“The Horse’s Mouth with Tom McManus” is a unique talk show offering opinions and facts that come straight from the source. No gossip, no hearsay, no agendas; just topics straight from the Horse’s Mouth! His guests include top-of-the-line, high-profile figures in sports, news, entertainment, business and leaders in the community. He will tackle the hard subjects in society over a beer and laughs. Today, our host, Steve Strum, spoke with Oliver Jung.
Oliver Jung
Founder of JRC Global Solutions
Website Address: https://www.jrc-globalsolutions.com/
Transcript:
Steve:
Welcome back to another episode of The Horse’s Mouth. I’m Steve Strum. Horse’s mouth is brought to you by the generosity of the Daily News Network and foodies care. Today, I have an opportunity to interview a gentleman who really has defined what it means to take the American dream and entrepreneurial spirit at the bar with us today. We have Oliver Young.
Good to see you, sir. From the JRC Global Solutions Incorporated. I think I got all that correct. Perfectly. All right. So we were talking off set, and, I appreciate you giving me some of your story because, you know, the stories that we have the opportunity to listen to here at the Horse’s Mouth are really those of inspiration, right?
Whether it’s sports, whether it’s overcoming, obstacles in life, whether it’s immigrating to the United States for an opportunity to better your family. So we were talking a little bit off set. You were a specialist at a major global bank, international bank. And that a few years ago, you came to the United States, started your own company to help companies that may not be able to afford the fiduciary cognizance and control systems in fraud, AML, etc. working with venture capitalists, I think, and making sure that their books are clean.
Tell us a little bit about your story to the United States, because this is so fascinating. And our, our listeners would, and our audience would love to hear that.
Oliver:
Yeah. Of course. It’s a pleasure for me, having having me here. First of all, thank you for introducing me so perfectly. My story. Yeah. How to start? So, I had a company in in Germany after I left the major bank, where I was, I lost two years in finance and audit, but also in internal investigations.
And, we investigated the high critical matter of the bank and, at a specific time, I decided to move along and, set up my own company, which was also a governance risk and compliance. And, we had, always contact two venture capital, companies who wanted us to have a look into their investments in the meaning of do they have governance equals compliance.
And now I and I governance in place, and do they do things correctly so that what we are doing, we consulting clients in governance with compliance and I governance and ensuring that they are following rules and regulations and especially also laws and the different especially the USP with us is we do not only consult, we implement.
So we are going into these organizations as fractional executive and help companies to be better and clean and, and in relation to respective laws and regulations.
Steve:
So for the people watching this going, that sounds really intelligent, but I don’t quite get what it is that you do. So for the folks that are watching, so you go in so venture capital company goes and buys, this company that makes these, these, these coasters and they say, you know what? We’re going to spend $1 million to buy the coaster company.
And then after that transaction is complete, you come in to make sure that their processes are clean. I’m going to hold AI for a second, because the whole thing about that one that’s very prominent in today’s in a very big deal. So they come in and they say, okay, audit and, anti-money laundering, make sure all the books are clean and the good guys are the good guys.
You find out if there’s any bad guys, whether it’s owner, suppliers, etc., and you’d consult on the process by which to get that cleaned up. If needed, or if they are nice and clean. You certify that all as well. We both know there’s always opportunities to improve. Yeah, but where you’re different is you don’t just say, here’s a list of recommendations.
You say, hey, here’s the recommendations. There’s 20 things that you got to correct in order for you to be compliant with this business arrangement that you’re in. And we’re going to be able to implement those 20 things, or if not all, 20, at least 18. And that way the VC people, they say, oh, got it. So you’re going to come in as the fact checker, so to speak, to make sure what they bought is what they think they bought.
And if there’s something that needs to be adjusted, that they get cleaned up before they get themselves in front of any regulatory pressure, which is a whole nother discussion, something like that. Yeah, that’s.
Oliver:
The point of the discussions. Yes. It’s coming into regulatory profession. Right. Because, my experience from from the major bank and Germany was also we sat together with do you g for example, or DOJ monitor. So we also know what the regulatory requirements which coming from the US from the European Union. And we try to help, these companies to be clean out, to have all the processes which they need in governance, risk and compliance.
So there’s no one can come up with some kind of penalties or some kind of, not B not being compliant.
Steve:
Right. And not have any surprises. And of course, when people listen to this and they’re watching on, on, on their devices, they’re saying they’re going, okay, got it. AML, the bad guys, the fraud. But what a lot of people might miss is things that are maybe not quite as attractive or sensationalized these days, stuff like OSHA, you know, OSHA comes in occupational safety Hazard Administration, and they come in with a fine.
And then you got to negotiate it down. So you help people avert that before that becomes an issue because that can be your cost. You’re not free. It’s a business, right? You’re free market capitalism. It’s fair to do that. But the cost that they would spend to get you would be fractional, pun intended, compared to the cost of oversight, penalties and fines, which sometimes the penalties and fines can be more than the value of the acquisition, depending upon how bad it is.
