Fixed Income and Commodities – Non
Position Description
FIC Non-Market Risk Department
FIC Non-Market Risk Management is responsible for managing the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. The department covers the Fixed Income, Commodities, and Bank Resource Management divisions within Morgan Stanley's Institutional Securities Division. These responsibilities include setting operational risk strategy and priorities within the business unit as well driving risk mitigation priorities in key support functions such as - Technology Data, Operations, and Controllers. The team is also responsible for the development of policies and procedures, and creation, ownership or oversight of various risk controls and compliance processes such as monitoring of key risk metrics, new product approvals, allocation of operational risk capital, eTrading governance, implementation of supervisory oversight initiatives, Risk and Control Self Assessment (RCSA), and review of key operational risks with business and functional support management. The department also sponsors, initiates and/or leads various risk mitigation and remediation projects, including systems design, and risk reporting for management oversight and attestation, responds to regulatory reviews, audits, core security initiatives and other similar programs.
Summary
The Non-Market Risk group is looking for an Associate in NY as a operational risk generalist and project manager to support multiple daily responsibilities as well as some project work within the group. Central to the role will be the interpretation, analysis and documentation of operational risk incidents, Internal Audit issue and action tracking, operational risk and attestation meeting content management, and Risk and Control Self Assessments (RCSA) facilitation. Significant opportunity exists to take on additional work in various high profile strategic process, data and infrastructure re-engineering initiatives required to meet regulatory requirements.
Responsibilities
• Internal Audit (IAD) risk liaison: Non-Market Risk (NMR) junior audit coverage officer acting as a liaison between IAD and BU managers during all phases of FID, Commodities and BRM Audits.
o Attend kick-off meetings, review the Audit Engagement Memorandums (AEMs), and engage BU COOs and management in preparation of Audits.
o Coordinate, facilitate, draft, review, and finalize Management Representation Letters (MRLs) with BU Management and IAD.
o Facilitate the review and approval of draft and final audit reports with BU management and IAD.
o Progress tracking, rewrites, extensions, and facilitation of the completion of all action items that impact FIC or BRM BUs.
o Regular follow up and ad hoc reporting requests with IAD, BU and management. Representing NMR as SME for all audit findings and actions.
• Operational risk incident capture: Daily review of all operational risk incident entries for FID, Commodities, BRM for data integrity, required content, completeness, approvals, and BU hierarchy mappings. Follow-up with BU COOs and responsible parties on incomplete or inconsistent entries.
o Determine threshold eligibility and ensure database entry, data reconciliation sign-off tracking, and ad-hoc reporting requests. Clean-up of legacy incidents to ensure proper mapping to business units, accuracy of content, and PRC taxonomy mapping. Due Diligence with reporting areas. Sign off and chasing of foreign FIC ORCs.
o Quarterly review, summary and operational risk analysis of all significant events in preparation of review for Due Diligence Quarterly reporting. Monthly management incident review meetings.
• Production of regional or global Operational risk current Issues (ORCI) Monthly Meeting and Supervisory Attestation presentation packs. Accumulation, analysis, and content description of relevant key risk, control or performance indicator metrics and RITA/NPA/Model updates for FID and/or Commodities BUs. Pre-meetings, risk descriptions, PRC mappings, pack compilation, minutes and post-meeting administration.
• Leading, contributing to or collaborating on various divisional or firm-wide regulatory responses and/or projects related to strategic process, data and infrastructure re-engineering initiatives required for regulatory compliance. (e.g. documentation basis risk - Americas)
• General day to day response to risk management situations needing immediate attention and follow-through such as investigating and helping resolve problems with operational risk incidents, compliance and regulatory matters, regulatory inquiries, technology outages, change management issues
Skills Required
Key Skills and Experience Requirements:
Ideal candidate will have broad knowledge of fixed income and commodities products, processes, risks and controls. Prior experience in operational risk management, engineering, or operations is helpful. The candidate must have exceptional organizational skills and a high degree of attention to detail, be technology conversant, and possess the proven ability TO DELIVER on practical solutions to front office problems.
Skills Required
• Business/Product Knowledge: A good understanding of finance and the processes related to the marketing, selling and trading of securities, derivatives and/or commodities in the financial services industry preferably in a global investment bank. Prior experience or exposure to trading, risk management, operating officer, or operations functions a plus.
• Project Management/Risk Management: A minumum of 3 years of prior work experience and demonstrated aptitude in either or both of these disciplines in a major global investment banking institution. Experience in risk assessment or risk management with focus on trade entry, electronic trading, operations processing, exception management or technology change management.
• Communication: Excellent verbal and written communication skills and a proven ability to work in a fast-paced and high pressure environment are essential as this role involves a high amount of interaction with business unit, technology, internal audit, controllers and operations management across FID, BRM and Commodities.
• Guardianship: Candidates should have an understanding of and strong focus on the control environment.
• Organizational Skills: Candidates should be able to coordinate several parallel objectives while responding to ad hoc requests. Flexibility is a key element as the role will require the ability to understand and react to changes in priorities. Comfort working with ambiguity, managing and resolving complex issues.
• Leadership: Candidates need to be able to demonstrate the ability to take ideas forward and to challenge others with integrity and maturity.
• Flexibility: Candidates should have a proven track record of rapidly acclimating to a fast-paced and constantly changing environment working within compressed timelines.
• Proficiency in MS Office and related applications (Word, Excel, PowerPoint, Project)
Skills Desired
• Understanding of Operational Risk and associated regulations (e.g., Basel, SOX, etc.) and the associated application to a financial services business.
• Knowledge of the Morgan Stanley systems and infrastructure.
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