Market Risk Controller
- Glasgow, Scotland, United Kingdom
- Permanent, Full time
- Morgan Stanley
- 20 Feb 18 2018-02-20
See job description for details
If you’re looking for a firm that can provide you with a challenging role and long term career development opportunities then read on. We have built a world class reputation for quality and service and the talent and passion of our people has been critical to our success. We provide a strong foundation for building a professional career – a place for people to learn, to achieve and to grow. Together we share a common set of values rooted in integrity, excellence and a strong team ethic.
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.
The Finance Division globally reports to the Chief Financial Officer and consists of some 3,000 employees worldwide. Finance protects the Morgan Stanley franchise by serving as guardian of the Firm’s books and records, and by contributing to firm wide risk management and risk reduction. This division maintains relationships with Morgan Stanley’s various industry and government regulators, and also serves as the conduit of financial information to the outside investment community. Finance plays a critical role as advisor to Morgan Stanley’s various businesses and its senior management team.
Morgan Stanley’s Glasgow office employs in excess of 1,300 staff across Operations, Technology, Fund Services and Finance. Due to our growing business, we have a demand for career minded people to join our teams. Our opportunities offer unrivalled scope for progression and training within a fast paced, meritocratic and constantly changing environment. Morgan Stanley pride themselves on maintaining a culture which champions diversity, an inclusive environment for all, recognition and an opportunity to give back to our communities through various local charity partnerships. The office is located centrally and enjoys the additional benefits of an onsite gym and restaurant
The Glasgow Finance team is over 220 strong and spans a wide range of functions including: Product Control; Market Risk Control; Liquidity Control; Treasury Currency Management; Compensation Control; Tax; Legal Entity Control and Governance; Accounting Advisory Services; General Ledger Governance; Regulatory Reporting and Finance Risk. The variety and scope of our opportunities across all levels allows our employees to enjoy fulfilling and challenging long-term careers. In order to maintain this we require finance professionals of all levels, both qualified and non-qualified, who are committed to working in a challenging and ever evolving industry. For non-qualified candidates we actively support a number of professional qualifications.
The Market Risk Controller Group is responsible for a series of controls designed to help ensure the completeness and accuracy of firm risk data used within the firms Market Risk Capital calculations (e.g. Value at Risk calculation) and for executing testing designed to help assess the ongoing validity of the firms Market Risk models. Given this broad remit, Market Risk Controllers work closely with a wide range of clients and stakeholders globally across Product Controllers, the Market Risk Department, Regulatory Controllers, Accounting policy and the Business Unit. This breadth of interaction provides an excellent and somewhat unique opportunity to learn about a range of businesses and products across the firm. Market Risk Controllers have a footprint in Glasgow, Hong Kong and New York (25+heads globally) and comprises three core functions
- Fixed income and Equity Risk Control: This team provides reporting and analytical services to clients in the Business Unit and Market risk department. The principal goal of the risk control function is to ensure the information within firm aggregate risk systems is complete and accurate.
- Regulatory Backtesting: This team is responsible for executing a daily backtesting process – designed to test the validity of the firms risk models which are used to drive the firms Value at Risk calculations. Backtesting is a regulatory requirement whenever a firm employs a Value at Risk based market risk approach. The process involves analysis and reporting on a comparison between the firms economic trading P&L versus the firms Value at Risk measure. Key clients are the Market Risk Department and Regulatory controllers.
- Capital Indicator assurance: This team executes a series of control processes designed to ensure that firm activity is classified correctly for capital purposes. The parameters of this process are based upon regulatory requirements. Core responsibilities are to review the capital indicators assigned to firm activity to ensure the firms Market Risk Capital calculations are based upon the correct population of firm activity. In addition the team facilitates the overall governance structure for capital indicators and is pivotal in designing and delivering a range of training and reference material to stakeholders (primarily Product Controllers) to help them assign capital indicators appropriately. Key clients are the Market Risk Department, Regulatory controllers, Accounting policy and the Credit Department.
- Standardised Market Risk calculations: This team is responsible for calculating Standardised Market Risk capital charges in accordance with Basel 3 and other Regulatory rules across both Prudential Regulatory Authority (PRA) and Federal Reserve Board (FRB) Regulated Entities. In doing the team supports reporting to senior management and external regulatory bodies such as the PRA and is also responsible for working with colleagues in IT and wider Reg controller group to develop calculations in line with an ever changing regulatory landscape. Key clients/areas of interactions are with the Market Risk Department, Business Unit, Regulatory controllers and product controllers.
JOB DESCRIPTION, SKILLS REQUIRED AND SKILLS DESIRED
We are looking to hire an associate/analyst to fill an opening that has recently developed. The successful candidate will predominately be focused on the standardised market risk capital calculations but will also support the project agenda within the capital indicator assurance function. In time and based on performance there will also be an opportunity to rotate across the other sub functions within the wider team. This is an exciting opportunity during a period of significant market risk regulatory change which will offer the successful candidate a unique insight into many of Morgan Stanley's key businesses, products and more widely the market risk regulatory framework.
- Support accurate and timely execution of control processes/reporting
- Prepare and maintain weekly/monthly risk metrics
- Partner with IT and other groups to facilitate resolution of issues
- Ensuring that assigned projects are delivered on time and any issues escalated proactively.
- Work with wider team/other teams on new regulations / policies impacting firms market risk capital requirements.
- Develop and maintain relationships with a range of clients/stakeholders including GPC, Regulatory Controllers, Business Unit, Risk Management.
- Develop an understanding of the various products and businesses for which we provide support.
- Partner with wider MRC team both locally and globally on cross silo initiatives/projects
- Maintain functional policies and procedures
- Appropriately escalate risk issues to local management
- Provide ad-hoc analytical support to clients
- Drive and determination- an ability to proactively push projects/processes forward
- Good communication and analytical skills are essential. In particular the ability to effectively communicate with senior clients.
- Intermediate Excel (including pivots and formulae) and general MS Office skills desirable
- High level of guardianship the candidate should be very focused on guardianship and ensuring that exceptions are identified, resolved and escalated on a timely basis.
- Ability to make decisions under pressure and justify those decisions
- Ability to meet tight reporting deadlines, manage time and prioritise effectively
- High level of organisational skills
- Candidate must be able to work well within a local and global team environment
- An interest and awareness of financial markets and products
- Prior experience within Financial services, particularly within regulatory or related functions
- An awareness of the Market Risk regulatory framework (e.g. Basel framework)
- A degree in Finance/Accounting/ Mathematics/Engineering
Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment where all individuals can maximise 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. *LI-EM3