The Path to Advice Business Control Unit (BCU) is a first line of defense risk function responsible for overseeing risks and controls for the Path to Advice business unit within Wealth Management Client Segments. A key part of this role is to serve as a risk advisor to Path to Advice, partnering closely with leadership to identify, assess, and help mitigate key risks. The individual will support business strategic initiatives by delivering clear, actionable guidance on risk implications, control considerations, and governance expectations, while helping teams make well-informed decisions that align with the firm's risk appetite.
The BCU team also works with business stakeholders and other control partners including second and third lines of defense to continually monitor and assess risk. BCU engages in risk analysis of process, control or business model changes and active updating of the businesses' Non-Financial Risk Assessment (NFRA). Other functions core to the BCU team include but are not limited to policies and procedure reviews, managing internal audit and compliance exams, incident and escalation reporting, lessons learned reviews, risk assessment of strategic and other business initiatives, business continuity plan support, and data analytic deep dives.
The successful candidate will be adaptable in a dynamic environment, with demonstrated risk and control experience, strong strategic thinking, and clear communication skills to monitor existing and emerging risks and drive improvements to the business's risk management practices.
Primary Responsibilities include but are not limited to: - Support expanding strategic initiatives / new capabilities requiring upfront risk assessment and control design
- Maintain continuous 1LoD coverage for Path to Advice control obligations
- Provide 1LoD risk sign-off / credible challenge for process changes, new initiatives, and control design
- Lead end-to-end exam/audit readiness for assigned coverage area
- Assure coordination across all three lines of defense throughout lifecycle
- Guide business partners in identifying, understanding and self-disclosing risks and defining subsequent action plans for remediation
- Coordinate Document Request Lists and ensure timely delivery of requests
- Schedule/Coordinate walkthroughs with various stakeholders
- Review audit reports and findings for accuracy
- In coordination with the business, develop appropriate Action Plans
- Track issues and action plans for remediation and ensure timely completion
- Own and maintain the business's NFRA risk/control inventory ensuring evidence is audit-ready and aligned to current process/control design
- Manage operational risk incidents, remediate as necessary, and complete root cause analysis as required
- Support required reviews and updates of Policies and Procedures (P&Ps)
- Update Business Continuity Plans (BCP) and Business Impact Assessments
- Produce periodic operational risk reporting (KRIs/KPIs, incident themes, control health) for business leadership
- Participate in relevant workgroups and provide risk support and assessment on new business initiatives, changes in business model or processes and controls
- Support business in managing Artificial Intelligence use cases
To be successful in this role, the candidate will need to: - Be a self-starter that can quickly develop comprehensive knowledge of all aspects of the Morgan Stanley Path to Advice business line, and connectivity to other parts of the organization
- Manage multiple deliverables which can sometimes be ad-hoc and unanticipated requests, so a successful candidate must be able to work in an environment with evolving priorities, making sound decisions about prioritization, and communicating immediately where there are real risks to on-time delivery
- Quickly develop a working knowledge of the Wealth Management Client Segments business lines and related new initiatives, open risk issues, status of remediations, technology roadmap, etc.
- Collaborate and build effective working relationships with employees across the organization
- Build effective partnerships with colleagues in WM Risk and Fusion to support certain aspects of the BCP function
- Work closely with Business, Technology and Operations related to incidents and projects
- Partner with second and third-line control functions (Legal, Compliance, Audit, and Risk) on an ongoing basis
- Be comfortable leveraging firm-approved Artificial Intelligence resources to enhance day-to-day productivity (e.g., drafting, summarization, analysis support) while adhering to all applicable policies, confidentiality requirements, and governance standards
Qualifications:- At least 4-6 years of experience within Financial Services, in a Risk Management, Audit or Compliance role preferred. Knowledge related to Wealth Management a plus.
- Bachelor's Degree required
- Proven ability to manage delivery/execution of a wide range of tasks and initiatives
- Project management skills and the ability to effectively prioritize many competing assignments
- Strong analytical and problem-solving skills (critical thinking ability)
- Strong organization skills with the ability to multitask and prioritize; ability to work under pressure and to tight deadlines
- Excellent written and verbal communication skills and ability to interact at all levels of the organization and tailor messages appropriately
- Proven ability to work across departments to influence others and build strong relationships
- Attention to detail, high level of initiative and resourcefulness and ability to problem solve, demonstrate good business judgment and integrity
- Proficiency in MS Office applications (e.g., Word, Excel, PowerPoint, Project)
- Data analytics skills
- Proficiency in using Artificial Intelligence (writing prompts, creating agents, etc.)
New York/ New Jersey
Expected base pay rates for the role will be between $85,000 and $140,000 per year at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.
