Wealth Management Risk – Model Risk Analyst

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  • Post Date: June 18, 2020
  • Apply Before : July 18, 2020
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Job Description

Wealth Management Risk – Model Risk Analyst

Job Number:

3153282

POSTING DATE: Jun 16, 2020
PRIMARY LOCATION: Americas-United States of America-New York-Purchase
EDUCATION LEVEL: Master’s Degree
JOB: Wealth Management
EMPLOYMENT TYPE: Full Time
JOB LEVEL: Assistant Vice President

DESCRIPTION

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 16,000 advisors managing and advising more than $2 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 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 that are part of the Wealth Management inventory.

This role involves specifically the documentation and certification of WM models, mostly vendor models purchased by Morgan Stanley and tailored for its client advisory business. In this new role, the applicant will be responsible for building the documentation, testing and ongoing monitoring plans of the given models by liaising with the model developers and obtaining certification from the Model Risk Management team (second line of defense.)
Primary Responsibilities
  • Work with model developers and understand the model methodology, process and implementation.
  • Write the model documentation as per the Morgan Stanley model documentation template
  • Develop testing plan and liaise with Model Risk developers to perform tests as requested by the certification process. Analyze and verify testing results. Work with developers and business teams to create solutions to address issues identified during the certification process.
  • Submit documentation and test results to the Model Risk Management team for review. Work with model developers and business teams to provide responses to challenge questions raised by the Model Risk Management team during the review process.
  • Identify changes/updates to the models that have been certified. Update the model documentation and perform testing if necessary and obtain approval from the Model Risk Management team for those changes/updates.
  • Participate in UAT testing for the implementation of the model changes.
  • Work with model developers on the ongoing monitoring process for certified models.

Secondary Responsibilities
  • In addition to his/her primary role, the candidate is expected to spend 20% of his/her time backing up the model governance team in managing daily signoff, administrating the Model and Market Risk Committee and other governance items as needed.

QUALIFICATIONS

Qualifications and Experience
  • The applicant should have at least a bachelor degree in a quantitative field, Master’s degree or PhD’s degree preferred. Statistical, Math, Quantitative Finance, Financial Engineering or Data Science background is a plus.
  • 2+ years of relevant work experience preferred. Working experience with building, validating and testing financial models is preferred.
  • Working experience at a financial institution or consulting firm is a plus. Investment or Portfolio Management related experience is a plus.
  • The applicant should be interested in technical writing, process oversight and management, as well as possess the technical aptitude to perform in-depth quantitative analysis. Work history should demonstrate strong attention to details, execution and project management skills, and the ability to influence and coordinate within cross-functional teams.

Skills Required
  • Excellent technical writing skills
  • Solid foundation of financial mathematics and statistics
  • Excellent verbal communication skills, with the ability to communicate with key stakeholders
  • Superior analytical thinking and problem solving abilities
  • Detail oriented with good organizational skills
  • Advanced working knowledge of MS Excel, PowerPoint, Word, and SharePoint
  • Leadership potential with strong relationship building skills
  • Self-starter, self-motivator and team player who brings a “can-do” approach

 

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