Operational Risk Officer - Wealth Management

at  Morgan Stanley

Operational Risk Officer - Wealth Management
Job Number:

3256564
POSTING DATE: Aug 5, 2024
PRIMARY LOCATION: Europe, Middle East, Africa-Hungary-Budapest-Budapest
EDUCATION LEVEL: Bachelor’s Degree
JOB: Wealth Management
EMPLOYMENT TYPE: Full Time
JOB LEVEL: Associate

DESCRIPTION

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.
The Client Segments (CS) Centralized Business Control Unit supports multiple business lines within Client Segments, which include but are not limited to Direct and Institutional Businesses, Client Solutions Group, Virtual Client Solutions, WM Marketing, etc. The unit is a first line of defense risk function responsible for overseeing the operational risk and controls of Wealth Management’s CS business unit. This team partners with business stakeholders, second and third lines of defense to assess and report on operational risks, implement control processes and procedures, manage audits and exams, oversee risk management of vendors, manage business continuity plans, and conduct the annual Risk and Control Self-Assessment (RCSA). #LI-EK1
Responsibilities for this role will be:
Support RCSA related activities for specific Business Unit(s) within the CS organization. Core responsibilities will include engaging with business and risk partners to:
Create a process inventory
Complete a risk gap analysis
Identify inherent risks and confirm risk ratings
Perform control trigger reviews and assessments
Complete residual risk assessments
Obtain senior management RCSA sign-off and other related activities
Entitlements Management
Support key entitlements, initiatives and projects related to transfers, applications, segregation of duties, cyclical and ad hoc entitlements reviews
Periodically review the appropriateness and relevance of user’s entitlements to various applications
Opine on the effectiveness of existing entitlements processes, address gaps or build new processes where required
Mandatory Employee Vacation (MEV) Policy implementation oversight for CS:
In collaboration with Business Unit management, CS and Wealth Management Risk partners, help to identify and support implementation of MEV for the eligible employee population, according to Firm policy
Proactively maintain the population of CS employees in the Mandatory Enforced Vacation system
Serve as CS MEV escalation point to answer Business Unit questions and provide help and guidance associated with firm-established exception policy and processes
Play a supporting role with remaining CS Risk functions, including but not limited to:
Incident management; assist with incident response, reviews, and reporting. Identify, review and analyze past incidents
Policies and Procedures (P&Ps), including: inventory review, drive creation of missing P&Ps or updates to stale P&Ps, ensuring proper review and approval from Legal/Compliance, as required

QUALIFICATIONS

To be successful in this role, the candidate will need to:
Quickly develop a working knowledge of the CS business lines and related new initiatives, open risk issues, status of remediations, technology roadmap, etc.
Collaborate and build effective working relationships with employees across the organization
Guide business partners in identifying, understanding and self-disclosing risks and defining subsequent action plans for remediation
Build effective partnerships with colleagues in WM Risk and Fusion to support certain aspects of the BCP function
Manage projects as needed and assigned; Deliverables are often related to ad-hoc and unanticipated requests, so a successful candidate must be able to work in an environment with evolving priorities, making sound decisions about prioritization and communicating immediately where there are real risks to on-time delivery
Work closely with Business, Technology and Operations related to incidents and projects
Partner with second and third-line control functions (Legal, Compliance, Audit, and Risk) on an ongoing basis
Qualifications:
At least 1-3 years of experience within Financial Services, with involvement in Operational Risk or Wealth Management experience required
Background in RCSA and related activities is strongly preferred
Prior experience standing up successful new processes and functions would be valuable
Knowledge of corporate services products like stock plan, retirement products, financial wellness, and call centers, a plus
Strong leadership, and project management skills and ability to manage many competing priorities
Strong organization skills with the ability to multitask and prioritize; ability to work under pressure and to tight deadlines
Strong analytical and problem solving skills (critical thinking ability)
Excellent written and verbal communications skills
Detail-oriented and accurate
Ability to work in a team environment, build and maintain a network of contacts and coordinate with a large number of stakeholders
Proficiency in MS Office applications (e.g., Word, Excel, PowerPoint, Project)
Bachelor’s Degree required

Please refer the Job description for details