Model Risk - Mortgages (Risk Management) : Job Level - Vice President at Morgan Stanley

New York, New York, United States -

Full Time

Start Date

Immediate

Expiry Date

08 Apr, 26

Salary

200000.0

Posted On

08 Jan, 26

Experience

5 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Model Validation, Risk Management, Financial Mathematics, Stochastic Calculus, Statistics, Statistical Software, Team Leadership, Communication, Problem Solving, Critical Thinking

Industry

Financial Services

Description

Morgan Stanley 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 forty-three countries. The talent and passion of our people is critical to our continued success as a firm. Together, we share four core values rooted in integrity, excellence, and strong team ethic: · Putting Clients First · Doing the Right Thing · Leading with Exceptional Ideas · Giving Back · Committing to Diversity and Inclusion Morgan Stanley is committed to helping its employees build meaningful careers and we strive to be a place for people to learn, achieve and grow. Firm Risk Management 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: · Flat, flexible, and integrated global organization · Collaboration and teamwork · Credible, independent decision-making · Organizational influence · Creative and practical solutions · Meritocratic and diverse culture Background on the Position: This role will reside within Firm Risk Management’s Model Risk Management team responsible for the Firm’s management of model risks related to the implementation and use of valuation and risk models. This position requires strong risk management mindset, proven subject matter expertise in model validation, and excellent technical, leadership, and organizational skills. Responsibilities: · Lead a team of Reviewers and perform independent model reviews of the Resi Mortgage pricing models including Whole Loans and Securitized Products compliant with Model Risk Management policies and procedures, regulatory guidance and industry leading practices, including evaluating conceptual soundness, quality of modeling methodology, model limitations, data quality, and on-going monitoring. · Communicate model validation conclusions to relevant stakeholders and work with relevant 1LOD and 2LOD functions to develop appropriate remedial actions. · Write comprehensive and high-quality review reports and oversee and train 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. Required Experience: · Five or more years in development or model validation of pricing models for Mortgage Resi products such as Resi Whole Loans, Agency, and non-agency products, · Experience with Rates and Securitization pricing models, · Expertise in Financial Mathematics such as Stochastic Calculus and Statistics, · Proficiency in statistical software packages, · Advanced degree in Finance, Mathematics, Physics, Engineering, Economics, or related quantitative fields, · Experience engaging with regulators and internal audit, · Strong written and verbal communication, including ability to influence and effect change, · Critical thinking, problem solving, resourcefulness, · Ability work in a dynamic, fast-paced, high-pressure environment, · Experience with team leadership, people management, including remote teams. WHAT YOU CAN EXPECT FROM MORGAN STANLEY: At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work. To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices into your browser. Expected base pay rates for the role will be between $120,000 and $200,000 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).

Responsibilities

Lead a team to perform independent model reviews of mortgage pricing models and communicate validation conclusions to stakeholders. Proactively identify risk themes and engage with stakeholders to manage risks effectively.