Vice President - Third Party Risk Management
Posted on Dec 10, 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:
Flat, flexible and integrated global organization
Collaboration and teamwork
Credible, independent decision-making
Creative and practical solutions
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 function, contained within the Operational Risk Department. The function supports the Firm maintain oversight and challenge risk mitigation of risks posed by our contracted third parties, and sub-contractors they may engage with to deliver services to us.
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. The individual will play a critical strategic role in evolving the capabilities supporting concentration risk and other measures, including associated framework, standards, methodology, analytics and day-to-day oversight of these risks across the Firm globally.
· Focus on governance and oversight to identify, assess, mitigate and report aggregate exposure and concentration risks third parties and sub-contractors
· Develop and implement methodology underpinning concentration risk, including details of key indicators, thresholds, and triggers, as well as response and mitigation requirements to manage risk within tolerance
· Collaborate with first line third party program colleagues in the design and implementation of risk measures, thresholds and reporting as appropriate
· Own associated concentration and risk measurement analytics and reporting to manage risk within tolerance, including development of technology requirements and the implementation plan
· Develop 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
Vice President - Third Party Risk Management