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.
Morgan Stanley's Wealth Management (WM) provides a range of wealth management products and services for individuals, businesses and institutions through 15,000 advisors managing and advising almost $7 trillion of client assets. The group's services include brokerage and investment advisory, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement, trust and estate planning, stock plan administration and institutional consulting.
Department Profile
Morgan Stanley Wealth Management Risk group is responsible for overseeing the risk and control framework within the Wealth Management business unit. The group teams up with the various business units as well as the Firm Risk Management group (MRM) to implement control processes and procedures and protect the firm from exposure to various risks including operational, credit, investment, trading, reputational and model risk.
Background on the Position
The position will reside within WM Model Risk. The Model Control Function team oversees the model inventory for all WM models (including Position Valuation models and Investment Decision Support models), builds relevant policies, procedures and governance structures and participates in the certification and roll-out of models and tools that are part of the Wealth Management inventory.
This role involves specifically the analysis, testing, documentation and certification of WM models and tools. In this new role, the applicant will be responsible for liaising with the financial advisors and various business units to understand the model's and/or tool's methodology, design and perform a testing plan and enforce the control environment for the model/tool. The role includes the documentation of the given models and the processing of the certification with the Model Risk Management team (second line of defense.)
You should have at least a bachelor's degree in a quantitative field. Experience at a financial institution or consulting firm in an analytical function is preferred. In this position you are required to have working knowledge of Excel and a programming language (Python and/or R) to perform model/tool replication and testing. Brokered Trading, Investment, or Portfolio Management experience is a plus. You should be interested in portfolio management, technical writing, risk process oversight and management, as well as possess the technical aptitude to perform in-depth quantitative modeling, analysis and testing. Work history should demonstrate strong attention to details, execution, project management skills, and the ability to influence and coordinate within cross-functional teams.
Primary Responsibilities
Work with financial advisors or other relevant model/tool developers/owners to understand the underlying methodology.
Replicate a model/tool based on spreadsheets or system implemented code to perform all required tests on the models (sensitivity analysis, stress tests, benchmarking, back-testing)
Liaise with the FA and Model Validators to understand business needs, implementation and control process needed for certification and approval.
Develop and negotiate a testing plan with Vendor and Model Risk Management (MRM).
Address and/or implement additional inquires/tests from MRM.
Write the model documentation as per the Morgan Stanley model documentation template
Oversee the full cycle of model documentation/tests approval by MRM team for certification.
Manage the ongoing model/tool monitoring process and present the results for the Risk Committee's consumption.
Skills Required and Preferred
2-3 years of relevant experience
Excellent technical writing skills.
Excellent verbal communication skills, with the ability to communicate efficiently with key stakeholders.
Detail oriented with good organizational skills
Hands-on knowledge and experience with Python/R/SQL.
Knowledge of DataIku and Tableau is a plus.
Working knowledge of financial instruments and financial risk management principles.
Advanced working knowledge of MS Excel.
Superior analytical thinking and problem solving abilities.
Leadership potential with strong relationship building skills.
Self-starter, self-motivator and team player who brings a can-do approach.
#BPDBA #LI-NB1 #LI-hybrid
WHAT YOU CAN EXPECT FROM MORGAN STANLEY:
We are committed to maintaining the first-class service and high standard of excellence that have defined Morgan Stanley for over 89 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work.
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Certified Persons Regulatory Requirements:
If this role is deemed a Certified role and may require the role holder to hold mandatory regulatory qualifications or the minimum qualifications to meet internal company benchmarks.
Flexible work statement
Interested in flexible working opportunities? Morgan Stanley empowers employees to have greater freedom of choice through flexible working arrangements. Speak to our recruitment team to find out more.
Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment where all individuals can maximize their full potential. Our skilled and creative workforce is comprised of individuals drawn from a broad cross section of the global communities in which we operate and who reflect a variety of backgrounds, talents, perspectives, and experiences. Our strong commitment to a culture of inclusion is evident through our constant focus on recruiting, developing, and advancing individuals based on their skills and talents.