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Wealth Management Risk - Vice President, Model Risk Manager
Morgan Stanley
Purchase, NY, United States
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Description
Company Profile
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.
Morgan Stanley’s Wealth Management (WM) provides a range of wealth management products and services for individuals, businesses and institutions through 16,000 advisors managing and advising $2 trillion of client assets. The group’s services include brokerage and investment advisory, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement, trust and estate planning, stock plan administration and institutional consulting.
Department Profile
Morgan Stanley Wealth Management Risk group is responsible for overseeing the risk and control framework within the Wealth Management business unit. The group teams up with the various business units as well as the Firm Risk Management group to implement control processes and procedures and protect the firm from exposure to various risks including operational, credit, investment, trading, reputational and model risk.
Background
The position will reside within WM Model Risk. The Model Control Function team oversees the model inventory for all WM models (including Position Valuation and Risk Measurement models (PVRM) and advisory models so called “Broader Scope models”), builds relevant policy, procedures and governance structures and participates in the certification and roll-out of models. In addition the team is responsible for tracking and reporting progress on model specific issues identified by regulators, internal audit and through independent model review. The team works in close collaboration with model developers/owners and the Firm model review and governance teams.
The applicant should have at least a bachelor degree in a quantitative field and a minimum of five years of experience at a financial institution or consulting firm, preferably in an analytical function. Prior risk management, governance, and/or model risk experience would be a strong plus. The applicant should be interested in process oversight and management, as well as possess the technical aptitude to perform in-depth quantitative analysis. Work history should demonstrate strong attention to details, execution and project management skills, and the ability to influence and coordinate within cross-functional teams.
Qualifications
Primary Responsibilities
• Contribute to the buildup and maintenance of inventory of all models developed and used within WM Risk
• Lead interviews to identify new models within the group
• Participate in the validation and testing of specific models
• Support the execution of the model control process which includes the periodical update of policy and procedures, model certification and exception process and the development of adequate systems and reports.
• Prepare presentation materials for model related committees and senior management.
• Present group findings to Senior Management and Model Risk Committees.
Skills Required
• Detail oriented with exceptional organizational skills
• Ability to work effectively on multiple projects under tight deadlines
• Advanced working knowledge of MS Excel, PowerPoint, Word, and SharePoint
• Superior analytical thinking and problem solving abilities
• Investment or Portfolio Allocation experience is a plus.
• Excellent verbal and written communication skills, with the ability to communicate with key stakeholders
• Intellectual curiosity with a focus on information sharing
• Leadership potential with strong relationship building skills
• Self-motivator and team player who brings a "can-do" approach