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Model Risk Management - VP, Enterprise Fraud, Financial Crimes and Surveillance Model Validation and Validation Execution

Morgan Stanley

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.

The talent and passion of our people is critical to our continued success as a firm. Together, we share five core values rooted in integrity, excellence, and strong team ethic:
1. Putting Clients First
2. Doing the Right Thing
3. Leading with Exceptional Ideas
4. Giving Back
5. Committing to Diversity and Inclusion

Morgan Stanley is committed to helping its employees build meaningful careers and we strive to be a place for people to learn, achieve and grow.

Firm Risk Management

Firm Risk Management (FRM) enables Morgan Stanley to achieve its business goals by partnering with business units across the Firm to realize efficient risk-adjusted returns, acting as a strategic advisor to the Board and protecting the Firm from exposure to losses as a result of credit, market, liquidity, operational, model, and other risks. 

You will collaborate with colleagues across FRM and the Firm to protect the Firm's capital base and franchise, advise businesses and clients on risk mitigating strategies, develop tools and methodologies to analyze and monitor risk, contribute to key regulatory initiatives and report on risk exposures and metrics to enable informed and strategic decision-making. Through thoughtful analysis and clear communication, we are best able to bring our ideas to the table and improve the Firm.
Firm Risk Management values diversity and is committed to providing a supportive and inclusive workplace for all employees.
Firm Risk Management's unique franchise promotes:
Flat, flexible, and integrated global organization
Collaboration and teamwork
Credible, independent decision-making
Organizational influence
Creative and practical solutions
Meritocratic and diverse culture

Background on the Position:

This role will reside within Firm Risk Management's Model Risk Management team responsible for the Firm's management of model risks related to the implementation and use of Fraud, Financial Crimes and Surveillance models. This position requires strong risk management mindset and excellent technical, leadership, and organizational skills.

Primary Responsibilities
Supervise a model validation team to perform independent reviews compliant with Model Risk Management policies and procedures, regulatory guidance and industry leading practices, including evaluating conceptual soundness, quality of modeling methodology, model limitations, data quality, and on-going monitoring for Firm's Enterprise-level models used for Fraud detection and defense; Financial Crimes including Anti-Money Laundering (AML) and sanctions screening models, and Surveillance including Cyber models and Compliance monitoring models.
Communicate model validation conclusions to relevant stakeholders and work with stakeholders to develop appropriate remedial actions to resolved identified model issues. Track progress against model issue remediation actions and take appropriate review actions to resolve.
Write comprehensive and high-quality review reports for models validated and oversee/guide the model validation team in writing such reports.
Identify and escalate thematic and idiosyncratic risk themes related to the models under the coverage area. Engage with relevant stakeholders in identifying effective approaches to managing such risks.
Represent the Model Risk Management team in interactions with Internal Audit department and with regulatory agencies as required.

Experience Required
7 or more years in building or reviewing Fraud, Financial Crimes, and Surveillance models.

The follow experiences are a plus:
Knowledge of fraud and financial crimes monitoring processes for digital banking or trading
2nd line of defense model validation role and in team management is a plus.
Working knowledge of Experience in Artificial intelligence and machine learning techniques, data science, statistics or related quantitative analyses.

Skills Required

Strong technical / programming skills

Understanding how model risks impact the business, and business changes impact models

Strong communication skills with ability to articulate complex concepts appropriately to different audiences including senior management

Masters or Doctorate degree in a technical area such as Computer Science, Math/Statistics, Data Science, Machine Learning, Artificial Intelligence (AI), or related fields.

Quantitative programming and data analysis skills (e.g., Python, R, etc.)

Risk management-oriented mindset including effective risk prioritization, critical and analytical questioning, and ability and willingness to speak up. 

Strong written and verbal communication skills. Must be comfortable leading meetings and making formal presentations.

Good written and verbal communication skills.

Skills Desired

The following degrees or certifications are a plus:

Fraud Management, Criminal Justice, Forensic Accounting

Certified Anti Money Laundering Specialist (CAMS) certification

Model Risk Management

Desire to work in a dynamic, team-oriented environment focusing on challenging tasks mixing conceptual and empirical understanding of issues and solutions.

Experience of leading small to medium size teams

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).