 Indonesia Chartered Accountant (CA) by the

Indonesian Institute of Accountant, num.

11.D23427
 State Registered Accountant (Ak) by the Finance
Ministry of the Republic of Indonesia, num. RNA
18818
 Member of Association of Certified Fraud Examiner
(ACFE), USA,
Membership number 518875

Candidate: HENDRY Y. SETIABUDI

Contact number: +62-81286788685; +62-81553499088

Email: hysetia@yahoo.com; hysetiabudi@gmail.com

Residence: South Jakarta

Indonesian
Nationality: Dob: Surabaya, July 2, 1973
Moslem
Married + 3 kids (18, 15, 12)
Graduated from Department of Accountancy (S1), Faculty of Economics,
Education:
Brawijaya University, with GPA of 2.98

Self-employed, a start-up in private art collectibles acquiring, trading,

Current role:
exhibition and consulting (Setiabudi Arthouse).

Director, Chief Administration Officer

Previous role:
PT. Suzuki Finance Indonesia

Notice Period: n/a

80,000,000 IDR nett after tax x 14

Salary package:
COP, Medical, performance bonus (if any)

EXPERTISE
 Passed OJK Fit & Proper test
 Accounting, budgeting, strategic restructuring & planning
 Risk management, governance, internal audit & control (i.e JSOX)
 Business process, SOP & system analysis
 English Proficiency IELTS overall band: 6.5 (2006)

KEY MAJOR ACCOMPLISHMENTS

 Negotiation and dealing with authorities and Public Accountant:

o Treatments of tax pay shortage with Tax Authority as no less than IDR 150 bio.
o Negotiation with Anti-Monopoly Supervisory Agency (KPPU) to avoid penalty as of IDR 25 bio.
 o Exposure of non-compliance by Public Accountant concerning the recognition of stock new
issuance price in shortage to par.
o Supporting the deal with funding providers/ creditors to make sounder funding structure in
Suzuki Finance.

 Creative Accounting Methods and Measures for profitability improvement (Suzuki Finance):
o Method of bad debt provision calculation
o Insurance refund for foreclosed asset
o Acquisition Cost amortization
o Bad debt restructuring and revenue recognition extension, etc.

 Setting up and establishing from zero, a new business of Outboard Marine Engine (OBM) financing as
worth of IDR 18 bio of asset with no overdue accounts within 1.5 year.
 Initiatives of new sources revenues generating activities (auto-penalty charging in e-channel
payments, fiduciary processing fees, etc).
 The Graduate of prestigious Global Leadership Program of ITOCHU Corp.
 Business reposition that successfully turned around the firm’s profitability (from loss of IDR 71.6
billion in YTD 2016 to IDR 14 billion profit in YTD 2017).
 Self-development and establishment of the framework and tools for:
KYC principles, implementation and mitigation actions to address the compliance issues.
Risks-controls matrix self-assessment for the company’s reporting to OJK and the underlying ERM
framework.
CAAT and its derived Audit Program for Suzuki Finance.
Financial forecast modelling tool and budgeting procedure in Suzuki Finance.
 Establishing more effective control in cash voucher distribution & usage, particularly for remote
locations (Suzuki Finance).
 Successfully developing the consumer loan approval scoring tool (Astra Finance (FIF, Permata CC) &
Courts) for high-risk consumers credit category, also establishing parameters of abnormalities for
retail credit granting & collection up to around 50 criteria (Astra Finance (FIF), Courts and Suzuki
Finance) for Operational Risks Management.
 Contributing to the Collection Monitoring Tool development (Astra Finance (FIF)), Courts and Suzuki
Finance).
 Revealing a number of frauds and misconduct (including the high profile) as worth of billion of assets.

In non finance companies:

 Cutting down drastically 3% stock variance into 0.03%, while the time of stock count changed from 1
month to 10 days (Courts).
 Contributing in Vehicles Supply Chain Re-engineering Project in Auto 2000, that successfully
removed the redundant works, and strengthened control (Auto 2000).

LIST OF DIRECT INVOLVEMENT AND ASSIGNMENT IN PROJECTS

 Organization and outlets channel restructuring, budget templating, KYC principles compliance, JSOX
implementation, CAAT & Risk Based Audit framework development at Suzuki Finance. Active
contributor/ advisor for all Cost Reduction Programme initiatives taken by the internal team.
 Consumer loan approval scoring development at FIF (Astra) & Courts, and adoption in Permata Bank
Credit Card division.
 KPIs preparation for Balanced Scorecard project at Auto 2000 (Astra Group) & ECCO.
 Business Process Re-engineering project of vehicle logistic function at Auto 2000 (Astra Group).
 SAP/R3 project development (Pygmalion Project) – support function at Astra.
 Navision System project development – business process control at Courts.

