factor Analysis Summary (EFAS) matrices, this study maps the daily workflow of market monitoring and Morning Market Flash Report preparation, identifies operational strengths, weaknesses, opportunities, and threats, and formulates strategic recommendations. The findings indicate that the process exhibits strong internal verification controls (a multi-tier review chain and the use of integrated tools such as Bloomberg Terminal and the FRAME application) but remains constrained by manual data-entry processes and tight pre-market deadlines. Positioned in Quadrant I (Growth/SO) of the SWOT matrix, the function is well placed to pursue an aggressive strategy centered on automation and standardization. The study contributes a practice-grounded account of financial risk monitoring operations that complements the predominantly econometric literature on FRM determinants and offers actionable recommendations for both corporate practice and academic curricula in financial risk education.