About Firm Risk Management (FRM) Team

Morgan Stanley’s Risk Management Division partners with our businesses across the Firm to realize
efficient risk-adjusted returns while protecting the Firm’s capital base and franchise. Risk Management is
critical to every aspect of Morgan Stanley’s business as well as influencing our culture. We advise
businesses and clients on risk mitigating strategies, develop tools to analyze and monitor risks and lead
key regulatory initiatives. Firm Risk Management functions are independent of the Firm’s business units
and infrastructure functions, assisting senior management and the Firm risk committee in monitoring and
managing risk through assessment and control processes.

The Model Risk department independently reviews the 4000+ models used across the Firm varying from
simple spreadsheet-based models to Deep Learning based models. It tests the conceptual soundness of
models by using various quantitative techniques and then writes technical documents to document the
findings of the review.

Roles and Responsibilities

The role of the intern would be to work with the Model Risk teams and support them in their daily roles and
responsibilities. The responsibilities of this quantitative group (Model Risk) within the Risk Management
department include, but is not limited to:
▪ Identify, communicate, and take steps to mitigate the model risks associated with the Firm’s models
such as Market Risk models, Credit Risk models, Capital Planning models, Stress Testing Scenario
Generation models, AI based Decision Support models, Pricing models, Asset Management models,
AI based Financial Fraud detection models.
▪ The various tasks include performing analysis using various quantitative techniques to test the
conceptual soundness of models, model usage, model behavior over different market conditions and
other scenarios as might be relevant for the model.
▪ Help the team in various steps of the model Review and validation process like conducting various
statistical tests, sensitivity testing and technical documentation of the findings of the model review.

What We Look For In a Candidate
▪ Ph.D or Post Doctorate in Mathematics, Physics, Finance or Economics
▪ Quantitative background, good analytical and numerical skills.
▪ Knowledge about Financial products and Risk is advantageous.
▪ Excellent written and verbal English communication skills.
▪ Desire to work in a dynamic, fast-paced, team-oriented environment