Internal Audit, Risk Management – Executive Director Internal Audit, Risk Management – Executive  …

Morgan Stanley
in London, England, United Kingdom
Permanent, Full time
Last application, 23 Jun 19
Morgan Stanley
in London, England, United Kingdom
Permanent, Full time
Last application, 23 Jun 19
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, analyzing and testing the controls to protect the franchise. This senior-level role would be part of the Global Risk Management Internal Audit team, a group of risk professionals who are functionally part of Internal Audit, and will be based in London.

The Global Risk Management Internal Audit team provides coverage across the risk pillars, with audit teams specializing in Market, Credit, and Operational Risk audits, as well as Capital Planning. In addition, there are dedicated Quantitative Auditors who cover Model Risk and Credit Review who cover all aspects of the Firm’s credit process, including, but not limited to: adequacy of and adherence to Credit policies & procedures, accuracy of internal credit ratings, quality of underwriting & credit analysis and ongoing monitoring of credit exposures & portfolio management.

Role Profile
Morgan Stanley is seeking an Executive Director to lead the EMEA Internal Audit efforts, focusing on the Risk Management functions based in the region.

This senior audit professional will report jointly to the EMEA Chief Audit Executive and Global Risk Management Audit Director. The individual will be a member of the EMEA Senior Leadership Team as well as the Global Risk Management Internal Audit Senior Leadership Team. As part of this role, the senior professional will develop relationships with senior EMEA Risk Management stakeholders and will prepare and attend meetings with EMEA regulators and non-executive directors of MSIP on a regular basis. This senior professional will further manage a team of twelve London based professionals in addition to one remote headcount.

EMEA Risk is the UK Group’s independent risk management function and is responsible for the independent identification, analysis, monitoring, reporting, challenge and escalation of all market, credit, operational and liquidity risk exposures arising from UK Group and EMEA business activities. It assists EMEA senior management and the relevant Boards in their oversight of risk through a series of control processes including: development of risk appetite framework, statements & risk limits; implementation of a risk governance framework; development & maintenance of the necessary risk measures to monitor, assess & report on risk exposure; providing independent input & challenge to business strategy & risk management judgements made by the businesses; provision of comprehensive, timely & accurate risk information to the relevant stakeholders; and advising the UK Group and the EMEA business on changes to relevant applicable laws, rules, regulations & standards as they relate to Risk Management.

The successful candidate will direct audit coverage and the management of regulatory review specifically around the UK and EU rules and regulations. Audit coverage includes: Market Risk, Counterparty Credit Risk, Credit Risk, Credit Review, Quantitative Analytics Group (i.e. Model Risk) and Operational Risk, as well as capital planning for the UK Group and EMEA.

Primary Responsibilities
The successful individual would be expected to have oversight of the EMEA Risk Management portfolios for the Morgan Stanley UK Group. This will involve:

  • Building and maintaining senior business relationships to assist in the development, planning and/or performing of audits across the EMEA region focusing on Risk Management, broker-dealer & swap dealer, UK PRA and non-UK EU regulations. This will include primary responsibility for the relationship with the UK Group & EMEA Chief Risk Officer and his direct reports.

  • Driving the regional coverage for Risk Management, and ensuring that the local agenda and regulatory requirements are adequately scoped in to global audits and reviews, and supplementing with local coverage where required.

  • Developing the EMEA Audit Risk Assessment for Risk Management with the EMEA Senior Leadership Team and contributing to the Global Risk Assessment with the Global Risk Management Audit Team to build the EMEA audit plan.

  • Partnering with global peers on global Risk Management audits, closure verification and continuous monitoring exercises to ensure appropriate focus on the UK and EMEA agenda. They will also be expected to provide Risk Management Subject Matter Expertise to the Business Audit teams.

  • Ensuring execution of the audit plan within departmental methodology, policies and standards.

  • Ongoing communication with senior management and external stakeholders to discuss status of the audit plan, results of test work, and preparation and discussion of Board Audit Committee quarterly reporting.

  • Ongoing communication with UK and EU regulators.

  • Maintaining adequate resources, both in terms of number & skillset, in the region to ensure appropriate coverage of the local Risk Management functions, as well as performance management responsibility for three direct reports.


Skills required
At a minimum, the successful candidate would be expected to demonstrate the below skills & experience:

  • In-depth, technical understanding of core risk management concepts and methodologies, preferably having worked in risk management internal audit in a major bank/financial institution with trading activities.

  • In-depth understanding of Basel 2/3 and CRR rules, particularly relating to the IMM, IMA and IRB models.

  • Proven team management skills, both in terms of running audits (both across and within regions) and individual performance management.

  • Proven ability to build and maintain credible relationships with senior management, ideally in a Risk function, and strong networking capabilities.

  • Strong verbal and written communication skills, with the proven ability to write clear and concise findings, recommendations and reports.

  • Strong analytical skills, with proven ability to lead audits/reviews on technical risk management concepts.

  • Ability to effectively multi-task and manage multiple competing deliverables within tight timeframes whilst not compromising on quality of output.

  • Strong understanding of audit resource management including overseeing the team’s forecasts and ensuring audits within their portfolio are appropriately staffed at all times.

  • Experience in dealing with regulators (PRA in particular) and understanding of their expectations in terms of documentation, closure verification work and coverage of relevant regulatory requirements.

  • Strong understanding of financial products and experience of auditing sales and trading desks in a major bank.

Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment where all individuals can maximize 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.