Assistant Vice President, WM Financial Crimes Risk & Controls

Morgan Stanley•Purchase, NY

About The Position

Morgan Stanley is a global financial services firm that conducts its business through three principal business segments-Institutional Securities, Wealth Management (WM), and Asset Management. Morgan Stanley 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. As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in doing the right thing, putting clients first, leading with exceptional ideas and a commitment to diversity and inclusion. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, achieve, and grow. Department Profile: The WM and U.S. Banks Financial Crimes Risk Team is embedded within the Firm's business line. It is responsible for identifying, assessing, and escalating potential money laundering, economic sanctions, tax-evasion, bribery, corruption, and reputational risk issues associated with higher risk client types. The WM Financial Crimes Risk Team is considered the first line of defense and supports the onboarding, enhanced due diligence, negative news processes, among others, for Morgan Stanley. Responsibilities: The Assistant Vice President, Risk and Controls Officer- Financial Crimes Risk is responsible for assisting in the execution of the firm's first line Financial Crimes program for WM, Banks and IM. The role will be responsible for assisting in the execution of the strategic direction of the Financial Crimes programs, performing oversight responsibilities and escalating potential gaps and risks. This position will work closely with the business, the second- and third-line stakeholders to ensure the business is compliant with all relevant Financial Crimes laws and regulations through the proper implementation an execution of applicable MS' policies, standards, and procedures. The Assistant Vice President, Risk & Controls Officer- Financial Crimes Risk will: Lead implementation for project deliverables for Risk and Control assessments under the firm-wide Non-Financial Risk Assessment (NFRA) program Engage with various 1L teams across WM, Banks and IM to assess the impact of financial crimes risks in their area Lead creation of risk records under NFRA, mapping of controls and completion of assessment for 1L owned Financial Crimes risks Review end to end process for creation of missing controls, refresh control ratings, descriptions and issue linkages across 1L FCR risks Address 2L feedback and challenges in relation to the RCSAs Develop and provide Risk and controls dashboard reporting/ heatmap to relevant committees Aid in the identification of control enhancement opportunities and implementation of preventative detective controls and testing Create control testing/ monitoring scripts and complete control monitoring/ control testing for CILA controls as per policy requirements Assist in the remediation of control gaps and deficiencies identified from Annual Risk Assessments and resolution of investigations as recommended by second line Identify, escalate, and assist in the management of top & emerging risks, execution of heightened risk and high-risk portfolio reviews, Provide with advisory, guidance and training to the first line teams

Requirements

5+ years of relevant experience managing implementation of operational risk framework including risk and controls assessments and control management
Have a bachelor’s degree in business, Finance, or other related fields
Strong understanding of Financial Crimes Risk.
Relevant experience with BSA/AML Regulations within the financial services industry, or at a financial services regulator (e.g., FINRA, Securities and Exchange Commission, Office of the Comptroller of the Currency, Federal Reserve Bank, etc.) is a plus
Strong leadership qualities with the ability to manage teams and evidence a strong work ethic as well as a high degree of integrity
Knowledge of Financial Crimes laws and regulations and familiarity with best practice first line procedures and processes
Ability to: Analyze, summarize, and communicate effectively
Operate with confidence and comfort in high-paced and high-profile environments with minimum supervision
Multitask effectively and execute actions promptly
Identify issues, investigate root causes, and escalate promptly
Handle highly confidential information professionally and with appropriate discretion

Responsibilities

Lead implementation for project deliverables for Risk and Control assessments under the firm-wide Non-Financial Risk Assessment (NFRA) program
Engage with various 1L teams across WM, Banks and IM to assess the impact of financial crimes risks in their area
Lead creation of risk records under NFRA, mapping of controls and completion of assessment for 1L owned Financial Crimes risks
Review end to end process for creation of missing controls, refresh control ratings, descriptions and issue linkages across 1L FCR risks
Address 2L feedback and challenges in relation to the RCSAs
Develop and provide Risk and controls dashboard reporting/ heatmap to relevant committees
Aid in the identification of control enhancement opportunities and implementation of preventative detective controls and testing
Create control testing/ monitoring scripts and complete control monitoring/ control testing for CILA controls as per policy requirements
Assist in the remediation of control gaps and deficiencies identified from Annual Risk Assessments and resolution of investigations as recommended by second line
Identify, escalate, and assist in the management of top & emerging risks, execution of heightened risk and high-risk portfolio reviews
Provide with advisory, guidance and training to the first line teams