Background on the Team
Recognizing the increasing importance sound model risk practices, the Firm's Legal and Compliance Division (LCD) has established a centralized Model Risk Control (MRC) function within its Data & Analytics group in support of Morgan Stanley's ongoing commitment to comply with regulatory expectations surrounding model risk management. Among other functions, the LCD MRC team manages and oversees the LCD Model Risk Framework and supporting controls that have been implemented for models used in support of key LCD business processes, promoting consistency across business lines and regions in the day-to-day implementation of the program.
Primary Responsibilities
The LCD Sr. Model Risk Specialist is an individual contributor role that will perform the following:
Model Risk Management Activities
Draft documentation surrounding the design of models within LCD and establish ongoing monitoring controls while collaborating with quantitative analysts and subject matter experts in efforts to develop, or enhance, models
Assist in the development, maintenance, enhancement, and optimization of various models, including models used for customer risk ranking, transaction monitoring, and sanctions screening which may include machine learning or artificial intelligence
Maintain existing LCD models by executing, and/or overseeing, qualitative analyses associated with ongoing monitoring, periodic assessments, above-the-line testing, below-the-line testing, and tuning
Assist with adding, editing and identifying new models, documenting model changes, and reconciling model inventory information
Conduct internal and external research surrounding new trends in modeling approaches, perform gap analysis with existing model controls, provide proposals, and assist stakeholders in implementing proposed solutions
Perform root-cause analyses associated with potential anomalies detected in model performance or as part of below-the-line testing
Document, or oversee, the analyses, recommendations, and rationales for each activity related to the models
Reporting Responsibilities
Assist in the preparation of periodic and ad hoc metrics reports for senior management, MS Boards and regulators, including through the evaluation and enhancement of existing metrics and supporting processes
Track and report model changes and results of model tuning and optimization activities to LCD advisory heads, the Model Risk Management, and the Internal Audit groups
Participate in Firm, LCD, and Compliance Committees
Other Activities
Participate in special projects impacting various areas within LCD
Maintain awareness of current industry rules, regulations, and best practices
Draft and update policies and procedures, as needed
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Skills Required (essential)
Candidates must possess:
A bachelors degree with strong academic credentials with a degree in business, economics, finance, management information systems, management, risk management, or related fields from a top tier university.
5 - 7 years of professional experience within the banking industry or within project management broadly
Keen written, interpersonal communication, and presentation skills coupled with scrupulous work product
Openness to receiving and applying feedback on work product from peers and supervisor(s)
Strong analytical thinking and critical reasoning skills, with the ability to be self-motivated and work independently
Skills Desired
The Firm's ideal candidate will have:
An understanding of Fed SR 11-7/ OCC Bulletin 2011-12 on Model Risk Management
An understanding of models, financial markets, and banking, including retail and/or broker-dealer product knowledge
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).
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