The document summarizes the agenda for the 7th annual Risk Management Forum of Mongolia held in November 2016. The forum focused on macroeconomic and business risks to consider in business plans for 2017 and managing risks by global standards in infrastructure projects. Topics included an analysis of Mongolia's macroeconomic risks, the country's 2017 monetary policy, and a risk index for Mongolia. Speakers represented Golomt Bank, Bank of Mongolia, Mandal General Insurance, and various infrastructure companies. The goal was to provide insights to help businesses plan for 2017 and discuss how private entities can better manage risks.

1. ANNUAL RISK FORUM OF MONGOLIA 2016
Now in its seventh year, the RISK MANAGEMENT FORUM of Mongolia
has strongly cemented its position as the largest risk event in Mongolia,
providing business community and relevant stakeholders with the most
comprehensive overview of risks that Mongolia face currently and relevant
risk management topics.
Topics:
Macroeconomic and business risks to consider in business
plans of 2017
Managing risks by global standards: Infrastructure projects
When: Wednesday, November 9, 2016
Where: Best Western Tuushin Hotel, Soyombo Hall
info.mandal.mn/riskforum-2016
Organizers
Supporters

2. AGENDA
OPENING CEREMONY
08:30 - 09:00 Guest registration
09:00 - 09:05 Opening remarks by U. Ganzorig, CEO of Golomt Bank
SESSION I - MACROECONOMIC AND BUSINESS RISKS TO CONSIDER IN BUSINESS PLANS OF 2017
The second half of 2016 has been a challenging period for Mongolian business community in the shadow of an economic
uncertainty and macroeconomic risks that have become reality. In this session, analysis of macroeconomic risks in light of
megaprojects’ progress and political environment will be presented, followed by draft plans of Mongolian monetary policy for
next year. Also, this session would introduce the first ever Risk Index of Mongolia. Panel discussion focus would be on how
some of the risks discussed could negatively and directly impact businesses in order to give insights to the business community
to remember when planning their business in 2017.
09:05 - 09:25 “MACROECONOMIC RISKS OF MONGOLIA”
Golomt Bank, Chief Economist - Hans Holzhacker
09:25 - 09:30 Q & A
09:30 - 09:50 “2017 MONETARY POLICY”
Bank of Mongolia, Director of Markets Department - B.Batdavaa
09:50 - 09:55 Q & A
09:55 - 10:25 “RISK INDEX OF MONGOLIA”
Mandal General Insurance, Chief Executive Officer - B.Javkhlan
10:25 - 10:40 PANEL DISCUSSION
Moderator: A.Bilguun - MIBG, Chief Executive Office
Panelists: Hans Holzhacker - Golomt Bank, Chief Economist
B.Batdavaa - Bank of Mongolia, Director of Markets Department
B.Javkhlan - Mandal General Insurance, CEO
Aart Jongejans, Golomt Bank, Risk advisor to CEO
10:40 - 11:00 Refreshment break
SESSION II - MANAGING RISKS BY GLOBAL STANDARDS: INFRASTRUCTURE PROJECTS
Various risks are always inherent in any business environment. Risk management strategies and plans to overcome some of these
risks which are most relevant to businesses will be highlighted, by providing a close look at a Mongolian corporation working in
infrastructure field and a Foreign invested megaproject as an example. Global risk management expert will present on how large
infrastucture projects approach risk management internationally. Panel discussion focus is on the leading role of private entities
in managing their risks and involvement of state agencies in promoting risk management on par with global standards.
11:00 - 11:20 “INTERNATIONAL STANDARDS OF RISK MANAGEMENT: INFRASTRUCTURE PROJECTS”
Willis Towers Watson HK, Head of Construction Industry and Broking - Duncan Urquhart
11:20 - 11:25 Q & A
11:25 - 11:45 “MANAGING BUSINESS RISKS THROUGH INTRODUCTION OF GLOBAL STANDARDS”
ESTO, Chief Operations Officer - B.Urangoo
11:45- 11:50 Q & A
11:50 - 12:10 “MANAGING OPERATIONAL RISKS OF A MEGAPROJECT IN MONGOLIA: INSURANCE ASPECTS”
Oyu Tolgoi, Corporate Finance Senior Advisor - Kh.Dorjpalam
12:10 - 12:30 PANEL DISCUSSION
Moderator: S.Moiltmaa - Occupational Safety & Health Management Institute of Mongolia, CEO
Panelists: Duncan Urquhart - Willis Towers Watson HK, Head of Construction Industry & Broking
B.Urangoo - ESTO, Chief Operations Officer
Kh.Dorjpalam - Oyu Tolgoi, Corporate Finance Senior Advisor
Colonel Ts. Ganzorig - National Emergency Management Agency, Deputy Chairman
12:30 - 12:40 Closing remarks

