Assistant Vice President Banks Business Risk - New York, United States - Morgan Stanley

Morgan Stanley

Verified Company

New York, United States

3 weeks ago

Posted by:

Mark Lane

beBee recruiter

Description

Assistant Vice President U.S. Banks Business Risk New Product Approval

Job Number:
3252194

POSTING DATE:
May 9, 2024

PRIMARY LOCATION:
Americas-United States of America-New York-New York

OTHER LOCATIONS:
Americas-United States of America-New York-Purchase

EDUCATION LEVEL:
Bachelor's Degree

JOB:
Operational Risk

EMPLOYMENT TYPE:
Full Time

JOB LEVEL:
Assistant Vice President

DESCRIPTION

Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments— Institutional Securities, Wealth Management, and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions, and individuals. Institutional Securities provides a variety of products and services to corporations, governments, financial institutions, and ultrahigh net worth clients. Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to mediumsized businesses and institutions covering: financial advisorled brokerage and investment advisory services; selfdirected brokerage services; financial and wealth planning services; workplace services including stock plan administration; annuity and insurance products; securitiesbased lending, residential real estate loans and other lending products; banking; and retirement plan services.
Our U.S. bank subsidiaries, Morgan Stanley Bank N.A. ("MSBNA"), Morgan Stanley Private Bank, National Association ("MSPBNA"), collectively, ("the U.S. Banks") accept deposits, provide loans to a variety of customers, including large corporate and institutional clients as well as high to ultrahigh net worth individuals, and invest in securities. Lending activity recorded in the U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities and Commercial real estate loans. Lending activity recorded in the U.S. Bank Subsidiaries from the Wealth Management business segment primarily includes Securitiesbased lending, which allows clients to borrow money against the value of qualifying securities, and Residential real estate loans.

The New Product Approval ("NPA") evaluation and execution process and the Product Change Management Program ("PCMP") are integral parts of the U.S.

Banks' risk governance frameworks to prudently manage the non-financial and financial risks associated with identifying, documenting, tracking, escalating, and reporting Business Unit product change proposals for existing Bank products or services or offering a brand-new product or service.

The U.S.

Banks Business Risk New Product Approval AVP will be responsible for the following:

Job Responsibilities:

Provide analytical and documentation support for the 1LOD Operational Risk New Product and Product Change Management Committee Quorum Member.
Work with management and risk partners covering various Bank strategic initiatives and existing product change management due diligence which may include deep dive reviews of the endtoend process being proposed by the Banks business units.
Aid the business to understand the requirements from risk perspective on operational readiness.
Collaborate with the businesses and other stakeholders in the development of process maps to map inherent risks to their mitigating controls, including updates to the Risk and Control Assessments (RCSA)
Track the various inflight programs and status of operational risk due diligence across all NPA and PCM proposals.
Facilitate conversations across quorum areas where there are interdependencies to ensure alignment and accurate documentation of risk capture (e.g., Vendor Risk, Privacy, Info Sec, Reg W, Model Risk, and Dual Officer programs).
Conduct analysis to consider the impacts of the strategic initiatives from a thematic perspective to ensure appropriate considerations on risk impact and metrics, including open issues and incidents.
Collaborate with stakeholders and across 1st and 2nd Lines to confirm comprehensive and consistent practices are followed to allow for a successful oversight program that proactively manages and assesses operational risk.
Attend and participate in relevant management meetings and committees.
Aid in the implementation of written procedures for area of responsibility to ensure consistency and compliance with regulatory and Bank expectations.
Collaborate with stakeholders and across all three lines of defense to confirm comprehensive and consistent practices are followed to allow for a successful product execution.

QUALIFICATIONS

Experience:

Minimum of 5 years of professional risk management experience in financial services industry; preferably in a highly regulated environment.
Experience in operations, finance, compliance, or