Enterprise Risk Scorecard (ERS) essentially is a Balanced Scorecard (BSC) combined with risk management. This experiment's objective is to find out how ERS is applied to Indonesian SOEs in shipping companies. BSC focuses on objectives of company's performance while ERS focuses on risk treatment that is perceived to affect the KPI achievement process. By 2018, Indonesia only had total of 19 ships and 226,948 deadweight tons and the number of ships which operated by SOEs is declining since 2014

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... d this affect the deadweight tons which also is declining. According to Indonesian Ministry of State-Owned Enterprise (SOE) Regulation for Good Corporate Governance (GCG) Application, risk management is an integral part of GCG by developing and applying risk management program as a whole strategic activity. This declining situation and the compliance due to Regulation of Indonesian Ministry of SOE for GCG then become the reason risk management must be applied in SOEs. Risk management in Indonesia is applied in two ways and they are done by paradigm of risk management and reward and punishment. Qualitative case study is used in this research with inductive approach and data is collected by focus group discussion. The results are ERS application for company A and company B is adopted by paradigm model while for company C, ERS is applied by reward and punishment. ERS helps each company to apply risk management for the whole company to achieve their stated KPI by combining risk management into the BSC. By applying ERS, those companies will have a higher probability to achieve their own strategic KPI.