Vice President - Third Party Risk Coverage
Posted on Dec 17, 2018 by Morgan Stanley USA
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.
The talent and passion of our people is critical to our continued success as a firm. Together, we share four core values rooted in integrity, excellence and strong team ethic:
1. Putting Clients First
2. Doing the Right Thing
3. Leading with Exceptional Ideas
4. Giving Back
Morgan Stanley is committed to helping its employees build meaningful careers and we strive to be a place for people to learn, achieve and grow.
Firm Risk Management
Firm Risk Management (FRM) enables Morgan Stanley to achieve its business goals by partnering with business units across the Firm to realize efficient risk-adjusted returns, acting as a strategic advisor to the Board and protecting the Firm from exposure to losses as a result of credit, market, liquidity, operational, model and other risks.
Our mission is to serve as the follow roles:
· Independent agent to set consistent principles and disciplines for risk management
· Strategic advisor to Firm management for setting risk appetite and allocating capital
· Industry leader to influence and meet regulatory standards
You will collaborate with colleagues across FRM and the Firm to protect the Firm's capital base and franchise, advise businesses and clients on risk mitigating strategies, develop tools and methodologies to analyze and monitor risk, contribute to key regulatory initiatives and report on risk exposures and metrics to enable informed and strategic decision-making. Through thoughtful analysis and clear communication we are best able to bring our ideas to the table and improve the Firm.
Firm Risk Management values diversity and is committed to providing a supportive and inclusive workplace for all employees.
Firm Risk Management's unique franchise promotes:
ü Flat, flexible and integrated global organization
ü Collaboration and teamwork
ü Credible, independent decision-making
ü Organizational influence
ü Creative and practical solutions
ü Meritocratic and diverse culture
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 Vice President to play a critical role within the Third Party Risk Management Coverage function, contained within the Operational Risk Department. The function supports the Firm in its effort to maintain oversight and challenge of risks posed by our contracted third parties, and the sub-contractors they may engage in the delivery of services.
There is a need to drive evolution and transparency of the underlying control framework, support adoption of industry leading practices and technologies, and introduce new controls and processes to bolster the existing framework. This individual will play a critical strategic role in supporting ORDs business unit coverage group in an effort to identify, assess and monitor business specific risks associated with the engagement of third parties, including oversight of adherence to framework, standards, methodology, analytics and day-to-day monitoring of these risks across the business globally.
· Collaborate with key Business Unit stakeholders to appropriately identify, assess, mitigate and report on critical 3rd party services and their Operational risk impact to the firm
· Perform periodic risk concentration analysis of the firm's top vendors and provide recommendations for input into vendor-specific scenario analysis
· Build and facilitate scenario analysis and ensure timely remediation of related actions
· Perform quality assurance of Risk and Control Self Assessments (RCSA) to confirm appropriate integration of 3rd party risk
· Monitor 3rd party residual risk through the active review of related issues and operational risk incidents
· Develop Business Unit-specifc risk profiles of supplier and service relationships, and provide effective challenge to service owners to assess whether the risks of the supplier relationships are understood and within tolerance
· Support transparency and evolution of the overarching Framework through thought leadership and proactive challenge
· On-going communication with senior colleagues in the broader Firm Risk Division, and in the first line of defense including Third Party Program Management, the business units and support functions
· An undergraduate degree (B.A., B.S., or equivalent) required
· Eight to twelve years of financial services experience
· Familiarity relevant Banking, Financial Holding Company and securities regulations
· Experience with vendor lifecycle and/or supplier management process is a definitive advantage, including knowledge of relevant regulations
· Logical thinking, ability to analyze complex sets of data and convert to meaningful risk reporting
· Strong communication, analytic, risk management, and program management skills
· Demonstrated ability to collaborate across multiple functional areas while maintaining suitable independence and effective challenge
· Excellent communication skills, both written and spoken
· Proficiency in Microsoft Word, Excel, Access and PowerPoint
· Familiarity with Qlikview, Tableau or other BI capability
Vice President - Third Party Risk Coverage