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Internal Audit Risk Management – Operational Risk Vice President
POSTING DATE: Mar 22, 2023
PRIMARY LOCATION: Americas-United States of America-New York-New York
EDUCATION LEVEL: Bachelor’s Degree
EMPLOYMENT TYPE: Full Time
JOB LEVEL: Vice President
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.
Internal Audit is responsible for validating whether the firm operates in a controlled environment with appropriate risk-management processes. Auditors evaluate the adequacy and effectiveness of the firm’s internal controls using a risk-based methodology developed from professional auditing standards. Internal Audit assists in monitoring the firm’s compliance with internal guidelines set for risk management and risk monitoring, as well as external rules and regulations governing the industry. The team reports directly to the Board Audit Committee and helps verify whether the firm meets all of its fiduciary responsibilities to shareholders, while adhering to corporate-governance standards and legal and regulatory requirements.
Internal Audit is comprised of Business and Technology auditors. Business and Risk auditors focus on understanding the risks that the businesses face and the controls to mitigate those risks. Technology auditors focus on the application controls supporting the business processes, including systems development, application security and entitlements, production management, and technology governance. Both groups are responsible for understanding, analyzing and testing the controls to protect the franchise.
Morgan Stanley is seeking a Vice President to manage audits and audit team members within the Global Operational Risk Internal Audit coverage team as Audit Coverage Manager. This audit professional will report to the Executive Director and Audit Coverage Director of the Global Operational Risk Management Internal Audit coverage team. As part of this role, the audit professional will be expected to develop and maintain effective relationships with key Operational Risk Department stakeholders located in the Americas, directly manage a team members in the Americas, and manage and oversee global audit project and global team members during the execution of the annual plan. This individual will also participate on selected Operational Risk governance committees and working groups and assist with the development of the annual audit plan, recurring quarterly reports and applicable ad hoc Board and legal entity reports related to the Global Operational Risk Internal Audit coverage team and audit plan.
The successful individual will oversee Operational Risk audit projects and team members, which involves:
> Building and maintaining business relationships to assist in the development, planning and/or performing of audits across the regions focusing on all aspects of both the core Operational Risk Management framework (e.g. Operational Risk Incidents, Scenario Analysis, RCSA, Top Operational Risks etc.).
> Managing and overseeing the execution of audits coverage for Operational Risk Management, including adequately scoping global audits and reviews, as well as related issue closure validation.
> Managing performance for members of the Americas Operational Risk Audit team, including their semi-annual performance evaluations.
> Assisting with the development of the Risk Assessment for Operational Risk globally, and ensuring it remains current through performance of continuous monitoring.
> Ensuring execution of the audit plan within Departmental methodology, policies and standards.
> Communicating the status of the audit plan, results of test work.
> Representing Risk Management Internal Audit on relevant committees, working groups and other governance forums.
Skills Required (essential)
At a minimum, the successful candidate would be expected to demonstrate the below skills & experience:
> 10+ years’ experience, with in-depth, technical understanding of core operational risk management concepts and methodologies, preferably having worked in risk management internal audit in a major bank/financial institution with trading activities or a second line Operational Risk group.
> Understanding of relevant regulatory requirements as they pertain to core operational concepts and associated emerging risks (e.g. cyber, electronic trading), as well as an understanding of financial products generally.
> Management skills, both in terms of running audits (both across and within regions) and individual performance management.
> Ability to build and maintain credible relationships with senior management and stakeholders, ideally in a Risk function, and strong networking capabilities.
> Strong verbal and written communication skills, with the proven ability to write clear and concise findings, recommendations and reports.
> Strong analytical skills, with proven ability to lead audits/reviews on technical concepts.
> Ability to effectively multi-task and manage multiple competing deliverables within tight timeframes without compromising on quality of output.
> Understanding of resource management, including overseeing the team’s forecasts and ensuring audits within their portfolio are appropriately staffed at all times.
> Experience in dealing with regulators and understanding their expectations in terms of documentation, closure verification work and coverage of relevant regulatory requirements.
> 4 year college degree
> CPA, CIA, CFA and /or FRM qualifications a plus
> Expertise in risk management related to cybersecurity, e-trading, vendor risk or generally trading-related risk would be beneficial.
Morgan Stanley’s goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence. Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools. We want to be the first choice for prospective employees.
It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law.
Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M/F/Disability/Vet).
Expected base pay rates for the role will be between 110000 and 190000 per year at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.
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- Country : US
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