and Materiality 26 inveSting with iMpact 28 public Finance 31 coMMunity developMent 37 Social Finance 40 eMployeeS 48 philanthropy 56 operationS 66 awardS & recognition 67 gri index 8sustainability 2012 Governance and Risk Management In recent years, Morgan Stanley has strengthened itself substantially through enhanced governance and risk management structures and processes, as well as by improving the financial strength of the business by raising capital, diversifying the business mix and reducing expenses.