Model Risk (Risk Management) : Job Level - Vice President

Morgan Stanley • New York, NY

77d

About The Position

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 a flat, flexible, and integrated global organization, collaboration and teamwork, credible, independent decision-making, organizational influence, creative and practical solutions, and a meritocratic and diverse culture.

Requirements

• 6 or more years in validating pricing models and related stress testing models.
• Expertise/specialization in modeling or model validation in one of the following areas: Mortgage Resi products, including Resi Whole Loans, Agency, and non-agency products; Fixed income products (e.g., securitized products, rates, and corporate credit).
• Proficiency in statistical software packages.
• Familiarity with regulatory requirements e.g., Comprehensive Capital Analysis and review (CCAR), Internal capital adequacy assessment processes (ICAAP) and regulators such as Fed and the Office of the Comptroller of the Currency (OCC) is desired.
• Experience engaging with regulators and internal audit.
• Advanced degree in Finance, Mathematics, Physics, Engineering, Economics, or related technical fields.
• Risk-oriented mindset including effective risk prioritization, critical and analytical questioning, and ability and willingness to speak up.
• Strong written and verbal communication, including ability to influence and effect change.
• Critical thinking, problem solving, resourcefulness.
• Ability to work in a dynamic, fast-paced, high-pressure environment.
• Overseeing multiple high priority deliverables.
• Experience with team leadership, people management, including remote teams.

Responsibilities

• Lead a team of Reviewers and perform independent model reviews compliant with Model Risk Management policies and procedures, regulatory guidance and industry leading practices.
• Evaluate conceptual soundness, quality of modeling methodology, model limitations, data quality, and on-going monitoring for Firm's Resi Mortgage pricing models including Whole Loans and Securitized Products.
• Understand the use and effectiveness of models within the context of relevant Firm businesses and processes.
• Communicate model validation conclusions to relevant stakeholders and work with relevant 1LOD and 2LOD functions to develop appropriate remedial actions to effectively resolve 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 validated models and train and oversee validation team members preparing such reports.
• Proactively 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.
• Support high-profile, time-sensitive deliverables with limited supervision.
• Establish and sustain productive relationships with model stakeholders in 1LOD, 2LOD and 3LOD.
• Represent the Model Risk Management team in interactions with the business, model developers, the Internal Audit department and with regulatory agencies as required.

Benefits

• Comprehensive employee benefits and perks.
• Opportunities for career advancement within the firm.

What This Job Offers

• Industry: Securities, Commodity Contracts, and Other Financial Investments and Related Activities
• Education Level: Master's degree
• Number of Employees: 5,001-10,000 employees