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Vice President – Model Risk Management Quality Assurance Specialist
Morgan Stanley
New York, NY, United States
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Description
Department Profile
The cornerstone of Morgan Stanley’s risk management philosophy is the execution of risk-adjusted returns through prudent risk-taking that protects Morgan Stanley’s capital base and franchise. Risk Management protects the firm from exposure to a variety risks including market, operational, credit, liquidity and model risks. Model Risk Management is responsible for the Firm’s management of risks related to the implementation and use of models, covering all aspects of the Firm’s businesses and implementing key regulatory requirements.
MRM QA Team
The MRM Quality Assurance team has primary responsibility for the oversight and execution of the quality assurance function within Model Risk Management. The QA team works closely with Model Developers and Reviewers to ensure that MRM’s model development and validation standards are applied consistently across all models.
Vice President MRM QA
The Vice President QA specialist reports into the QA team lead in MRM and will support all aspects of the MRM Quality Assurance function.
Primary Responsibilities:
• Perform targeted Quality Assurance review across all model categories to ensure consistent application of standards.
• Work closely with Model Developers and Reviewers to remediate identified inconsistencies against standards.
• Monitor and track progress towards remediation of identified inconsistencies
• Work closely with the MRM governance team to provide feedback in terms of improvements to current policies and procedures
• Identify and promote best practices to strengthen quality of validation review and prevent inconsistencies through communication with and training for Model Developers and Model Reviewers
• Manage communication requirements and prepare/present status updates
Qualifications
Skills Required:
• 8+ years of experience in complex financial services
• Strong structured testing knowledge, including quality assurance testing processes and concepts
• Excellent organizational, analytical and problem solving, as well as communication skills
• Ability to manage processes from end to end, ensuring successful and timely execution
• Strong product and business knowledge across different asset classes
• Proactively takes initiative and demonstrates a high level of accountability
• Understanding of relevant regulatory requirements (e.g. SR 11-7 or SR 15-18)
Skills Desired:
• Prior work experience in model risk management or internal audit
• Knowledge and experience of CCAR/DFAST processes