Global Financial Crimes: Model Risk Control Model Specialist

Baltimore, MD
Jul 11, 2018
Jul 16, 2018
Full Time
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. Global Financial Crimes (GFC) coordinates day-to-day implementation of the Firm's enterprise-wide financial crime prevention efforts. GFC includes several legal and compliance disciplines and has responsibility for governance, oversight and execution of the Firm's Anti-Money Laundering (AML), Economic Sanctions, Anti-Corruption and Government and Political Activities Compliance programs. GFC also develops and/or assists in the development of appropriate policies and procedures, including those designed to assist the business units to know their clients and conduct appropriate due diligence and to prevent, detect and report potentially suspicious activity. GFC has dedicated coverage managers and teams of analysts who advise and counsel each business unit regarding its AML, economic sanctions and anti-corruption obligations and its particular clients and transactions. Background on the Team Recognizing the increasing importance sound model risk practices, the Global Financial Crimes (GFC) group in the Firm's Legal and Compliance Division (LCD) has established a centralized Model Risk Control (MRC) function in support of Morgan Stanley's ongoing commitment to prevent and detect money laundering, terrorist financing, economic sanctions and other legal and regulatory compliance concerns. Among other functions, the GFC MRC team manages and oversees the GFC Model Risk Framework and supporting controls that have been implemented for models used in support of key GFC business processes, promoting consistency across business lines and regions in the day-to-day implementation of program. Reporting Lines The GFC MRC Model Specialist has no direct reports and currently reports to the Head of Model Risk Control. Primary Responsibilities The GFC MRC Model Specialist will: Model Risk Management Activities - Act as the subject matter expert by facilitating the development, maintenance, enhancement, and optimization of the AML transaction monitoring model and its scenarios - Maintain the existing AML transaction monitoring model by performing qualitative analyses associated with periodic scenario assessments, above-the-line testing, below-the-line testing, and tuning - Conduct internal and external research surrounding new trends in money laundering behaviors, perform gap analysis with the existing transaction monitoring platform, and propose new scenario logic to stakeholders - Collaborate with relevant stakeholders and draft business requirements associated with the development of new or enhanced transaction monitoring scenarios - Perform root-cause analyses associated with potential anomalies detected in scenario performance or to confirm the cause of alerts flagged as potentially suspicious as part of below-the-line testing - Document the analyses, recommendations, and rationales for each activity related to the model - Work to standardize the tuning process and Model Risk Framework implementation across all AML coverage areas - Assist with preparation and maintenance of AML model documentation, including the model's procedures - Provide training sessions as needed to Business Unit / Regional teams on new scenarios Reporting Responsibilities - Assist in the preparation of periodic and ad hoc GFC metrics reports for senior management, MS Boards and regulators, including through the evaluation and enhancement of existing metrics and supporting processes - Track and report results of tuning and optimization activities to AML coverage areas - Participate in Firm, GFC and Compliance Committees (as applicable) Other GFC Activities - Suggest recommendations to improve GFC surveillance through the development of new risk models, model validation, statistical analysis of model thresholds, back testing and other sensitivity and productivity analysis - Participate in special projects impacting various areas within GFC / LCD - Maintain awareness of current industry rules, regulations and best practices - Draft and update AML policies and procedures, as needed Skills Required (essential) Candidates must: - Have a 4 year college degree (or beyond) with strong academic credentials - Have 3-7 years of professional experience within the banking industry in an AML/compliance, internal/external audit capacity, or experience within a financial services regulatory agency (eg, Office of the Comptroller of the Currency, Federal Reserve Bank, Securities and Exchange Commission, Federal Deposit Insurance Corporation, etc.) - Have extensive knowledge of resolution of surveillance items flagged as potentially suspicious transactions and items identifies as potential matches to adverse media, and designated sanctions targets / prohibited persons lists. - Possess an understanding of financial markets and banking, including broker-dealer product knowledge - Have strong client-relations skills and ability to partner with clients to develop practical solutions that meet business needs while remaining compliant with applicable laws and regulations - Have excellent written and verbal communications skills, attention to detail and effective time management skills - Have the ability to use various PC, MS Office and internet applications and tools to support AML processes - Be able to interact with Business Unit personnel and be willing to receive and apply feedback on work product from peers and supervisor(s) - Possess strong analytical thinking and critical reasoning skills - Have excellent interpersonal skills and the ability to work effectively with colleagues across regions and Business Units - Have excellent time management skills and ability to execute tasks within tight deadlines - Be self-motivated and must have the ability to work independently - Be certified as an Anti-Money Laundering Specialist by ACAMS or equivalent AML certification/license - or complete certification within 15 months of hire Skills Desired The Firm's ideal candidate will have: - Possess 1-2 years of project management experience - Ability to perform advanced SQL queries - Have ability to manage multiple priorities and tasks with the skills to adapt to changes in a fast-paced environment - Possess an understanding of the application of Fed SR 11-7/ OCC Bulletin 2011-12 on Model Risk Management - Be a self-motivated team player