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Wealth Management Operational Risk – Vice President
Morgan Stanley
Purchase, NY, United States
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Description
Wealth Management Operational Risk – Vice President
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.
As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.
MS Wealth Management (MSWM) Operational Risk
Morgan Stanley Wealth Management (MSWM) Operational Risk group is responsible for overseeing the operational risk and control framework within the Wealth Management business unit. This team partners with the Business Risk and Control groups throughout the organization to implement control processes and procedures, report operational losses and reporting, manage audits and exams with Compliance and Internal Audit, organize the annual Risk and Control Self-Assessment, and coordinate new operational risk programs in partnership with the business as well as Firm Operational Risk Management.
Key Responsibilities will include but not limited to the following:
This role will provide broad exposure to all functions and business lines within Wealth Management. The main responsibilities for this role will be to create and maintain a framework for performing “deep dive” or residual risk reviews for high risk business processes, products, services and activities. This framework will include:
• Governance
• Standard processes and procedures
• Planning, scheduling and monitoring guidance
• Documentation and retention requirements
• Linkages to existing policies and procedures related to Incident Reporting, Lessons Learned, Issue and Action Tracking, and RCSA
Specific duties will include:
• Create, socialize and document a new deep dive review framework for Wealth Management
• Oversee deep dive review activities conducted by WM Business Control Units
• Participate in these reviews, as appropriate
• Track, report and communicate deep dive results to WM Senior Management
• Identify thematic residual risk issues across Wealth Management and recommend appropriate remediation to the business and management
• Prepare summaries of results highlighting key findings, control gaps, root causes, potential recommendations for remediation actions, etc.
• Work with Business Control Units at the completion of deep dive reviews to ensure that risks are effectively managed, documented in the RCSA and Issues and Action Plans created where remediation is required
• Participate in the RCSA process, Table Top exercises and Audit preparation discussions to define areas suitable for deep dive reviews
• Evaluate and make recommendations to improve the effectiveness of risk management, control, and governance processes
Qualifications:
A successful candidate for this role, will be capable of identifying areas of potential risk within MSWM’s Wealth Management Business Areas based on a variety of existing sources: incidents reported, issues and actions created, Table Top exercises, RCSA assessments and Audit and Compliance results and findings. Ultimately, this candidate will support a variety of operational risk management initiatives and special projects, including WM Audit preparations and the RCSA process.
A successful candidate will have experience with and understanding of operational risk management concepts and the ability to immediately add value to the team. Attention to detail and accuracy is critical, given the executive audience for much of the team’s work. A candidate needs to be collaborative and able to build effective working relationships with all levels of employees across the organization.
Specific qualifications required are:
• 7-10+ years of related experience in Financial Services preferably within Wealth Management, with involvement in Operational Risk Management
• Experience with operational risk disciplines and processes, risks and controls
• Background in process re-engineering preferred
• Excellent analytical, critical thinking, and organizational skills
• Excellent written and verbal communication skills
• Ability to draw conclusions and provide recommendations in a clear, concise, and constructive manner, both orally and in writing
• Ability to manage projects by ensuring on time delivery and the right level of quality
• Ability to work effectively in groups
• Strong leadership, and project management skills and ability to manage many competing priorities
• Strong analytical and problem solving skills (critical thinking ability)
• Ability to work in a small team environment, building and maintain a network of contacts and coordinate with a large number of stakeholders
• Fully versed in Microsoft Office suite, emphasis in Excel and PowerPoint
• Bachelor’s degree required