Head of Suitability Risk, Vice President (Hong Kong)
Location: Non-Japan Asia-Hong Kong-Hong Kong-Hong Kong
Morgan Stanley Private Wealth Management Asia provides highly customized financial advice, investment solutions and brokerage services to individuals, families and foundations.
As Morgan Stanley’s premier service for individuals and families with significant means, we specialize in providing our clients with custom-tailored financial solutions and a level of sophistication and access to expertise and investments typically reserved for large corporations, financial institutions and governments.
The Asian PWM franchise is an increasingly important part of the Institutional Equities Division business. The rapidly growing and fast evolving nature of this business presents unique challenges to the effective construction of risk management architecture to identify, measure and/or monitor the financial, non–financial and regulatory risks. Consequently, an opportunity has arisen for a Head of Suitability Risk to help meet some of these challenges. The appointment will be at Vice President grade.
The incumbent will play a key role in the ongoing development of the risk management framework for the PWM Asia business – where clients are typically very entrepreneurial in outlook and very market focused. Specifically this individual will help to formalise the risk management approach being adopted with a special focus on:
- Product Suitability Risk: The risk that the business delivers products to its clients which the clients or the Investment Representatives do not fully understand
- Client Suitability Risk: The risk that the business provides its clients with products which are not suitable to them
As a member of the Risk Team, the individual will report to the PWM Asia Head of Risk Management.
Client & Product Suitability Risk Management
• Act as a key driver in developing and enhancing the Suitability risk management architecture for PWM Asia. Specifically, this will involve developing the risk assessment, monitoring and reporting tools such that expressed client risk tolerances and investment objectives can be calibrated explicitly to the totality of the market risk their portfolios are exposed to
• Conduct and review Product due diligence across all PWM products / asset classes including OTC derivatives & discretionary portfolio management
• Well versed with the HKMA, MAS and SFC regulatory requirements across products and implement required controls to ensure compliance
• Partner with various product desks, Legal & Compliance and other infrastructure teams to establish appropriate governance around Suitability
• Ability to prepare various risk models to provide with the product risk rating
• Engage with Technology to ensure the applications assist in managing the suitability risks
• Meet with Investment Advisors and/or Clients to discuss their portfolio from an overall risk perspective including their declared risk profile
• Act as the Risk Management representative on the New Products Approval Committee*LI-SC1
• 7+ years of relevant product experience in the banking industry preferably in Private Banking/ Private Wealth Management, Risk Management background will be an advantage
• University Degree in Finance or Statistics
• Ability to work in a multi-function team & to establish credibility in front of colleagues and clients
• Excellent verbal and written communication and interpersonal skills
• Strong quantitative educational background
• Strong IT skills
• Proficient in English
• Product, Risk, Compliance or Markets experience
• Previous work experience in a similar role within the business
- Due Diligence
- Market Risk
- OTC Structured Products
- Risk Management