Head of Wealth Management External Fraud Risk - Executive Director

Morgan Stanley•New York, NY

2d•$150,000 - $250,000

About The Position

The Wealth Management (WM) Chief Data Office (CDO) sits within the WM Risk organization and strives to balance risk management with business enablement. WM CDO’s mission is to: prevent unauthorized access to or misuse of client sensitive data and assets; comply with relevant privacy laws and regulations; effectively retain, retrieve, and protect information and records; and mitigate risks caused by inaccurate, untimely, or incomplete WM data. The External Fraud Risk Team within WM CDO defines and governs external fraud risk frameworks, thresholds, and controls across WM. The team is responsible for managing external fraud risk across channels and products, including account takeovers, deposit and check fraud, debit card fraud, and emerging threats such as trading-related fraud. The team partners closely with business, technology, operations, and control functions to ensure external fraud losses remain within tolerance while delivering a seamless client experience. Role Description: The External Fraud Risk Team is seeking an Executive Director to lead the team, with responsibility for setting strategy, enhancing external fraud controls, and overseeing fraud rule governance across the division. This individual will serve as a senior subject matter expert across external fraud typologies—including account takeover, deposit fraud, check fraud, debit card fraud — and will bring a strong understanding of National Automated Clearing House Association (NACHA) rules, Uniform Commercial Code (UCC) frameworks, trading fraud, and authentication methodologies. The role requires a strategic leader who can define and evolve fraud detection capabilities, including rule frameworks, alerting strategies, and analytics, while balancing fraud risk, regulatory expectations, and client experience. The candidate will regularly engage with senior business leaders, risk committees, and clients, requiring strong executive presence and communication skills. This individual will also oversee the design, performance, and continuous optimization of fraud detection rules and alerts, leveraging data-driven insights to improve coverage, effectiveness, and efficiency.

Requirements

10–15+ years of relevant experience in fraud risk, financial crime, or related risk disciplines within financial services
Deep expertise across fraud typologies, including account takeover, deposit/check fraud, debit card fraud, and trading fraud
Strong knowledge of NACHA rules, UCC frameworks, and payment/trading-related fraud risks
Proven experience designing and managing fraud detection rules, alerts, and control frameworks
Strong understanding of authentication mechanisms and fraud prevention technologies
Demonstrated ability to analyze complex datasets, derive insights, and translate findings into control enhancements
Experience balancing fraud risk mitigation with client experience and business objectives
Proven track record of influencing senior stakeholders and governance forums
Exceptional critical thinking, problem-solving, and decision-making skills
Strong written and verbal communication skills, with the ability to convey complex topics to both technical and non-technical audiences
Ability to lead and execute across multiple strategic initiatives simultaneously

Nice To Haves

Experience with advanced analytics, machine learning, or data science tools (e.g., Python, SQL, Dataiku)
Familiarity with fraud systems, rule engines, and case management platforms
Experience with end-to-end fraud lifecycle management, including detection, investigation, and recovery
Background in wealth management or brokerage environments
Experience interacting with regulators, audit, or second-line risk functions

Responsibilities

Lead WM External Fraud Risk strategy, including governance of fraud controls, thresholds, and loss tolerances across all fraud typologies
Serve as a subject matter expert on external fraud risks including account takeovers, deposit fraud, check fraud, debit card fraud, and trading-related fraud
Oversee the design, implementation, and optimization of fraud detection rules and alerting frameworks, ensuring effective coverage while minimizing client friction
Apply expertise in authentication (e.g., Multi-Factor Authentication (MFA), behavioral biometrics, device intelligence) to strengthen preventative and detective controls
Drive data-driven analysis of fraud trends and rule performance, translating insights into actionable enhancements
Ensure alignment with regulatory and industry frameworks, including NACHA operating rules and UCC requirements
Lead the development and governance of a comprehensive fraud rule inventory, including rule coverage, performance, effectiveness, and client impact
Establish and oversee fraud risk metrics and reporting for senior management, risk committees, and regulators
Partner with technology and data teams to define and implement advanced detection capabilities, including analytics, machine learning, and automation
Provide credible challenge and escalation on fraud risk issues, control gaps, and business decisions
Engage with senior stakeholders and clients, communicating fraud risks, control strategies, and emerging threats with clarity and authority
Oversee cross-functional initiatives, including system migrations, control enhancements, and fraud program transformations