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Internal Audit Vice President-Wealth Management – Private Banking Group
Morgan Stanley
New York, 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 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 Internal Audit is responsible for validating whether the firm operates in a controlled environment with appropriate risk-management processes. Auditors evaluate the adequacy and effectiveness of the firm’s internal controls using a risk-based methodology developed from professional auditing standards. Internal Audit assists in monitoring the firm’s compliance with internal guidelines set for risk management and risk monitoring, as well as external rules and regulations governing the industry.
The team reports directly to the Board Audit Committee and helps verify whether the firm meets all of its fiduciary responsibilities to shareholders, while adhering to corporate-governance standards and legal and regulatory requirements. Internal Audit is comprised of Business, Risk and Technology auditors. Business and Risk auditors focus on understanding the risks that the businesses face and the controls to mitigate those risks. Technology auditors focus on the application controls supporting the business processes, including systems development, application security and entitlements, production management, and technology governance. Both groups are responsible for understanding, analyzing and testing the controls to protect the franchise. Internal Audit is seeking a Vice President to join its Wealth Management Audit Group. The successful candidate will be responsible for providing support in connection with audits performed over the Private Banking segments within Wealth Management.
The candidate should have a strong understanding of internal audit and control concepts and extensive knowledge of Consumer Banking and Safety and Soundness Banking Regulations with specific impact on the Private Banking business. Additionally, the candidate should have excellent time management, organizational, project management, communication and interpersonal skills.
Primary Responsibilities
• Manage, analyze and evaluate the Firm's Private Banking business focusing on consumer lending including mortgage lending, Security Based Lending, Finance and Treasury activities , Deposit Products, Credit and Debit Cards and regulatory requirements including DFAST and Safety and Soundness regulations to evaluate the risk and control framework supporting the business.
• Experience in performing bank related audits in accordance with OCC, FRB and CFPB rules and regulations.
• Conduct risk assessments for Private Banking Group’s audit entity universe to help drive the risk-based audit plan.
• Executing the annual risk-based audit plan to provide appropriate coverage of banking activities including mortgage lending. Ensure execution of the audit plan within departmental methodology, policies and standards.
• Executing audits from start to completion including detailed walkthroughs of key processes to identify internal controls, developing and execution of tests of control and substantive testing procedures for key controls, execution of testing, identification and reporting of issues. Involvement in scope determination, audit planning memos, developing testing plans, review of staff fieldwork, issue identification, issue discussions with clients and report writing.
• Provide management with an independent and objective evaluation of the control environment and evaluate management’s control consciousness.
• Conduct, as appropriate, quality assurance reviews to ensure compliance with department documentation standards.
• Ability to travel when required
Qualifications
• Ten years of audit management, related banking, regulatory experience within the financial services industry. Previous audit or compliance experience with a complex or medium size bank that focused on consumer banking including mortgage lending activities or related public accounting audit experience.
• A strong technical understanding of the regulatory environment with respect to OCC, and Federal Reserve regulations.
• Proficient understanding of the internal audit process including risk assessments, planning, scheduling, reporting, continuous auditing. Multi-tasking of various projects and deadlines.
• Strong verbal and written communication skills for audit reporting discussions with Senior Audit and Business Management. Prior experience communicating with regulators a plus.
• Experience with local, state and federal securities laws a plus.
• A B.S. degree in business including Economics, Finance, Accounting, etc. [note: an M.B.A. or equivalent postgraduate degree is highly encouraged to demonstrate the candidate’s discipline, commitment and focus].
• CPA, CRCM, CIA or other related licensing a plus.