Associate, Us Banks, Operational Risk Management

Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments- Institutional Securities, Wealth Management, and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions, and individuals. Institutional Securities provides a variety of products and services to corporations, governments, financial institutions, and ultra-high net worth clients. Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering: financial advisor-led brokerage and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services including stock plan administration; annuity and insurance products; securities-based lending, residential real estate loans and other lending products; banking; and retirement plan services.
Our U.S. bank subsidiaries, Morgan Stanley Bank N.A. ("MSBNA"), Morgan Stanley Private Bank, National Association ("MSPBNA"), collectively, ("the U.S. Banks") accept deposits, provide loans to a variety of customers, including large corporate and institutional clients as well as high to ultra-high net worth individuals, and invest in securities. Lending activity recorded in the U.S. Bank Subsidiaries from the Institutional Securities business segment primarily includes Secured lending facilities and Commercial real estate loans. Lending activity recorded in the U.S. Bank Subsidiaries from the Wealth Management business segment primarily includes Securities-based lending, which allows clients to borrow money against the value of qualifying securities, and Residential real estate loans.
Summary
Responsible for executing the internal controls testing program within the first line Operational Risk Management team covering Morgan Stanley Private Bank, NA and Morgan Stanley Bank, NA. The controls testing program includes annual validation of the Banks' key controls as well as validation of MRAs and other issues prior to closure. This position is a key individual contributor in the evaluation of the adequacy, effectiveness, and efficiency of internal controls and documentation of test results, along with providing recommendations to mitigate those weaknesses.
Responsibilities:
• Develop test plans and execute design and operating effectiveness testing of operational controls identified by Bank management, which could include financial, technology, and/or compliance component
• Prepare work papers, schedules, and summaries documenting testing and issues identified in accordance with Bank procedure
• Validate remediation of control deficiencies, internal audit findings, Matters Requiring Attention (MRAs), etc.
• Proactively manage deliverables to completion and report status and roadblocks to management timely
• Participate in risk and control change management projects with management and provide recommendations for improvement
• Support ad-hoc Bank management initiatives in collaboration with second and third lines of defense
• Build and maintain effective relationships with key stakeholders including control owners, Operational Risk Management partners, and internal audit partner
Qualifications:
Required Experience:
• Bachelor's degree in Accounting, Finance, Economics, or related field
• 2+ years relevant experience in public accounting, or internal audit or other risk/testing function experience
• Strong oral and written communication skill
• Strong analytical and problem-solving skills and is a quick learner
• Ability to build and maintain professional relationships with key stakeholders/process owner
• Working knowledge of key US banking regulation
• Working knowledge of data, application, IT general and end user computing control
Preferred Qualifications:
• Experience in financial services industry preferred
Expected base pay rates for the role will be between $70,000 and $100,000 per year at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.
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).