Available on request:
References: 1. From a Special Staff and Envoy of the President of RI
2. From the industry association chairman
3. From a Deputy Director of Indonesia Financial Services Authority
4. From the former superior in the previous company (a Japanese expatriate)

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 5. From an International colleague

Steps of Business Turn Around in Multi-finance

To turn around the business of multi-finance:

 Managing the multi-finance business should refer to the farming activities due to their similarity; we
need to differ the momentum of planting, fertilizing, nurturing, harvesting and post-harvest land
reviving from one land to another. Likewise, to sustain the going concern of multi-finance business
should thoroughly consider about the timing of expansion of lending area, segment and products,
about when to emphasize the collection activities, and when to impose the recovery with harder
approach such as stop-selling.
 In the era of deregulation of products financing services, taking Blue Ocean initiatives by
diversifying portfolios of business is necessary.
 Renegotiating types and sources of funding; in particular by collaborating with banks and other
funding institutions to more prioritizing the channeling, assets back securitization and joint financing
should be leveraged. This is to manage more efficient cash-flow of the company. Going to market
funding too early should be avoided at initial stage as it will bring additional huge cost of
compliance.
 Researching deeper and more details of sources of revenues from internal processes, those that
may be unexplored; such as dealing with insurance firms to facilitate their marketing activities,
penalty charging intensification, etc.

WORKING EXPERIENCES

PT. Suzuki Finance Indonesia Feb 2009 – June 2019

(automotive retail financing institution, subsidiary of SUZUKI Motor Corp., Japan)

Director, Chief Administration Officer Jan 2015 – June 2019

Indirect supervision upon Internal Audit Admin matters

GM of Corporate Planning & Network, Risk Mgt and BPI Oct 2012 – Dec 2014

Deputy GM Corp Planning, Budget, Aug 2011 – Sept 2012

Risk Management & Kaizen BPI (GM was double-handled by CFO)

DGM Compliance Oct 2010 – Sept 2012

to GM Compliance

GM Internal Audit, Int Control & JSOX (concurrent) Feb 2011 – Dec 2014

Deputy GM of Internal Audit & JSOX Feb 2009 – Feb 2011

The latest responsibilities:

Member of the Board, reporting to the expatriate CEO and Board of Commissioner, to manage the functions
of Accounting & Tax (minus Finance & Treasury), Corp Planning & Evaluation, Outlets & Network setting,
Business Development, Director in Charge of Sharia Business Unit, Risks Management, KYC and GCG,
Legal, Litigation & Government Relations, as well as HR Development in the company.

Corporate Planning, Accounting & Tax

 Key Executive of Accounting and Tax of the Company (minus Treasury). Signing officer of Suzuki
Finance’s Financial Statement, jointly with CEO.

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  Oversight role upon the processes of budgeting and annual planning, KPIs setting up and
monitoring, annual GMS materials and any other financial and quantitative analyses for strategic
guidelines.
 Supervision upon data warehouse/ dashboard organizing for corporate-wide multi-purposes
reporting, advices for Continuous Improvement and PDCA, evaluation of outlets and organ
structure.
 Direct advices to CEO for all strategic issues; direct supervisory upon any development project
(shortcut projects, ad-hoc assignments, etc.).

Administration and Legal

 In charge of Corporate Legal and Corp Secretary, IR, Compliance and Admin support functions of
the Company, as well as liaison to authorities. As the organizer PIC of periodic GMS/ EGM, Audit
Committee and BoC meetings including their materials.
 In charge of Sharia Business Unit.
 Direct involvement to any external liaison duties as specified by CEO (dealing with OJK, KPPU,
Labour Office, Police Dept., etc.)

Internal Audit & Control

 On behalf of CEO, advices to the Internal Audit & Control functions, to meet the required quality in
its assurance services, consulting and investigation assignments.
 PIC of JSOX reporting and compliance;
 Supervision upon Audit Policies and Guidance preparation, direction and deployment. Advices on
audit program and audit assignments as necessary.

Risks Management and Corp Governance

 Chairman of Compliance Committee of the Company.
 Chairman of KYC Unit; in charge of KYC periodic reporting and representative to the authority.
 Chairman of GCG and Risk Management Committee of the Company, as well as the Chairman for
Integrated Entities Risk Management & GCG Committee (SFI is a principal entity for financial group
of companies of Itochu in Indonesia).
 Oversight role of the overall risk management processes, corporate governance supervision and
reporting; the in charge of facilitation of Risks and Controls Matrix (RCM) identification and
assessment and the development of ERM overall matrix framework.

