Operational Risk, Internal Audit - Senior Manager

  • Competitive
  • London, England, United Kingdom
  • Permanent, Full time
  • Morgan Stanley
  • 17 Feb 18 2018-02-17

See job description for details

Company Profile

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.

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 integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

Department Profile

Internal Audit is responsible for validating whether the Firm operates in a controlled environment with appropriate risk management processes. Auditors evaluate the adequacy and effectiveness of the Firm’s internal controls using a risk based methodology developed from professional auditing standards. Internal Audit assists in monitoring the Firm’s compliance with internal guidelines set for risk management and risk monitoring, as well as external rules and regulations governing the industry. The team reports directly to the Board Audit Committee and helps verify whether the Firm meets all of its fiduciary responsibilities to shareholders, while adhering to corporate-governance standards and legal and regulatory requirements.

Internal Audit comprises Business, Risk and Technology auditors. Business and Risk auditors focus on understanding the risks that the businesses face and the controls to mitigate those risks. Technology auditors focus on the application controls supporting business processes, including systems development, application security and entitlements, production management, and technology governance. Both groups are responsible for understanding, analysing and testing the controls to protect the franchise. This role would be part of the Global Risk Management audit team, a group of risk professionals who are functionally part of Internal Audit, and will be based in London.

Role Profile

Morgan Stanley is seeking a seasoned financial services professional, with strong audit or line plus audit experience in the Operational Risk space within an investment banking environment. The role is at Senior Manager level, and ultimately reports to the EMEA Head of Risk Management Internal Audit.

Primary Responsibilities

The successful individual would be expected to take responsibility for audit work across the EMEA Operational Risk function, both as part of global and EMEA specific audits, and, where required, assisting in the completion of the audit plan supporting market, credit and liquidity risk. This will include: scoping areas to be covered in each audit, performing fieldwork, identifying control gaps/required enhancements, providing recommendations for improvement, and communicating those findings to senior management. The role also involves building up relationships with key Risk clients, and participating in the continuous monitoring process to keep up to date with business, technology and regulatory developments within the EMEA Operational Risk function. The successful candidate will be expected to have regular dialogue with senior Operational Risk staff in London and other parts of the world, as well as with the broader global Internal Audit team. They will also be responsible for providing technical expertise to Internal Audit teams on operational risk management and the core areas of the firm’s Operational Risk Framework.

EMEA Operational Risk forms part of the global Risk Management function, which has responsibility for evaluating the quality of the firm's risk monitoring process and opine on its efficacy. Internal Audit’s Risk Management reviews cover all aspects of the firm's Market, Credit and Operational risk processes, including but not limited to:

• Adequacy of and adherence to Risk policies and procedures,
• Accuracy of internal models,
• Quality of market data and risk data,
• On-going monitoring of risk exposures,
• Completeness, accuracy & timeliness of regulatory calculations.

The EMEA Risk Management Internal Audit team works closely alongside the local Risk Management teams, who are managing the EMEA risk exposure.


Skills required (essential)

• Strong technical understanding of Operational Risk Management core concepts & methodologies, preferably having worked in risk management internal audit in a major bank/financial institution.
• Strong understanding of relevant UK & European operational risk regulatory requirements.
• Strong analytical skills, with proven ability to perform audits on technical risk management concepts.
• Strong understanding of financial products and experience of auditing sales and trading desks in a major bank.
• Strong team-working skills to support the broader audit function by leveraging their knowledge to the best use of the Firm.
• Proven ability to build credible relationships with senior management in the Risk function.
• Ability to manage portions of risk management audit reviews that he/she is assigned responsibility for.
• Ability to clearly document findings in work papers to ensure they meet internal standards.
• Strong communication and writing skills and the ability to write clear and concise findings and recommendations.
• Good technology skills and the ability to analyse large amounts of complex data to identify potential issues.

In addition to proven audit skills, previous experience working in a line Operational Risk Management role would be beneficial.

Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment where all individuals can maximise their full potential. Our skilled and creative workforce is comprised of individuals drawn from a broad cross section of the global communities in which we operate and who reflect a variety of backgrounds, talents, perspectives and experiences. Our strong commitment to a culture of inclusion is evident through our constant focus on recruiting, developing and advancing individuals based on their skills and talents. *LI-CL1