Vice President, Affiliate Third Party Risk Management (Operational Risk)

$112,000 - $177,000/Yr

Morgan Stanley - Baltimore, MD

Full-time - Executive

Baltimore, MD

1,001-5,000 employees

Securities, Commodity Contracts, and Other Financial Investments and Related Activities

About the position

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 role will reside within NFR's Operational Risk Department focusing on Third Party Risk Management, with a particular focus on affiliated third parties. Operational Risk refers to the risk of financial or other loss, or potential damage to a firm's reputation, resulting from inadequate or failed internal processes, people, systems, or from external events (e.g., fraud, legal and compliance risks or damage to physical assets). The Firm may incur operational risk across the full scope of its business activities, including revenue-generating activities (e.g., sales and trading) and control groups (e.g., information technology and trade processing). There is a need to drive evolution and transparency of the underlying Affiliate Third Party Risk Management framework, support and recommend industry-leading best practices and technologies, and introduce new controls and processes to strengthen the existing framework. The individual will play a critical strategic role in driving risk management oversight activities, which may include development of risk metrics and reporting, deep dives and analyses, and ongoing supplier risk assessments. The individual will also support adoption of these risk management activities within the Firm's framework, standards, methodology, while driving day-to-day oversight of these risks across the US Banks. The position requires a focus on governance and oversight to identify, assess, mitigate, and report aggregate portfolio-level exposure and risks of the US Banks affiliated third parties and sub-contractors. The individual will support US Banks' ORD in relevant third-party governance, steering, and working group committees and ensure that risk and control-related activities follow Regulatory requirements and expectations. The role also involves maintaining and overseeing relevant policies and procedures related to US Banks ORD Affiliate Third Party Risk Management processes, providing advice and guidance to first line stakeholders on best practices for affiliate risk management, and collaborating with first line third party program colleagues in the design and implementation of controls, risk metrics, and reporting, as appropriate.

Responsibilities

• Focus on governance and oversight to identify, assess, mitigate, and report aggregate portfolio-level exposure and risks of the US Banks affiliated third parties and sub-contractors.
• Support US Banks' ORD in relevant third-party governance, steering, and working group committees and ensure that risk and control-related activities follow Regulatory requirements and expectations.
• Support transparency and maturity of the Affiliate Management program through effective challenge of the overarching Third Party Risk Management Framework.
• Participate and lead ongoing risk assessments pertaining to the affiliate third party portfolio in support of risk identification and mitigation opportunities.
• Assess existing and emerging third party risks (e.g., cloud computing), information security, cyber and resiliency in a rapidly evolving threat environment.
• Execute Operational Risk activities within the Bank's ORD framework to demonstrate effective challenge of supplier risk profiles and drive the appropriate level of governance and risk management within the Bank's tolerance.
• Maintain and/or oversee relevant policies and procedures related to US Banks ORD Affiliate Third Party Risk Management processes.
• Provide advice and guidance to first line stakeholders on best practices for affiliate risk management.
• Collaborate with first line third party program colleagues in the design and implementation of controls, risk metrics and reporting, as appropriate.
• Engage with senior colleagues in the broader Firm and US Banks Risk Division, and in the first line of defense including Firm Third Party Program Management, US Banks Vendor Management team, other business units and support functions, as appropriate.

Requirements

• An undergraduate degree (i.e., B.A., B.S., or equivalent) is required.
• Five to ten years of relevant Financial Services program management experience; exposure to sourcing / procurement, vendor risk management preferable.
• Comparable experience in vendor risk management within other highly regulated non-Financial Services industries will also be considered, for example aviation, insurance, automotive, government, healthcare, manufacturing, etc.
• Logical thinking, ability to analyze complex sets of data and convert to meaningful risk information and reporting.
• Strong analytical and problem-solving skills with the ability to effectively manage several projects / tasks concurrently.
• Program management skills with a focus on effectively communicating complex analytical concepts to senior management.
• Demonstrated ability to collaborate across multiple functional areas while maintaining suitable independence and effective challenge.
• Proficiency in Microsoft Word, Excel, Access and PowerPoint.
• Familiarity with visualization tools (e.g., Tableau) and vendor risk management tools (e.g., Archer, Process Unity, ServiceNow, etc.) is preferable.

Nice-to-haves

• Familiarity with relevant Banking, Financial Holding Company and securities regulations.

Benefits

• Competitive salary based on experience and qualifications.
• Incentive compensation and discretionary bonuses.
• Comprehensive benefits package including health insurance, retirement plans, and paid time off.
• Opportunities for professional development and career growth.
• Diversity and inclusion initiatives.