3. SPEAKERS AND KEY PANELISTS
Hans Holzhacker | Chief economist, Golomt Bank
Hans Holzhacker is the Chief economist at Golomt Bank. Previously, he was a senior scientific advisor
at Narxoz University and Chief economist at ATFBank in Almaty, Kazakhstan. Hans has over 25 years
of experience as an economist focusing on the economies of Central and Eastern Europe and the CIS
and in setting up country risk rating models. Prior to joining ATFBank, Hans was a Vienna-based senior
economist focused on Russia and Ukraine for Bank Austria, a member of UniCredit group. Hans was
Senior Economist covering the Czech Republic, Slovakia, Slovenia and Ukraine at the Institute of Inter-
national Finance in Washington, DC between 1999-2001, Head of Country Risk/Research at GiroCredit
Research, Investmentbank Austria and Central European Economist at Nomura Research Institute from
1989-1999. He holds a Ph.D. in Sociology and a Masters in Economics from the University of Vienna.
B.Batdavaa | Director of Markets Department, Bank of Mongolia
PRESENATION TOPIC: “2017 MONETARY POLICY”
B.Javkhlan | CEO, Mandal General Insurance
Mr. Javkhlan Batsaikhan is the Chief Executive Officer of Mandal General Insurance. Previously, he has
been in charge of retail insurance, business development and risk management functions of Mandal.
In addition to 6 years of insurance industry experience, Javkhlan has successfully completed several
Information technology projects since 2000. He has worked as an IT project leader in Tokyo, Japan for
5 years. He has bachelor’s degree in IT from the Mongolian University of Science and Technology.
Aart Jongejans | Risk advisor to CEO, Golomt Bank
Mr. Aart Jongejans is an Advisor to the CEO of Golomt Bank on Risk management issues. Aart has
extensive banking career spanning more than 44 years. He has worked at global banks recognized for
their strong risk management reputation such as ABN AMRO. Aart was the bank’s Chief Risk Officer
in Australia, Thailand, Belgium, and Saudia Arabia locations. Previously, he worked as Regional Credit
Manager of Middle East & Southern Africa Region of BNP Paribas. As a Dutch National, working in
Mongolia since 2013, he is passionate about risk management issues and is an active member of the
Risk Working Group of Business Council of Mongolia. His motto is “If you manage risk, you can take
risk”
B.Byambasaikhan | Chairman, The Business Council of Mongolia
Mr. Byambasaikhan Bayanjargal is the Chairman of Business Council of Mongolia, representing 250
active companies. Until recently he had worked as the CEO of Erdenes Mongol LLC, the nation’s largest
investment holding company comprise of Erdenes Tavan Tolgoi JSC, Oyu Tolgoi LLC, Erdenet Mining
Corporation, Shivee Ovoo JSC, and Baganuur JSC. Byambasaikhan is an infrastructure project financier
and business executive, managed investments for public and private sector clients. He structured power
plant, transmission and distribution investment transactions and lead multidisciplinary project teams in
emerging Asian markets, including Mongolia’s first wind power plant financing.
Mr. Byambasaikhan graduated from George Washington University and the National University of
Mongolia. During last year’s Risk Forum, he also participated in the Macroeconomic panel discussion.

4. Duncan Urquhart | Willis Towers Watson HK, Head of Construction Industry and Broking
Mr. Duncan Urquhart has been with Willis Towers Watson for six years and is responsibility for its
Construction business across Asia and ensures that WTW works closely with global areas of expertise to
provide clients with innovative and complete risk solutions. Throughout his 35 years of industry career
Duncan has worked on a vast number of the largest infrastructure projects globally, advising both
Principals and Contractors, such as Heathrow Airport Terminal 5, Singapore Changi Airport Development
Projects, Taiwan High Speed Rail link, Petronas RAPID Development, Rio Tinto’s Capital expenditure to
name a few. He has also led the placement strategies for these projects and clients utilizing multiple
global insurance markets. Previously he had been the Managing Director of Lockton Energy and
Construction and Marsh Construction in London.
B.Urangoo | ESTO, Chief Operations Officer
Mrs. Urangoo Bayaraa is the Chief Operations Officer at ESTO LLC, Mongolian infrastructure
construction company specializing in road and railway projects. She oversees occupational safety and
health, quality management, legal, procurement, camp service & security. Urangoo is an Internal auditor
of OHS management system OHSAS 18001:2007. Previously, Urangoo has worked in charge of Finance
functions at MCS Anungoo, wholesale distributor of P&G brands, where she introduced risk evaluations
and annual auditing by KPMG. She has MBA from Korean Handong Global University and Institute of
Finance and Economics and bachelor’s degree in Econometrics from Institute of Commerce and Business
as well as Applied Mathematics from University of Ulaanbaatar.
Kh.Dorjpalam | Oyu Tolgoi, Corporate Finance Senior Advisor
Ms. Dorjpalam Khurelbaatar is the Senior Advisor Corporate Finance at Oyu Tolgoi LLC where she
has been working since 2012. She is responsible for Oyu Tolgoi’s corporate finance, project finance,
insurance and other treasury activities. Dorjpalam placed OT’s operation and construction insurance
program and participated in the successful closing of the $4.4bln Project Financing. Previously, she had
worked at Tenger Insurance in charge of placement of various corporate risks of clients on reinsurance
markets globally. She graduated from Campbellsville University in USA with degree in Business
Administration and Accounting.
SPEAKERS AND KEY PANELISTS