As a capital market investment, stocks have risks that must be managed. Therefore, investors should consider the returns and risks of investment products. This study aims to estimate the risk of insurance companies' loss when investing. The method used to estimate the level of risk is Value at Risk (VaR) based on Extreme Value Theory (EVT). The data used is secondary data in the form of daily stock closing prices from two insurance companies, AXA General Insurance and BRI Insurance, from January 2016 to January 2022. The data were used to estimate the risk value according to the EVT principle. As a result, Insurance AXA General Insurance, with 5.91% liquidity, has the lowest VaR value with a 99% confidence level, while BRI Insurance has 5.04%. We concluded from these results that AXA General Insurance has a lower investment risk. It means that each company has a different risk value. Therefore, investors should know these risk factors when choosing a company.

Emerging maritime cyber threats put Indonesia's marine technology-based systems at risk This study aims to determine the dimensions and analysis of risk assessment in maritime cyber security based on 3D models in the Indonesian sea area. A statistical descriptive qualitative method approach supported by the Analytical Hierarchy Process (AHP) and Technique for Order by Similarity to Ideal Solution (TOPSIS) methods were used in this study. Risk analysis in maritime cybersecurity has 3 (three) main criteria: Threat, Vulnerability, and consequence. Based on the results of 3D risk analysis, the six dimensions of MCS are identified as having a level of risk at Very Low and Low Risk. The highest risk value is obtained by the dimension of Cyber security-related company procedures (D2) (0.368) and the lowest risk value is Ship's systems readiness (D3) (0.048).

The dynamics of the conflict in the South China Sea (SCS) have begun to enter a new chapter. Currently, the South China Sea (SCS) is a flashpoint in the Asia Pacific region. This study aims to provide an analysis of the concept of the Revolution in Military Affairs (RMA) strategy by the Indonesian Armed Forces (TNI) toward Competitive Advantage in the South China Sea region. This study employed an analytical approach with a qualitative sequence exploratory method supported by some quantitative data. PEST (Political, Economy, Socio-cultural, Technology) analysis and SWOT analysis methods were used to support the study. Furthermore, this study also utilized an Analytical Hierarchy Process (AHP) method approach to provide strategic value and sensitivity analysis as a strategy scenario analysis toward competitive advantage. Based on the results of the research analysis, a strategy under the development of Indonesian Armed Forces capabilities towards a competitive advantage in the South China Sea was obtained, namely the WO strategy which consists of 6 substrate aspects with eight subfactors, namely the combination of all components and strengths in handling security disturbances in the South China Sea (0.162), increased competence of human resources (0.159); development of integrated defense forces and capabilities (0.147), protection of information systems and state secrets (0.145), development of defense facilities and infrastructure (0.109), increasing the capacity and capability of modernizing intelligence technology (0.093), utilization and capacity building of the national defense industry (0.089), deployment of Indonesian Armed Forces troops in the South China Sea (0.075). This study is expected to contribute to the strategy for handling conflicts in the South China Sea and provide strategic steps in increasing capabilities on competitive advantage.

The development of the Islamic State (IS) in Southeast Asia creates changes in the social order in a direct and indirect manner. This study aims to identify the factors that influence the development of the Islamic State (IS) and analyze the influence of its development on social vulnerability in Southeast Asia. This study employed a mixed-method supported by the Interpretive Structural Modeling (ISM), Analytical Hierarchy Process (AHP), and System Dynamics (SD). Based on the results of research from relevant experts, this study uncovered seven the most dominant and structured problems. Furthermore, there are fourteen elements related to the social vulnerability of the Islamic State (IS) in Southeast Asia. The social vulnerability value is 0.01 and is categorized as Low Vulnerability. The aspects that influence the development of Islamic State indicate that the existing social system in Southeast Asia is strong enough in encountering the influence of ideology and the development of the Islamic State.