Human Resources Development

 Supervisory and management of all manpower asset developments, to ensure the right mapping,
skills & competencies set requirements, number of headcount, as well as mandatory of 2.5% people
development expenses are met.
 Supervisory and management of all HR processes and their administration so that they would meet
the objectives as determined.

Business Development
Authorizing feasibility studies upon new business avenues, development and establishing new business
models as required for portfolios expansion.

RFL: change in shareholders, who brought in their own CAO

PT. ECCO Indonesia Jul 2008 – Jan 2009

(shoes manufacturer, subsidiary of ECCO Sko A/S, Denmark)

Internal Control & Audit Manager

The latest responsibilities:

 Responsible to expatriate Finance Director, to set up and develop the internal audit function of the
company.

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  Formulate and develop SOP and Policies for the company.
 Recruit and manage the staff of Internal Control & Audit dept. of PT ECCO Ind.
 Initiate and organize the risk and controls identification and assessment.
 Conduct audit and investigation based on annual audit plan.

PT. Courts Indonesia Tbk. Nov 2004 – Jun 2008

(a retail & consumer finance company, the subsidiary of COURTS Plc. UK)

Internal Audit, Best Practice Codes & Risks Senior Manager 2005 – 2008

Internal Audit Executive Manager 2004 - 2005

The latest responsibilities:

 Responsible to the Group Chief of Internal Audit based in Malaysia and the Audit Committee,
managing the Internal Audit & Internal Audit Support Departments, responsible to prepare the audit
report and other reports to assist the Management in establishing the vigorous internal controls,
risks management and good governance in the organization.
 Preparing strategic audit guidelines, Audit Charter and audit planning.
 Supervising, developing and evaluating performance of the audit team.
 Responsible to set up the CSA for risks identification & Risk Based Audit project implementation.
 Supervising the process of SOP documentation & standardization.
 Establishing the audit team to carry out the money lending and collection functions audit.
Performing special investigative assignments upon some alleged frauds related with consumers
financing facilities.
 Involved in the projects of credit granting parameters development and collection criteria coding.
 Take over the roles and function of Corporate Secretary and Legal to liaise with the authorities
during the absence of position holder.

Other assignment:
4 months temporary assignment as Corp. Secretary in the absence of PIC, with primary duties are to liaise
to government office, BAPEPAM and media relation.

Plan Indonesia Aug 2004 – Oct 2004

(Indonesia office of Plan International UK, an NGO)

Country Senior Auditor

With the duties encompassed:

 Responsible to Country Director, managing audit team & preparing the audit report to assist
management of Plan Indonesia.
 Setting up CSA & Risk Based Audit project implementation
 Undertaking the audit toward grant supported programs, microfinance & community development
programs, children sponsorship, etc.
 Coordinating the assignments of audit team consisted of 2 direct subordinates.

PT. Astra International Tbk. Aug 1999 – Jul 2004

(a holding company engages in various business lines; a subsidiary of Jardine Matheson group, UK)

Group Internal Audit Assistant Manager 2003 - 2004

reporting to the Group Chief of Internal Audit & Risks Management

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Branch Head 2003

Administration Head 2002 - 2003

Senior Auditor/ Audit Team Leader 2001 - 2002

Auditor 2000 - 2001

Management Trainee 1999

The latest responsibilities:

 Performing compliance audit, consulting services and other ad-hoc assignments.
 Preparing strategic audit guidelines and objectives, evaluating and coordinating the audit team
activities.
 Setting up the CSA & Risk Based Audit project implementation
 PIC in performing several special fraud investigation assignments.
 As a facilitator in KPIs preparation for Balanced Scorecard project, involved in Business Process
Re-engineering project at Auto 2000 vehicle logistic function related with.
 Involved in part logistic integrated system development project at Aspira warehouse.
 As a team member of SAP/R3 project development (Pygmalion Project) support function. As a PIC
in undertaking SAP/R3 business process audit assignments.
 During 2002 2003, as Admin. & Finance Branch Manager of Astra BMW, Malang branch, with
responsibility is to manage the overall financial and administration matters in branch office.
 As a team member & team leader in quality assurance peer review and corporate audit
assignments in subsidiaries, i.e.; United Tractors, Federal International Finance (FIF), etc.
 As a facilitating team member in risk management project (RCM development) at Astra Finance
group of companies.

