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Wealth Management Operational Risk Incident Manager - Vice President
Morgan Stanley
Purchase, NY, United States
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Description
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.
MS Wealth Management (MSWM) Operational Risk
Morgan Stanley Wealth Management (MSWM) Operational Risk group is responsible for overseeing the operational risk and control framework within the Wealth Management business unit. This team partners with the Business Risk and Control groups throughout the organization to implement control processes and procedures, report operational losses and reporting, manage audits and exams with Compliance and Internal Audit, organize the annual Risk and Control Self-Assessment, and coordinate new operational risk programs in partnership with the business as well as Firm Operational Risk Management.
Key Responsibilities will include but not limited to the following:
This role will provide broad exposure to all functions and business lines within Wealth Management. The main responsibilities of this role will be to contribute to Wealth Management Operational Risk initiatives which focus on mitigating risk and improving the control environment within Wealth Management. The work consists of ongoing, business as usual processes as well as discrete projects that are strategic in nature.
Specific duties within the WM Operational risk team will include:
• Work closely with Business Control groups to identify operational risks associated with new and existing products, services, technologies, vendors, processes and procedures to ensure that incidents are reported accurately, timely and that risks are effectively managed and action plans created
• Ensure incidents are reported within Firm and WM guidelines, inclusive of remediation, tracking and reporting. Work with Business Control personnel to understand the root cause of incidents, to assess incident response and remediation efforts, and manage tracking and reporting. Perform quality review/sign-off on reported incidents as needed and ensure all required reporting components are effectively captured (i.e. taxonomy, impact type, complete description details, root cause, etc.)
• Manage the WM Lessons Learned program in conjunction with Legal, Compliance, 2nd Line Operational Risk Department and the Business Control Groups. Identify incidents meeting criteria for Lessons Learned reviews, perform reviews of prepared documentation and enrich process to ensure comprehensive results. Coordinate the monthly presentation of Lessons Learned review at the WM Operational Risk Committee.
• Work closely with the Legal and Compliance department in relation to understanding and evaluating new incidents coming out of conduct risk reviews or special investigations which may be applicable to Wealth Management
• Create incident reporting dashboard for Senior Management visibility into monthly incident volume, distribution by WM divisions, and incident impacts. Identify and track thematic operational risk incidents
• Manage updates to related incident policies and procedures
• Become subject matter expert in the Firm’s incident reporting tool and provide assistance and training as needed
• Organize training events and presentations with regards to changes to procedures, tools, new processes, etc.
• Publish communications on a routine basis
• Manage ad hoc projects by ensuring on time delivery and the proper level of quality
Qualifications:
The Candidate will regularly identify opportunities for improvement and/or remediation and assist with corresponding change management activities, including: process design components, policy/procedure revision, etc. The candidate would support a variety of operational risk management initiatives and special projects, including targeted remediation projects. A successful candidate will already understand operational risk management concepts and be able to immediately add value to the team.
Deliverables are often related to ad-hoc and unanticipated requests, so a successful candidate must be able to deal with changing priorities, making good decisions about how to get the work done and communicating immediately where there are real risks to on-time delivery.
Attention to detail and accuracy is critical, given the executive audience for much of the team’s work. A candidate needs to be collaborative and able to build effective working relationships with all levels of employees across the organization.
Specific qualifications required are:
• 5-7+ years of related experience in Financial Services preferably within Wealth Management, with involvement in Operational Risk Management preferred
• Experience with operational risk disciplines and processes, incident management, and identification and evaluation of risks and controls preferred
• Strong leadership, and project management skills and ability to manage many competing priorities
• Highly motivated individual with outstanding record of professional achievement
• Strong interpersonal and project management skills including written and verbal communication
• Strong organization skills with the ability to multitask and prioritize; ability to work under pressure and to tight deadlines
• Strong analytical and problem solving skills (critical thinking ability)
• Ability to work in a small team environment, build and maintain a network of contacts and coordinate with a large number of stakeholders
• Fully versed in Microsoft Office suite, emphasis in Excel and PowerPoint
• Bachelor’s degree required