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Executive Director - Global Lead of Risk Process Validation 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
Operational Risk Management works with the business units and control groups to help ensure Morgan Stanley has a transparent, consistent and comprehensive program for managing operational risk, both within each area and across the firm globally. Operational risk is the risk of financial loss or other potential damage to the firm’s reputation due to inadequate or failed internal processes, people, systems, or from external events. This group designs, implements and monitors the company-wide operational risk program.
Morgan Stanley is seeking a dynamic and high performing Executive Director to manage and provide strategic direction as well as day to day oversight of the firm-wide Risk Process Validation Group (RPVG).
Background on the Team
The Risk Process Validation Group is a global independent validation function with coverage responsibility across all risk areas of Firm Risk Management (FRM) – Credit Risk, Market Risk, Liquidity Risk, and Operational Risk. The team is focused on assessing the integrity of processes within FRM as they support Basel regulatory risk-based capital calculations, the Allowance for Credit Losses for Credit Risk, regulatory requirements for Comprehensive Capital Analysis & Review (CCAR), the Advanced Measure Approach (AMA) for Operational Risk and Risk Reporting. In addition, RPVG validates broader Market and Credit Risk internal policy compliance in accordance with European regulatory requirements.
This opportunity includes managing a global team of professionals to independently assess the design and operating effectiveness of core FRM processes, reporting into the Global Head of Risk Process Validation. The team has a presence in New York, London and Budapest. The candidate should have strong management skills and a proven record of managing a book of work/providing strategic direction across multiple disciplines, including the associated senior management and governance reporting for the entire function. In addition, the candidate must have subject matter expertise in the areas of process and control design and assessment/testing, the various Banking, Financial Holding Company and Basel regulations and the ability and desire to work within a moderate sized team of two dozen.
Primary Responsibilities
• Continually monitor regulatory expectations and changes to re-assess and enhance the RPVG framework from design and implementation of the governance framework in addition to managing effective and consistent implementation of the validation framework across all components
• Provide guidance, oversight and technical input to confirm that independent validations performed are appropriate and of a high quality and consistency, in line with interpretation of Basel/CCCAR/DFAST relevant regulations and implementation thereof
• Drive the execution of governance, risk assessment, process review and validation, monitoring and reporting and technology strategy
• Leverage testing observations to contribute to improving the team’s validation methodology and execution capabilities
• Interface with key/senior stakeholders, governing bodies and business partners to discuss the status of the validation work, results of test work, and quarterly reporting
• Partner with fellow validation teams such as Model Risk Management and Regulatory Reporting Quality Assurance teams to drive and support a unified validation program end-to-end
• Day to day oversight and management of the book of work, including the team’s across three global locations
Qualifications
Skills Required (Essential)
• At least 10 to 15 years of financial services experience
• Experience with core banking, investment and trading products, regulations and typologies
• Strong technical understanding of the financial services regulatory environment, with a focus on Basel and CCAR principles and Market, Credit, Liquidity and/or Operational Risk practices
• Strong risk, process and control validation and/or assessment skills -a prior role within consulting or internal audit covering risk processes is desirable
• Strong communication, analytic, risk management, and program management skills
• An undergraduate degree (B.A., B.S., or equivalent) required
• Professional qualifications such as a CPA/CA or FRM designation would be advantageous