This week we caught up with one of our newest Advisory Board members, Jeffrey Chugg, to get his thoughts about what motivated him to join the Marketplace Risk Advisory Board.
Jeff is executive lead for TaskUs FinCrime & Risk, the risk and regulatory services arm of TaskUs, Inc. (Nasdaq: TASK), which operates in twenty locations across North and South America, Europe, and Southeast Asia. Previously, he served as the company's chief legal counsel, spearheading its IPO in 2021 and transition into a public company amid rapid international growth. Before joining TaskUs, Jeff held attorney positions in global law firms and major companies, specializing in high-profile investigations and navigating regulatory complexity.
Our Advisory Board is the very lifeblood of everything we do at Marketplace Risk. From conferences and virtual events to resources and advice for startups, our board takes a hands-on approach to providing indispensable insight and guidance, drawing on their broad experience that spans a multitude of platforms and industries. We are so excited to welcome Jeffrey to the Advisory Board!
As Marketplace Risk continues to grow, we have expanded our Advisory Board, with calls for new members who can use their skills and experience to help startups. We asked Jeffrey a few questions to get to know him better:
Tell us what you do in / your connection to the marketplace / sharing economy space.
My team includes thousands of financial crime fighters across the globe, who provide fraud prevention, KYC, seller/merchant screening, transaction monitoring, and related services to the world's largest online marketplaces, e-commerce and ride-sharing businesses, fintechs, and crypto companies. My group combines humans and technology to build risk and regulatory solutions for hyper-growth businesses in the digital economy. In addition, TaskUs provides specialized customer experience, Trust & Safety, and AI services for technology companies.
What interests / fascinates you most about marketplaces / the sharing economy?
It's potential to improve the lives of people across the globe, particularly in places where economic opportunity is limited. For example, on a recent trip to a small city in India, I had a conversation with a man who earns money providing services through a ridesharing application. He told me that he had previously been unable to find work and provide for his family. Once this ridesharing platform became available in his area, he was able to begin working for himself by providing services through the app. His friends and family also signed up. Similarly, in working with another client, an online marketplace, I have been amazed at how the platform opens opportunities to people in the developing world, who can now make and sell items in a truly global marketplace.
How were you first introduced to marketplaces / the sharing economy?
As a lawyer in private practice, I represented clients in these industries to help them overcome regulatory hurdles as they expanded to new jurisdictions. But once I joined TaskUs, I came to better understand the true potential of these businesses to spread economic opportunity across the world.
What did you want to be when you were growing up?
I wanted to fly fighter jets, but my poor eyesight disqualified me. Being a lawyer was my unlikely backup. Now that I've transitioned into a business role, I feel I've finally found my true calling.
What motivates you the most about your business/platform?
Impact. My business protects the platforms we all use everyday. It also provides opportunities to people around the world, including our employees in Mexico, Columbia, India, the Philippines, and other countries to get a start in the world of anti-financial crime and compliance. Through the experience, training, and development opportunities that TaskUs provides them, they are able to pursue meaningful careers in this field. I'm inspired by our frontline teammates, who work tirelessly to protect consumers and safeguard the world's biggest online marketplaces. I also love working with our clients, who are cutting-edge innovators, as we work together to find solutions to fight emerging threats like online fraud and scams.
Do your friends and family understand what you do?
Here is how I explain my job when someone asks me what I do: I'll ask to see their smartphone and then I show them the apps we support. Almost everyone I've asked has had at least one or two of our clients' apps on their phone. I ask if having a team of thousands of risk and compliance professionals working to protect the integrity of those platforms makes them feel safer using these apps. So far, everyone has said it does. I'll then explain that my job is to help those workers do the best they can and find ways to stop new threats.
What one or two things do you do each day religiously?
Get outside, even if it is just for a minute. I am fortunate to live in the mountains in Utah. Being outdoors is rejuvenating.
What’s your favourite social media channel, and what was the last thing you posted on it?
LinkedIn for business and career matters. Twitter for finding the next big trend. I last posted about some developments in the crypto compliance area.
What do you think the world of marketplaces / sharing economy will look like in 10 years?
I think it was Yogi Berra who said prediction is hard, especially about the future. I hope that certain trends continue. I think blockchain technology has huge potential to spread economic prosperity in the developing world. I know I'll continue to order my groceries online.
If you’d like to be part of a dynamic group of founders, operators and subject matter experts, and your expertise and ideas could help us to better support the marketplace ecosystem, reach out to us at info@marketplacerisk.com.
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