Ms. Mary Jane Chiong is Assistant Governor and Chief Audit Executive (CAE) of the Bangko Sentral ng Pilipinas (BSP). As head of internal audit, she leads in providing independent, objective, and reasonable assurance and advice to the Monetary Board and BSP Senior Management to ensure that governance, risk management, and control processes are effective in enabling BSP achieve its core mandates.
With more than 24 years of service in the Bank, AG Chiong is firmly committed to providing public service through her profession. Her career at the BSP started when she joined the organization as a bank examiner in 1998, initially specializing in foreign exchange (FX), derivatives, treasury operations and market and liquidity risk management. In 2006, AG Chiong was tapped to set up and lead the Capital Markets Specialist Group. As she rose through the ranks, AG Chiong devoted her career in leading various examination departments of the Supervision and Examination Sector (now Financial Supervision Sector), which culminated in her role as Managing Director of then Financial Supervision Research and Consumer Protection Subsector, handling three (3) departments covering supervisory policy, supervisory data, and financial consumer protection. With more than 17 years in financial supervision, her work contributed to the issuance of appropriate financial and supervisory policies, rules and regulations, as well as providing adequate on-site and off-site supervision of BSP-supervised financial institutions. Her advocacy, in particular, included promoting the liberalization, development, and growth of FX and capital markets, which spurred her involvement in related industry associations and specialized working committees. Internally, she was very active in policy task forces/committees and capacity-building programs in the Bank, performing various roles as management sponsor, chair, or member. On a part-time basis, she also taught investment, finance, and risk management subjects in undergraduate and graduate courses at San Beda College and De La Salle University. She was also an active resource person in BSP and external (local and foreign) trainings, seminars, and workshops.
In 2017, AG Chiong served as the Special Assistant for Strategic Initiatives of then BSP Governor Nestor A. Espenilla, Jr., providing high level support on financial sector reforms involving FX and capital markets, as well as digitalization and financial inclusion initiatives. She provided technical advice to assist the Governor in making and implementing executive decisions in the areas of monetary policy, communication, financial supervision, financial market operations, and reserve management, among others. She also served as a member of the Technical Committee of the BSP Advisory Committee. In addition, she represented the BSP as a member of the Capital Markets Development Council (CMDC) of the Philippines and was a principal delegate to the International Capital Market Association (ICMA). Her role as the Governor’s Chief-of-Staff expanded her involvement in other areas of central banking, which broadened her knowledge and practical experience in BSP’s operations and served as useful inputs in her current role as the CAE.
Since assuming the role of CAE in 2019, AG Chiong has articulated a clear vision and strategy for the BSP’s internal audit function, particularly in elevating its maturity level by adhering to the mandatory elements of the Institute of Internal Auditors’ International Professional Practices Framework (IPPF). Under her leadership, the Internal Audit Office implemented the Bank’s Internal Audit Transformation Project that strengthened the Bank’s internal audit practices, focusing on providing agile, flexible, and responsive audit services. This led to a broader recognition of internal audit as a collaborative partner that adds value to the operations of the BSP. Moving forward, AG Chiong intends to further improve internal audit practices by espousing leading/best practices that go beyond the mandatory elements of the IPPF, even as the global standards continue to evolve and upgrade to align with economic and industry developments.
As a BSP scholar, AG Chiong completed her Master of Science (MSc) in Capital Markets, Regulation and Compliance, graduating with distinction and granted the Academic Achievement Award by the ICMA Center of the Henley Business School, University of Reading, United Kingdom, for topping the entire MSc batch of 2010. In 2005, she was awarded the right to use the Chartered Financial Analyst (CFA) designation. Prior to completing the CFA Program, she finished her Master of Business Administration major in Finance at the De La Salle University with high distinction in 2001. In 1997, she ranked 5th in the Philippine Certified Public Accountant (CPA) board exam after graduating cum laude, salutatorian, at the Ateneo de Zamboanga University.