Associate First Line of Defense - Business Control Unit - Morgan Stanley

New York, NY

About the Job

Associate First Line of Defense - Business Control Unit

Job Number:

3251720

Posting Date

: May 2, 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

: Wealth Management

Employment Type: Full Time

Job Level: Associate

Description

Morgan Stanley (“MS”) is a global financial services firm that conducts its business through three principal business segments—Institutional Securities, Wealth Management (WM), and Asset Management. WM’s network includes approximately 15,000 Financial Advisors with total client assets of over $5 trillion. WM provides comprehensive financial advice and services to its clients including brokerage, investment advisory, financial and wealth planning, credit and lending, deposits and cash management, annuities, insurance, retirement, and trust services.

Morgan Stanley Private Bank, National Association (“MSPBNA”) provides cash management and lending products and services to serve the needs of WM clients. The US Banks seeks an Associate to join the First Line of Defense MSPBNA Lending Business Control Unit (BCU). The candidate will support the operational risk program for lending products including Securities Based Lending, Tailored Lending, Private Share Lending and Residential Mortgage.

The BCU Associate will report to the MSPBNA Lending Business Control Unit, Vice President, and will be based in New York.

The Business Control Unit Associate will:

Reporting Responsibilities:

• Participate in the development and maintenance of consolidated reporting for management and committee reporting related to the Lending risk framework, including ad hoc reporting as needed
• Provide summarized reporting on Issues and Incidents for Lending at both the business unit level and a consolidated level
• Support in the development, review, and maintenance of procedures for Lending as needed
• Produce PowerPoint slides for ad hoc status reporting and for monthly risk meetings
• Produce Excel reporting and perform data analysis as needed

Risk Oversight Responsibilities:

• Perform tasks associated with Risk and Control Self-Assessment (“RCSA”), including:
• Documenting risks, impacts and mitigating controls within the Bank’s Risk Management systems for Lending Business processes
• Supporting business partners in the execution of the RCSA
• Support in responding to requests and remediation of findings/observations related to control testing
• Create and manage business process flows for lending business processes
• Support with issue and incident identification, documentation, and closure for assurance of effective remediation related to control breaks. Includes tracking progress and status reporting
• Support the BCU to identify, measure, monitor, control, and report on operational risks within the Bank’s lending businesses
• Support in Business Continuity Management activities for the lending businesses
• Support a centrally documented model for quality review processes
• Assist in compiling and reviewing business risk assessments by partnering with BCU and risk owners
• Assist in the creation, maintenance, and monthly reporting of metrics, including analysis and escalation of metrics performance against thresholds and development of new metrics to monitor key risk and performance indicators
• Support with internal and external exams
• Support new product development activities to identify risks and controls

Qualifications

Preferred Experience:

• 2-5 of professional experience in financial services industry; preferably in product management, process management, operational risk management or internal audit. Experience with lending a plus.

• Experience in Risk Management or Business Process Management or a related discipline.

• Ability to learn and execute RCSA, or similar operational risk management framework

• Experience in creating process flows, evaluating processes to identify risks, designing and evaluating mitigating controls

• College degree required

Skills:

• Attention to detail, strong analytical, quantitative, and investigative problem-solving abilities

• Strong interpersonal qualities to influence decision-making and improve risk management behaviors with business stakeholders

• Strong project management and reporting skills

• Strong written and verbal communication skills

• Proficient with Microsoft Office products – Excel, Power Point, etc.

• Ability to learn Governance, Risk and Controls (GRC) systems

• Exceptional organizational skills

• Ability to manage multiple tasks concurrently in an efficient and effective manner

• Ability to work independently and as part of a team under tight deadlines

• Ability to work in a matrixed organization, leveraging resources across the organization to complete deliverables

• Additional duties as assigned

Expected base pay rates for the role will be between $70,000 and $100,000 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.

*Expanded legislation requires that roles that sit in other state locations, but report to a manager in NY, must have the above language included in postings with the pay scale reflective appropriately to the location where the role will be sitting.

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).

Source : Morgan Stanley