Operational Risk Specialist - Institutional Securities Group Product Operations

  • Competitive
  • Baltimore, MD, USA
  • Permanent, Full time
  • Morgan Stanley USA
  • 21 Oct 18

Operational Risk Specialist - Institutional Securities Group Product Operations

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
Morgan Stanley transacts exchange-traded Listed contracts globally, with trading locations in Europe, North America and Asia. Client Operations is part of a Global team that supports Derivatives Clearing, Prime Brokerage, Institutional Client Services, Margin, Client Onboarding and Outreach teams. Our business offering spans across multiple clearing houses (LCH, ICE, CME, Eurex etc.) and across multiple asset classes.

The risk manager role is responsible for assisting with the operational risk, control agenda for Global Client Operations, in Baltimore.
This includes: collaborating with regional management to improve operational risk processes; taking the lead to assist the Prime Brokerage, Institutional Client Services, Margin, Client Onboarding and Outreach teams in improving control framework, streamlining processes, establishing new procedures and other initiatives as required by management; proactively identifying regulatory, reputational, or financial risk; providing support to the organization on audit reviews and manage control-related activities that ensure a sound control environment.

Primary Responsibilities
Part of the Client Operations Risk team:
- Work with the Global Client Operations Risk Managers to perform risk reviews to improve the control environment via multiple work streams and initiatives.
- Assist in designing & implementing approach for strategic initiatives
- Assist in coordinating global risk and project agenda
- Manage short and long term strategic and tactical projects in an effort to reduce Risk
- Assist line manager in streamlining procedures by tracking manual processes, and finding opportunities for improvement without systemic solutions
Support Line Managers:
- Assist line managers in implementing guidance, best practices or policies for newly implemented procedures providing a risk & control opinion.
- Coordinate the yearly RCSA (risk and control self-assessment), capture updates from the line teams, review and analyze the control assessment and work with teams to implement remediation actions.
- Assist in internal and external audits to discuss potential findings, contribute to finalizing audit report as needed
- Provide assistance to line teams and supervise migration of procedures to strategic locations, highlighting potential risks and working with line to find and implement solutions
- Identify and implement new opportunities to improve controls and procedures, and decommission manual process
- Analyze incidents to determine root cause, control break downs, impact and preventative actions are properly captured. Propose improvements to the processes and provide guidance to line teams on the incident management process
- Assess impact of division wide policy/procedures
- Input on new & existing Key Risk Indicators
- Assist with the supervision and creation of the monthly risk pack and other metrics relevant to management in order to provide transparency to stakeholders on Clearing Risk and control environment
- Monitor exception remediation plans (e.g. Segregation of Duty, RADAR action plans etc.)
- Provide pointed risk & projects training
- Address ad-hoc risk & projects related questions/inquiries from the line

Monthly Reporting:
- Contribute to Senior management risk reporting production including analysis, trending, exception management and commentary
- Incidents management and action plan management
- Monitor information security breaches
- Key Risk Indicators (KRIs)
- Training Gaps (Depth Charts)

Represent the Organization in Ops Risk and Control Initiatives:
- Pre-Policy & Procedure review and disclosure of exclusions
- EUC inventory and action planning
- Entitlements management (e.g. Segregation of Duties review & remediation of issues)
- Risk & Control Self-Assessment (RCSA) Program
- New Product Approval (NPA) Working Group
- Depth Chart Working Group
- Business Continuity Planning including transference program and zIDC
- Ongoing support & feedback for all new Ops Risk and Control initiatives


Skills Required
- Bachelor's degree
- Experience in the financial industry
- Strong risk management and control mindset
- Individual needs to be performance-driven, proactive, with proven ability to take on challenges, set and execute agenda. Candidate should be a dynamic self-starter with the ability to work either on their own initiative as well as be a solid team player with strong problem solving skills.
- Ability to evaluate and identify areas of risk across the organization. Identify and implement best practices and in some cases help shape the risk and project agenda.
- Ability to be flexible. The scope of the role is limited only by the capacity of the incumbent to add value across the wide scope of Global Client Operations.
- A willingness to engage in a wide range of issues at all levels of detail will be vital.
- Ability to multi-task, prioritize and be flexible to changing priorities and demonstrate good organizational skills.
- Ability to communicate effectively and confidently across all levels. Ability to confidently face off to senior management across divisions
- Good interpersonal skills to build cross-divisional relationships; gain support and respect from key stakeholders (Business Unit, Operations, FCG , Legal & Compliance)
- Good project and modeling skills to represent information in graphical forms that enhance decision-making and communications
- Ability to deliver on plans, complete next steps and resolve issues in a timely manner
- Proficiency in Excel / Word and PowerPoint.

Skills Desired
- Understanding of the related trade flows. Prime Brokerage, Margin, Listed Derivatives or OTC Clearing experience is desirable but not required
- Risk management / Audit experience