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A PRACTICAL CASE OF IMPLEMENTING A RISK
MANAGEMENT STRATEGY IN CORPORATE
GOVERNANCE
Garrett Wilson
Director – Risk Management, Compliance & Outsourced Services
Wagner Asia Group
Wagner Asia Group Company Profile
Established: 1996
Foreign-Invested: USA
Employees: 500 (490 Mongolian nationals, 10 expats)
Locations: UB (5), Tsogttsetsii (3), Darkhan, Zamiin Uud, Khanbogd, Nariin Sukhait
Five Companies, One Standard
Identified Risks
External (Market Risks)
• Economic
• Political
• Corruption
• Environmental
Internal (Operational Risks)
• Safety
• Ethics and Corruption
• Financial
– Credit
– Currency Fluctuation
– Cash Flow
• IT Security
• Asset Security
• Human Resources
• Supply Chain
Safety & Asset Security
Safety & Asset Security
Safety & Asset Security
Safety & Asset Security
Safety & Asset Security
Where Did We Begin?
We Started With a Focus On Our Values
• Safety
• Teamwork
• Excellence
• Accountability
• Integrity
• Communication
Values Introductory Videos
The Next Steps
• People
“Clean House”
“Get the Right People on the Bus”
• Policies
External Contracts & Internal Policies
• Processes
People Changes
• Top-Down Leadership
• Risk Management & Compliance Role
Created
• “Clean House”
– Problem individuals terminated and
companies blacklisted
• Get the Right People in the Right
Positions
• Values Training
Policy Changes
• Complete Legal Contract Template Review & Standardization
• Renewed Expenditure Authorization Scales
• Internal Policy Review and Revisions
• Listen to the Voice of our Customers and Employees
– Customer and Employee Opinion Survey Focus
Procedure Changes
• Comprehensive Safety Assurance Procedures
• Renewed Focus on Effective Insurance Management
• Customer and Sub-Contractor Insurance Liability Requirements
• Security Improvements (biometrics, cameras, contract requirements, etc.)
• Internal Audit
Audit Types
• Statutory Audit
– Mongolian Financial Reporting
– USA Financial Reporting
• Dealer Audit (Caterpillar)
• Customer Audit (Achilles/OT)
• Insurer’s Risk Assessment
• Internal Audit
Wagner Asia Group
Internal Audit Program Elements
Wagner Asia Leasing/Wagner Asia
Financial Services
– Quarterly Internal Audit for NBFI
The Rest of Wagner Asia Group
– Safety
– Legal Compliance
– Financial Accounting Procedures
– Internal Policy Compliance
– Asset Management
