Model Risk Management - (Associate-level) Division: Risk Management Job Title: Model Risk Management
Location: London Job Level: Associate
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 The cornerstone of Morgan Stanley's risk management philosophy is the execution of risk-adjusted returns through prudent risk-taking that protects Morgan Stanley's capital base and franchise. Risk Management protects the Firm from exposure to losses resulting from defaults by our lending and trading counterparties. Model Risk Management is part of the Global Risk Management Department of Morgan Stanley and it has global responsibility for the independent risk control, review and validation of models used by Morgan Stanley. These include...
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Model Risk Management is part of the Global Risk Management Department of Morgan Stanley and it has global responsibility for the independent risk control, review and validation of models used by Morgan Stanley. These include derivative pricing models in all product areas (i.e. interest rates, currencies, commodities, equities, credit, and securitized products), as well as models used for counterparty credit risk (CVA/IMM), credit risk, market risk, operational risk, and capital and liquidity stress tests. Model Risk Management professionals are located in New York, London, and Budapest currently, and they work closely with business quantitative strategists, risk analytics, risk managers and financial controllers. The London team works closely with other members of the Model Risk Management across all model areas globally. Primary Responsibilities Morgan Stanley is seeking an associate with model risk management and/or quantitative modelling experience to join Firm Risk Management in London. The role-holder will be an integral part of the team delivering the model validations of the IMM model suite. Core responsibilities will be: • Conducting Model Validation activities for the IMM model suite, including, where appropriate: evaluation of developer documentation and testing, independent testing and the evaluation of model limitations and mitigating controls. • Documenting, to the appropriate standards, model validation findings and where appropriate presenting these to internal governance committees. • Participate in developing effective relationships with the regulators by providing accurate and timely submissions.
Qualifications Skills required (essential) • The ideal candidate should have at least two years of experience gained in a model risk management and/or quantitative modelling role at a banking institution, with particular knowledge of IMM models • Master or Ph.D. degree in Finance, Economics, Statistics, or a related quantitative field. • In-depth knowledge of mathematical finance and statistical methods. • Clear thinking, good business sense and judgment. • Good oral and written communication skills. • Experience of Python and SQL would be advantageous. 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.