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Credit & Market Risk Director
Morgan Stanley
Glasgow, , United Kingdom
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Global Reconciliation Utility: Credit & Market Risk Director
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.
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.
Department Profile:
Firmwide Operations includes Shared Services and Banking Operations (SSBO), Operations Risk and Control, Global Project Group and Metrics, Branch Operations and Divisional Management. SSBO provides utility processing services to Global Operations. By functionalising processes across segments, SSBO realises efficiencies through scale, location strategy and adoption of best practices. SSBO provides quality operational core processes at an optimal price point, with maximum benefit to Morgan Stanley business lines. Services currently provided by SSBO include Cash Management, OTC Derivative and Security Settlements, Position Services, Reconciliations Utility, Tax Utility, Network Management and
Vendor Management.
The Global Reconciliations Utility (GRU) resides within Shared Services and Banking Operations. GRU is responsible for performing reconciliations across external and internal cash and security accounts, servicing the firm across all product and business streams. GRU has teams located in Asia, Europe and North America.
Team Profile:
GRU have an opportunity for an Analyst to work in the Client Asset Segregation team within the Glasgow department. This function monitors client assets to ensure they are appropriately held in safekeeping depots, separate from Firm holdings and where they are not suitably segregated, the market value of the shares contributes to a daily cash deposit as security. In this way, the function supports the regulatory requirement on the Firm to protect client assets and provide monetary cover for any shortfalls on a given day. The core processing functions are performed by our business process outsourcing vendor located in India. The key responsibilities of the Glasgow team are to provide vendor oversight over these processing functions, performance management of the vendor, quality assurance and control checkpoints.
The successful applicant will work closely with the BPO vendor to help ensure that the vendor provides quality service as per the agreed terms and conditions of the contract, and key stakeholders to ensure timely escalation and resolution of issues.
Primary Responsibilities:
The Credit & Market Risk team is part of the Global Reconciliation Utility department within the Shared Services & Banking Operations division. The team is responsible for providing Proof and Control for Counterparty and Market Risk data to the Credit & Market Risk Department, Global Standards and Disclosures and Regulatory Controllers.
There is global presence with teams in Glasgow and Mumbai jointly responsible for supervising and overseeing Credit and Market Risk reconciliations performed by our business process outsourcing vendor located in India and Mexico. In addition, the team is responsible for assisting with escalation of issues to appropriate contacts and maintaining control over the Credit & Market Risk Operations processes.
The successful applicant will work closely with the vendor management group and BPO vendor to help ensure that the vendor provides quality service as per the agreed terms and conditions of the contract.
The candidate will be expected to contribute to team objectives as well as having responsibility to self-identify and drive initiatives that add value to the services/processes of the team and department as a whole. The candidate will be expected to analyse and improve processes, identify and manage risk and guide junior members of the team. As such communication and organisational skills as well as attention to detail and a readiness to escalate issues with a sense of urgency are of importance. There is no direct line management responsibility with this role, however it would be expected that the candidate will contribute to departmental administration, such as recruitment and authorization processes.
The successful candidate will have the following responsibilities:
• Review exceptions/breaks and the quality of research conducted by BPO vendor and provide relevant feedback where necessary
• Participate in Weekly Risk Meeting to review all outstanding risk issues with BPO vendor
• Participate in weekly / monthly risk meetings with key internal stakeholders, providing updates on outstanding issues
• Review and compile monthly regulatory reporting and represent Credit & Market Risk on due diligence calls with senior stakeholders
• Drive the risk & control processes for the Credit & Market Risk team, contributing to the agenda of the central GRU Risk & Control team
• Assist and train the staff at BPO vendor in exceptional processing cases, if necessary
• Perform various intra-day & end of day control checks on occasional basis to ensure that BPO vendor delivers quality output
• Assist staff at BPO vendor to perform root cause analysis and elimination of issues at source
• Identify risk issues, escalate where appropriate and provide assistance in resolving
• Ensure upward and peer communication of developments and issues
• Review changes suggested by BPO vendor related to process, documentation, etc. and approve by following the proper change management process
• Perform various reconciliation functions for those processes retained within the Control Group
• Ensure the team’s SLAs are met and, where possible, exceeded
• Actively seeking out opportunities to improve the teams control framework and ensuring controls are carried out in as efficient a manner as possible
• Ensuring existing procedures are documented, kept current and complied with
• Participate in testing to protect process from impacts of system/booking changes
• Developing and maintaining relationships with key stakeholders and business partners
• Build an understanding of our process and how this links to our clients requirements and the regulatory framework
• Pro-actively communicate exceptions / issues within our processes which may impact our clients but are out with our immediate scope of reporting.
• Provide periodic updates on project deliverables to team management
In addition to day-to-day responsibilities, the team has a number of opportunities to get involved in ad hoc projects and process improvement work, including a current change project to migrate the system utilised for daily reconciliations and reporting.
Qualifications
Skills required (essential):
• Proven analytical and problem solving skills, alongside the ability to assimilate and learn quickly
• Excellent verbal and written communication abilities
• Superb attention to detail, accuracy & quality
• Strong time management and task prioritisation skills. Willing to work additional hours to ensure all deliverables are performed within required timescales
• Strong sense of urgency, accountability and ownership
• Focus on guardianship, ensuring that issues are identified, escalated, resolved and reported on a timely basis
• A positive outlook, energy and enthusiasm. Is a self-starter who takes individual ownership for work quality and improvement. Leads by examples working with drive and determination
• Ability to work well under pressure, lending control and order to a difficult or pressurised situation
• Ability to absorb information and learns quickly
• Innovation and creative skills - challenges the existing processes and status quo.
• Excellent inter-personal skills
Skills desired
The following skills would be advantageous, but not essential, for candidates applying for this role.
• Experience managing vendor relationships
• Knowledge of Credit and Market Risk theory and concepts
• Knowledge of Fixed Income, Equity & Commodities Products
• Knowledge of Firm Trading, Operations and Finance Systems
Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment where all individuals can maximise their full potential. Our skilled and creative workforce is comprised of individuals drawn from a broad cross section of the global communities in which we operate and who reflect a variety of backgrounds, talents, perspectives and experiences. Our strong commitment to a culture of inclusion is evident through our constant focus on recruiting, developing and advancing individuals based on their skills and talents.