Yeah. So you said something that we I wanted to come back to about I, we are in and you and I are the, you know, the same age, that we grew up in an area of BG before Google. Now all of a sudden, everything, you know, we had things like libraries that we love to go to and Encyclopedia Britannica, I can see it in my mom’s bookshelf or, you know, in the family room right now, probably a little dated, right?
It’s from when I was a kid. So that was the 80s and 90s ish. But nowadays we have the information, of the world accessible on our fingertips. And now we have AI, which is on top of that. And a lot of people don’t see is that, you know, the internet was great when we got when we were coming up in it and, you know, but it was limited.
It was not until the advent of like a 5G to where now, let’s say for Amazon, you can think about something, go on your phone in the next day at your doorstep. We see AI coming revolutionizes everything, right from McDonald’s buying a milkshake to I had a stroke. And what’s the best way to get there? To save the minutes? Because minutes matter.
So however, what is the what is it that you’re seeing for our viewers and people that are going, yeah, I great, I’m scared of it because there’s is there a lot of controls like what is your opinion of the current situation with what we’re seeing is AI, and what are you doing to help your clients mitigate potential challenges?
Oliver:
First of all, I love AI, like everyone does. Obviously, because it helps a lot. It helps. Also, in my business, I use AI every day because, therefore I can be a much more faster, more accurate. But there are also a lot of problems with the AI, so to say. One example, when you say I personally and when we speak about AI, everyone says, well, it’s attribute or perplexity or cloud, then people use that as its personal coach, personal psychologist, personal doctor, and whatever.
They put all the information in and get very fast information out, that’s cool. But when you work in the company, then you have company information, you have personal information, you have GDPR, laws and regulations. You have, business data, business secrets, which you have to why, to put into AI? Because people are working currently in home office.
You know how how we work nowadays. And they think AI is secure. And the meaning of all the information you put in is secure, but it’s not. And the governance starts with awareness. So awareness what you put in. Because once you put something in into an AI, it’s gone.
So what we are doing currently is to setting up AI governance processes. You need, for example, guidelines to tell your people, hey guys, don’t put personal information in it. I can hallucinate. So it invented something which is not real. And don’t tell you that it’s not real. I can lie to you.
So you have to be a little bit more professional when you check the results and you have a human. Oversight is the most important thing currently to have this control over AI, especially when you use AI, into your professional environment.
And then you have to put controls on it. And that’s a little bit tricky. And so we help organizations to fulfill, first of all, their governance, requirements, but also implement in the European Union, the so called EU AI act was the first law in the world for AI regulation, which is very, very strict, too strict in my opinion.
But I think in the US we could also take a little bit of these, I act into consideration because it’s a little bit safer than letting everyone going into into AI and doing those things well.
Steve:
And as we take it away, a couple of people that are watching this are going, yeah, does that apply to me? Right. So a couple big stories in AI news land. One, actually this morning there was a gentleman who, was arrested for an alleged murder and used, whichever AI platform that he decided to use on. What does he need to say to the police, which now becomes admissible in court?
The other one was, you know, former banker, right? That there were some things, in the United States called redlining, which is if you, you know, lend to people or more specifically, don’t lend to people based off of certain socio demographic backgrounds. That’s illegal and violates the Civil Rights Act. Right? Exactly.
Where I don’t necessarily know that. And then they’re making a decision and their decision if there’s no controls in place, which is what you do professionally, that all of a sudden they’re in violation of a law that they did had no idea, because, as you’re pointed out, I hallucinated, which is I’m taking that one and I’m going to steal it, as we take it away, is there anything you’d love to leave with our with our audience about what your ideal client would be or what you look to do? Maybe in the years moving forward in your business?
Oliver:
Yeah, for us, it’s, for most important, to get to the American market, to, to get to know people, to get a very good, friendship model and the meaning of we are new to, Jacksonville. We love it here. We are now here for one about two years. And the first two years were very exhaustive.
Also fast personally to set everything up, to set the company up, to go to the DMV, to, do everything what you do as a, as a foreigner. And now we get time to really go into the business also with American clients.
So we are here to succeed. What we wish is also some kind of talks. When people have no clue of AI governance, they can talk us. They can talk to Africa and phone us. We will come, over and make a rough view on things which they need.
And for us, everything begins with trust. So when the people trust us, then we are fine and happy to,
Steve:
Well, you know, we’re happy to put a big old, bright spotlight on what you’re doing. We are in all 50 states and seven countries that have to check with producers on that, because it’s growing every day.
What? We’ll do is we’ll put all of your information on our website, which is the Daily News network.com. People can come and check you out, see what you’re doing and where that might apply to them.
But I do very much appreciate, you know, coming coming here today, taking time to share your story. Coming from an immigrant family, I love to hear when that happens because, you know, no pressure. But if my mom was here, she would say, oh, my proud immigrant son. Like, mom, I came from Cleveland. It’s not that far.
And then she’ll yell at me in Croatian, and I know what she means. But for now, sir, thank you so much for joining us. I really appreciate that. And you’re so great.
But you know what? We can’t do this without these people right here. So guys, thank you so much for tuning in today to The Horse’s Mouth. Come check him out on the horse’s mouth.
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