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Vice President - Digital Risk Coverage Officer (Wealth Management - Operational Risk Department)
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.
Background on the Position
The individual will join Morgan Stanley’s Operational Risk Department (ORD) Wealth Management coverage team, serving as the Digital Coverage Officer. This role acts as an independent, second line defense function responsible for providing operational risk oversight for Wealth Management’s digital products across both Morgan Stanley Private Bank, NA (MSPBNA) and Morgan Stanley Smith Barney (MSSB).
Reporting Lines:
Head of Digital and Institutional Wealth Services Operational Risk
Primary Responsibilities
The successful candidate will be responsible for enhancing and evolving the Digital Risk Framework and Policies, while acting as the point person on behalf of ORD for all Digital-related activities. 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.
Specific Functions
• Lead the independent 2nd line Risk Management oversight for Wealth Management’s Digital Platforms, including the Firm’s robo-advisor and goals-based platforms, through effective engagement with the 1st line Digital Risk Management team and Digital business leads;
• Partner with ORD, Compliance and Firm Risk colleagues to provide integrated 2nd line oversight of the risk in the WM business, including how digital risk intersects with investment risk, product risk, field risk, information security, financial crime, fraud, cyber/IT risk, vendor risk, business continuity and infrastructure coverage;
• Drive a “no surprises” approach, ensuring that the risks in Wealth Management’s Digital products are well known and understood, and that appropriate metrics, including Key Risk Indicators (KRIs) for Wealth Management’s Digital activities are established;
• Represent the ORD Wealth Management Coverage Team on applicable committees and working groups related to Digital platforms and service offerings;
• Prepare recurring and ad-hoc summary reports and metrics dashboards to inform senior management of key digital initiatives and their associated risks;
• Partner with 1st line Digital Risk and Digital Business partners to assess risks and identify control gaps to establish stronger control processes and procedures as part of the annual Risk and Control Self-Assessment (RCSA);
• Work with the Digital Business and the Global Products Committee (GPC) to identify risks and control gaps for inclusion in the New Products Approval (NPA) process in preparation for Committee evaluation;
• Participate in Operational Reviews such as Weekly Incident Reviews, Lessons Learned and Deep Dive reviews;
• Monitor industry news and developments related to risks in the Digital and FinTech;
• Other functions as determined by the WM ORD Head
Qualifications
Skills Required (essential)
• Bachelor’s degree
• 5+ years’ experience in Operational Risk Management, Digital/FinTech platforms or Wealth Management
• Familiarity with digital payments, money movement, and lending services
• Experience preparing concise reports and presentations for senior management
• Strong analytical, verbal and written communication skills
Skills Desired
• Computer-science or related degree and MBA or equivalent preferred
• Familiarity with the banking / brokerage regulatory and industry environment (e.g., SEC, FINRA, OCC, Federal Reserve, FFIEC, technology standards)
• Experience with surveillance tools and data analytics used to extract risk insights
• Working knowledge of bank operational risk management frameworks, including loss data processes and risk and control self-assessments
• Working knowledge of fraud and data protection risks