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Vice President - Operational Risk Department (Wealth Management - Institutional Wealth Services Coverage Officer)
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.
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 a strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, achieve and grow. A philosophy that balances personal lifestyles, perspectives and goals is an important part of our culture.
Background on the Position
Provide 2nd line operational risk oversight for Wealth Management’s Institutional Wealth Services business, which includes Graystone Consulting, Corporate Equity Solutions, and Corporate Retirement. Institutional clients include foundations, corporate and public pension plans, mid to large companies, nonprofits and government entities.
Reporting Lines:
Managing Director, ORD Wealth Management
Primary Responsibilities
The successful candidate will be responsible for developing ORD’s capabilities to oversee the operational risks associated with the sale and delivery of institutional advisory, stock plan, directed share programs, and executive financial services through WM’s network of Graystone Consulting Teams, Stock Plan Directors, Government Entity Specialists, and Cash Directors. As this role sits in the 2nd line Wealth Management Risk coverage organization, a key enabler for success will be the ability to establish strong relationships across the organization, while maintaining a healthy challenge with the business teams. Strong knowledge of SEC, FINRA and DOL rules governing stock and corporate retirement plans and fiduciary obligations is required to interpret the appropriateness of policies, controls and surveillance metrics.
Specific Functions
-Lead the Independent Risk Management oversight for Wealth Management’s Institutional Wealth Services business through effective engagement with the 1st line IWS Risk Management team, Field Management and Compliance;
-Partner within the broader ORD team and within Firm Risk as well as with Compliance colleagues to provide integrated 2nd line oversight of the risk in the WM business, including coordination with specialists in product and investment risks, cyber and technology risk, information security, financial crime, fraud, vendor risk, business continuity and infrastructure coverage
-Establish, maintain and execute the 2nd Line Operational Risk IWS Oversight Framework;
-Drive a “no surprises” approach in ensuring that IWS’s operational risks are well known and understood;
-Ensure establishment of the appropriate metrics and analytical tools to support IWS’s risk identification, measurement, monitoring, escalation and decision making;
-Participate in relevant IWS Risk Committees and working groups;
-Provide ad-hoc, monthly, and quarterly risk reporting;
-Participate in Operational Reviews such as Lessons Learned and Deep Dives reviews;
-Monitor industry developments;
-Other functions as determined by the WM ORD Head, including special projects unrelated to IWS
Qualifications
Skills required (essential)
-5+ years’ experience in operational risk management, IT risk, business risk, or compliance with direct experience in corporate equity and retirement plans and advisory services
-Sound knowledge stock and retirement plan rules and the platforms used to support such plans
-Experience in dealing with SEC and FINRA examinations
• Good knowledge of fraud and data protection risks
-Good knowledge of bank operational risk management frameworks, including loss data processes and risk and control self assessments
-Writing concise risk management reports for executive management and boards
-Strong verbal and written communication skills
-Bachelor’s degree
Skills desired
-MBA or other finance related graduate degree or certification