Market Risk, Internal Audit - Vice President

  • Competitive
  • London, England, United Kingdom London England GB
  • Permanent, Full time
  • Morgan Stanley
  • 23 Apr 18 2018-04-23

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.

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, analysing 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 specialising in Market, Credit, Operational and Liquidity 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.

Primary Responsibilities

Morgan Stanley is seeking an experienced financial services professional, with strong audit or line plus audit experience in the Market Risk space within an investment banking environment, to be Portfolio Lead for the Market Risk Audit team in London. The role is at Vice President level and reports to the EMEA Head of Risk Management Internal Audit.

The successful individual would be expected to have oversight of the Market Risk Audit portfolio for the Morgan Stanley UK Group. This will involve:
- Acting as Audit Coverage Manager for a range of global and regional audits across the Market Risk portfolio. This will include, but not be limited to: driving the audit scope; agreeing the final scope with senior management (internal & client); directing and supervising the audit team during planning, fieldwork & reporting stages of the audits (including remote management of teams located in the Americas, India and Asia Pacific where appropriate); reviewing workpapers and providing review comments; collating issues in to themes and producing drafts for client discussion; driving the issue close-out and report production process (including agreement of issues with clients, agreement of proposed issue & report ratings with senior Internal Audit management and clients) and finalization of the audit file and report.
- Supervision of Market Risk Audit staff when performing closure verification on Internal Audit and Regulatory findings. This will include: ensuring appropriate testing is performed to confirm closure; reviewing workpapers prior to submission to EMEA Head of Risk Management Internal Audit for approval; and communicating outcomes to senior management.
- Ongoing performance management for all members of the London Market Risk Audit team, including semi-annual performance evaluations. In addition, remote performance management responsibility and resource allocation/oversight for a Market Risk Audit resource based in Mumbai.
- Client relationship management – building up relationships with key clients at all corporate levels and leading the continuous monitoring process to keep up to date with business, technology and regulatory developments within the Market Risk function. The successful candidate will be expected to have regular dialogue with the Senior Risk Managers in London and other parts of the world, as well as with the broader global Internal Audit team.
- Driving the regional audit coverage for Market Risk and ensuring that the local agenda and regulatory requirements are adequately scoped in to global audits and reviews.
- Managing the teams’ forecasts and ensuring that all audits within their responsibility are appropriately staffed at all times.
- Acting as the Subject Matter Expert for Market Risk in the region, and providing appropriate support from the Market Risk audit team to the broader EMEA Internal Audit team as and when required.
- Performing quarterly risk assessments for Market Risk for the local entities and ensuring appropriate coverage for the local entities in the global risk assessments.

Internal Audit’s Risk Management reviews cover all aspects of the firm's Market, Credit and Operational risk processes, including but not limited to:
- Adequacy of and adherence to Risk policies and procedures
- Accuracy of internal models
- Quality of market data and risk data
- On-going monitoring of risk exposures
- Completeness, accuracy & timeliness of regulatory calculations.


Skills required
At a minimum, the successful candidate would be expected to demonstrate the below skills & experience:
- In-depth, technical understanding of market risk core 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 IMA model and Market Risk Management more broadly.
- 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 market 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.
- Strong team-working skills to support the broader audit function by leveraging their knowledge to the best use of the Firm.

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-CL1