Model Risk (Risk Management) : Job Level - Vice President

Morgan Stanley is a leading global financial services firm providing a wide range of services. This role is part of Firm Risk Management’s Model Risk Management team with global responsibility for independent control, review, and validation of models used across the firm, including traditional quantitative methodologies and AI/ML-based models. The focus is on validating commodities pricing models and tools. The position requires strong risk‑management mindset, subject‑matter expertise, and strong technical, leadership, and organizational skills.

Background on the Position

This role resides within Firm Risk Management’s Model Risk Management team, which has global responsibility for the independent control, review, and validation of models used across the firm. In addition to traditional quantitative methodologies, MRM also reviews models based on artificial intelligence and machine learning, including Generative AI solutions. The role is responsible for the validation of commodities pricing models and tools. The New York team collaborates closely with colleagues across the global MRM organization.

Primary Responsibilities

• Understand the use and effectiveness of models and tools within the context of relevant firm businesses and processes.
• Perform independent model and tool validation of complex state‑of‑the‑art pricing models used by Morgan Stanley's Fixed Income businesses, particularly within Commodities Trading for daily valuation and risk management of trading positions.
• Evaluate whether model and tool documentation meets established firmwide standards and policy requirements, and whether model testing is sufficiently robust to assess model performance, limitations, and risks.
• Assess conceptual soundness and fitness for purpose of models and tools, ensuring key assumptions and limitations are clearly identified, well understood, and appropriately controlled.
• Conduct independent quantitative testing and verify that ongoing model performance monitoring frameworks are adequate and consistently applied.
• Proactively identify, assess, and elevate thematic and idiosyncratic model and tool risk themes; engage with 1‑LOD and 2‑LOD stakeholders to develop effective solutions to manage model and tool risks, including evolving performance monitoring and change management practices.
• Communicate model and tool review conclusions to relevant stakeholders and work with 1‑LOD and 2‑LOD functions to develop appropriate remedial actions to effectively resolve identified issues. Track progress against issue remediation actions and take appropriate review actions to resolve.
• Collaborate closely with a broad range of stakeholders – including developers, desk strategists, Market Risk, and Valuation Control – to ensure models and tools meet high standards of quality, governance, and implementation while supporting evolving business needs.
• Produce high‑quality model and tool review reports consistent with MRM standards and suitable for senior management and governance forums.
• Perform ad‑hoc and on‑demand analyses of model behavior, performance, and risk characteristics as required.
• Own and deliver on high‑profile, time‑sensitive deliverables with minimal supervision.
• Establish and sustain productive relationships with model stakeholders in 1‑LOD, 2‑LOD, and 3‑LOD.
• Represent the Model Risk Management team in interactions with the Internal Audit department and with regulatory agencies as required.
• Work as part of a global Model Risk Management team spanning multiple locations, including New York, London, Tokyo, and Hong Kong.

Experience Required

• At least 8 years of experience in derivative pricing model development and/or validation, with a particular focus on commodities as well as rates and FX asset classes.
• Proficiency in statistical software packages, data mining, and machine learning techniques.
• Prior management or team lead experience (preferred).
• Regulatory and internal audit engagement experience.

Skills Required

• Master’s degree or PhD in a quantitative discipline or finance, with a strong foundation in numerical methods, probability theory, stochastic calculus, and the practical application of quantitative models in finance.
• A genuine and broad interest in financial markets, combined with a strong internal drive to critically challenge, improve, and enhance models using a rigorous, quantitative, and practical mindset.
• Risk‑oriented mindset including effective risk prioritization, critical and analytical questioning, and willingness to speak up.
• Clear analytical and critical thinking, sound business judgment, resourcefulness, and a proactive, collaborative approach to problem‑solving.
• Strong interpersonal and communication skills, with the ability to clearly articulate complex quantitative concepts to both technical and non‑technical stakeholders, and influence and effect change.
• Comfortable leading meetings and engaging with senior leaders in the firm.
• Ability to work in a dynamic, fast‑paced, high‑pressure environment, managing multiple high‑priority deliverables.
• Experience managing and leading a global team.

What You Can Expect From Morgan Stanley

At Morgan Stanley, we raise, manage, and allocate capital for our clients – helping them reach their goals. We keep our values—putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back—in every decision we make. Our teams are relentless collaborators and creative thinkers, energized by diverse backgrounds and experiences.

We offer some of the most attractive and comprehensive employee benefits and perks in the industry, with ample opportunity to move across the business for those who demonstrate passion and grit. Base pay for this role ranges from $120,000 to $210,000 at the commencement of employment. Pay may also include commission earnings, incentive compensation, discretionary bonuses, and other long‑ and short‑term incentive packages.

Our workforce reflects a broad cross‑section of the global communities in which we operate, bringing a variety of backgrounds, talents, perspectives, and experiences.

Morgan Stanley is an equal‑opportunity employer committed to building and maintaining a workforce that is diverse in experience and background. Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents.

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