>> My name is Karen Rockhoff [phonetic].
I work for Morgan Stanley in the credit risk management department.
My job is to evaluate some of certain of our counter parties for lending
and trade of products opportunities.
To determine whether those clients where able to pay their bills and to assess the bill
that they might owe Morgan Stanley.
So if we're contemplating entering into a lending transaction,
do I think this client will be able to repay the loan in 5 years' time, 10 years' time?
If we're considering entering into an interest rate swap, will they be there
to make periodic payments on the interest rate swap?
What are the probabilities of default?
What is the loss given default of the facility?
We also spend a lot of time working with our regulators.
Morgan Stanley has been regulated by the Federal Reserve and the Office
of the Comptroller of the Currency since 2008.
So we spend a lot of time with them, answering questions about what we do.
Our credit exposures throughout the firm.
And I just spend a lot of time, also, recruiting and training junior professionals.
The job changes in responsibility to cross, you know, an entry level position
at Morgan Stanley within credit risk.
Or, you know, many other teams within the firm.
Is an [inaudible] position where you are supporting a team.
Supporting a portfolio.
Assisting in diligence.
The next progression would be to an associate level where you would own your own portfolio
and be considered more of an industry expert.
Able to lead diligence calls with clients and make presentations
to the firm's capital commitment committee.
Or other senior firm decision makers who determine how Morgan Stanley spends its capital.
As a vice president, you would then take on a team of your own.
And perhaps be managing across several different industries.
And as an executive director, you're expected to be able to manage teams of people
and assume a strong leadership role within the department.
Not just reacting to things presented to you, but also taking initiative to make a difference.