In recent decades, a multitude of new industries has emerged, leading to a great number of unforeseen financial problems. In particular, the importance of evaluating the transparent operation and stability of each company is growing day by day. Jean Chung, a graduate of the Department of Political Science and International Relations, oversees the financial compliance of Asia as the manage director of Standard Chartered Bank.
Chung began her career after passing the USCPA exam after her graduation in 1994. After working in various companies including J.P. Morgan and KPMG International, Chung took the position of manage director and regional head of Conduct, Financial Crime and Compliance (CFCC) Advisory, Corporate, Commercial and Institutional Banking (CCIB), Asia of Standard Chartered Bank.
Despite her success in finance and the satisfaction she has with her career, Chung never imagined herself as a financial specialist in her younger years. Being academically ambitious as an undergraduate student at Ewha, Chung wanted to be a professor at the Department of Political Science and International Relations.
“I graduated summa cum laude, but I had a lot of worries about whether I could be a professor as it takes almost a decade to get a doctorate in politics,” Chung said. “Before continuing my study, I wanted to work and make money, so I took the USCPA exam to prepare for a professional job, and I have worked in the industry ever since.”
Chung started her career as an auditor at an accounting firm. In this position, she had to meet seniors from other companies right from the start. It was challenging, but she learned about the overall company operation method and business compositions, gaining an understanding of the financial sector’s work as a whole.
Throughout this early stage of her career, Chung impressed many coworkers in the financial sector with her sense of responsibility and capability, so she was able to enter the financial business through recommendation. Chung revealed that her macroscopic perspective gained from past experiences was what led her to seize the opportunity for her current position as an Asian manage director, in a highly male-dominated organization.
Putting effort to further strengthen her professionalism, Chung now serves as a Certified Anti-Money Laundering Specialist (CAMS) in ACAMS, the largest international membership organization for Anti-Financial Crime professionals.
Financial crimes include human trafficking, child labor and the illegal sale of elephant ivory, which happen a lot in Asia. Chung explained that financial crime and compliance specialists call themselves ‘financial crime fighters’ as they fight against funds generated by various illegal activities. Furthermore, she is recently pondering how to exert her expertise for a better influence on society.
Chung’s passion was the basis for her success in her career. She stressed that the source of her passion was her self-confidence and self-promotion. Chung emphasized the need to admit what oneself does not know and a positive attitude to give trust to others because everything, even in business, happens in relationships between people. She was able to receive support from people around her thanks to this trust, and that support was what got her to her current position.
“Due to social norms, Korean people tend to be modest, but what I felt through working in various global companies is that it is necessary to promote yourself with confidence,” Chung stressed. “Self-promotion will let others recognize your ability, trust you, and even more, bring you opportunities.”
Starting her first job in Korea, Chung also experienced the glass ceiling, which is still prevalent in Korean society. Fortunately, by the time she felt this limitation upon her career, she was given the opportunity to work in Singapore. Chung remarked that working in a multinational company abroad was a great advantage for her as she could be recognized as herself and concentrate on her work.
Emphasizing the fact that various global companies are pursuing diversity in their management and trying to give women more opportunities, Chung urged Ewha students to believe in their own potentials and to challenge themselves to enter the wider world without hesitation.
As a financial specialist and female leader of the sector, Chung stressed the necessity of continuing to learn and staying relevant. Also, developing mutual trust with colleagues is another priority that must not be overlooked.
“Regardless of what industry you are in, it is really important to always be curious about the rapidly changing society, and be interested in the trends of the industry while staying faithful to one’s work,” Chung expressed. “Always remember that the value of a person who tries her best is recognized all the time in any organization and any culture, and do not forget to believe in your own potential.”