Deloitte Touch Consulting Firm Sept 1998 – Jun 1999

Junior Consultant

Dept. of Accountancy, Brawijaya University (Part-Time) Jan 1998 – Aug 1998

Lecturer Assistant

SELF-EMPLOYMENT Mar 2008 - now

Setiabudi Arthouse
A start-up in private art collectibles acquiring, trading, exhibition and consulting. It focuses on the
Indonesian artworks searching globally, distribute the artworks to the regional auction houses and local art
lovers by utilizing art prices disparity and information gap between art sources and the demand places. The
searching exercises the use of technology called online art tracker engine.

TRAININGS & SEMINARS

 Executive Program on Corp Management by the Assoc. for Overseas Technical Cooperation & Sustainable Partnership (EPCM-
AOTS), Tokyo Kenshu Centre, Jul 23 – Aug 3, 2018.
 Certification of Risk Management for Financial Industry professionals by BSMR (2016).
 Certification of Expert Financing Professional by SPPI (2016) for directors and commissioners.
 Certification of Basic Financing Professional by SPPI (2015).
 A regular trainer for Indonesia Financial Services Association (IFSA), Basic Financing Professional Certification.
 Global Leadership Program Training for ITOCHU’s Future Leaders, ITOCHU Corp, Tokyo – Japan, Oct 15-25, 2014.

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  National Conference of IIA (the IIA inc.); organized by the IIA (The Institute of Internal Audit) Indonesia Chapter, Kartika Discovery,
Kuta - Bali, November 2009.
 Asian Confederation of IIA (ACIIA) Conference; organized by the IIA (The Institute of Internal Audit) Indonesia Chapter, Bali Aston
Denpasar, Bali, October 2008.
 As the co-author and paper presenter in 19th Asian Pacific Conference on International Accounting Issues, organized bu Univ. of
Malaya & UCFC, Shangri-la Hotel KL – Malaysia, Nov. 11-14, 2007.
 As the trainer of Excel for Audit Training organized by Airlangga University Surabaya, January 2007.
 As paper presenter in Risk-Based Internal Audit Seminar with presentation titled; Raising the Red Flags for Risk Based Audit - the
On-Desk Audit Procedure, Airlangga University Surabaya, March 2006.
 National Conference of IIA; Enhancing the Quality of Internal Audit Activities, presented by the IIA (The Institute of Internal Audit)
Indonesia Chapter, Bali Hilton Nusa Dua Bali, December 2005.
 Risk Management Best Practice A Case Study of Astra International, organized by the IIA (The Institute of Internal Audit)
Indonesia Chapter, Mercantile Club WTC Jkt, June 2005
 Astra Management System Strategic Management Training organized by Astra Management Development Institute, October 2002
 DMAIC Technique (Six Sigma Methodology) Training organized by Astra Management Development Institute, August 2002
 EDP Audit Technique Training organized by Insight Consulting and Astra Management Development Institute, November 2001
 Audit Interview and Observation Technique Training organized by LPT - UI, January 2001
 Presentation Technique Training organized by PPM, January 2001
 Audit Command Language (ACL) 6.5 Training, organized by Quadra Audiprima, August 2000.

PAPERS & PUBLICATION

 Setiabudi, Hendry Y. dan Ika Atma Setiabudi; the Crooked Credit Analyst; Internal Auditor Magazine; the IIA inc.; (Dec 2009 ed.)
 Setiabudi, Hendry Y. dan Ika Atma Setiabudi; Critiques towards COSOs ERM Framework; 19th Asian Pacific Conference on
International Accounting Issues, jointly organized by Univ. of Malaya Malaysia & The Sid Craig School of Business California State
Univ. at Fresno US, Shangri-la Hotel KL – Malaysia, Nov. 11-14, 2007
 Setiabudi, Hendry Y. dan Ika Atma Setiabudi; Internal Auditor True Independence; is it Necessary With Regard to the Sections
302 and 404 of Sarbanes-Oxley Act?; Majalah Ekonomi Airlangga; 2006
 Setiabudi, Hendry Y. dan Ika Atma Setiabudi; Again, The Patient Embezzler; Internal Auditor Magazine; the IIA inc.; (October 2006
edition)
 Setiabudi, Hendry Y. dan Iwan Triyuwono; Akuntansi Ekuitas dalam Narasi Kapitalisme, Sosialisme dan Islam; Salemba Empat
Jakarta; 2002
 Setiabudi, Hendry Y. dan Ika Atma Setiabudi; Is Continuous Auditing the Real Auditing?; Managerial Audit Journal; (under review)
 Setiabudi, Hendry Y. dan Ika Atma Setiabudi; Defrauding the Customers; Internal Auditor Magazine; the IIA inc.; (under review)

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