Executive Director, Outsourcing Risk Management

Morgan Stanley New York , NY 10007

Posted 3 months ago

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 ethics.

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 Position

Role: Executive Director, Outsourcing Risk Management

Location: New York, New York

Supervisor: The Executive Director will report to the Global Head of Outsourcing Risk, Managing Director

Scope: The Executive Director will be responsible for a team located in New York


Within Morgan Stanley, senior managements within business units and support functions are accountable for the management of risks arising from outsourcing. They will be responsible for ensuring the proper execution of outsourcings and for the on-going managing and monitoring of outsourced functions to ensure outsourcing regulatory requirements are maintained on a continuous basis.

The role will be independent of individual business divisions and will be responsible for maintaining the outsourcing risk policies, standards and procedures according to the second line of defense policy requirements. The job holder will work on all aspects of outsourcing providing support to Morgan Stanley?s various business units and support functions and ensure that the organization acts in compliance with the firm?s internal policies, external rules and relevant regulations on outsourcing.

Specific responsibilities include:

? Implementation of outsourcing risk policies, standards and procedures that support pro-active outsourcing lifecycle management, including ensuring all relevant stakeholders understand best techniques/levers to manage outsourcing risk

? Ensure adherence to Firm?s global strategy, risk appetite and tolerance levels for outsourcing by reviewing impact to Material Operating and Service Entities

? Participate in Global Outsourcing Governance Committee responsible for overseeing and managing inter-affiliate outsourcing risk to regulated entities, including approving all new or materially changed critical outsourcing; ensure consistent governance regionally

? Responsible for the day-to-day oversight of the Global Outsourcing Framework; with LCD, monitor changes in regulatory focus and implement changes to Framework, as required

? Work with Regional and Local Heads of Outsourcing to: (i) ensure Framework is embedded across the Firm, (ii) oversee the Firm?s adherence with global regulatory requirements and best practices relative to peers

? Drive change management activities related to the implementation of the strategic plan:

o Applying a structured approach and methodology for the change efforts

o Developing change management plans including project plan, communication plan, and training plan

o Identifying performance and skill gaps, and working to develop and implement corrective actions

? In coordination with ORD and 1st Line Business Units, update risk methodologies to measure risk to prioritize appropriate ongoing risk management

? Manage the Firm?s day-to-day outsourcing operation, assisting BUs to execute on their strategies

? Maintain an accurate inventory of outsourced and critical outsourced services supporting regulated entities; ensure all outsourcing is contracted and stored, including inter-affiliate outsourcing

? Ensure proper escalation and exception processes are in place

? Create a framework for managing and measuring performance

? Institute effective processes for managing sub-contracting of outsourced services

? Ensure contingency/exit plans are documented for all critical outsourcing and ongoing assessment of the same

? Set standards for performing and evidencing ongoing supervision of outsourced services by skilled personnel

? Maintain holistic view of the outsourcing environment, encompassing vendor, GIC, ODC and inter-affiliate arrangements

? Engage with Firm Resolution and Recovery Planning and MSE Governance Teams to review operational mapping of the Firm?s relevant resolution plans

? Ensure BUs have a consistent methodology evidencing risk management via minutes, Service Level Agreements; aggregate a centralized Firm view

? Conduct analyses and report on various aspects of outsourcing risks (concentration, operational, performance)

? In support of 2nd line, test controls to ensure adherence and identify where changes are necessary

? Develop and maintain technologies to assist in managing and reporting on global outsourcing risks, including entity and service-level reporting

? In coordination with ORD, LCD, RRG, responsible for outsourcing-related dialogue and reporting to regulators; in some jurisdictions, inform regulators of new or significantly changed outsourcing arrangements

? On a periodic basis, report to relevant senior risk committees

? Ensure ongoing training and awareness to all key personnel in Business Units, with respect to outsourcing and risk management

? Provide staff a strong day?to?day leadership presence in establishing, prioritizing and coordinating operational projects, considering resources needs, timelines, and improvements to the controls and efficiency of processes

? Participate in ? and with demonstrated success, lead ? recruitment, performance reviews and talent development of key staff

The successful candidate will be a seasoned professional with experience in Outsourcing Risk Management. More specifically, qualifications ought to include:

? 10 years in a management role and working with global teams

? 7 years? experience in outsourcing and third party risk management in a fast-paced environment with a demonstrated ability to meet goals and deadlines

? In-depth understanding of global regulatory requirements related to outsourcing and vendor third party risk management

? Experience implementing and/or maintaining the outsourcing risk and third party risk management function and operating model in global industries with a strong customer centric focus and a track record of success working in a team-based environment

? A demonstrated ability to think strategically and act as a thought partner with teammates, senior leadership, and key stakeholders is critically?important

? Exceptional project management/team leadership skills evidenced by a track record of success leading engagements or other problem-solving initiatives requiring coordination of cross-function team members with varied backgrounds and skills

? Proven ability to lead, influence, train, coach, motivate others and demonstrated ability to enforce accountability to drive results

? Demonstrated analytical capabilities along with the ability to translate analysis into tactics and results

? Ability to think strategically, anticipate consequences and trends and incorporate them into the strategic plan

? Extensive working knowledge of outsourcing risk methodologies and management processes.

? Experience participating in outsourcing risk reviews for regulatory and/or internal audit

? Excellent communication and presentation skills and proven ability to effectively interact with team members, clients, and peers, earning their trust and establishing credibility

? Outstanding written skills and experience setting forth achievable and specific organizational objectives in a clear and concise way

? Ability to discern where to place efforts/actions to add the greatest value and maximum impact

? High energy level, intelligence, maturity and unquestionable integrity with a team orientation

? Ability to be flexible, adjust to changing priorities and unforeseen events, and proactively adjust strategy and approach from new learnings

? Bachelor?s degree with graduate degree preferred

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Executive Director, Outsourcing Risk Management

Morgan Stanley