Morgan Stanley sets up risk committee

NEW YORK Dec 28 (Reuters) - Morgan Stanley (MS.N) is setting up a committee to help oversee the bank's risk management, the company said in a regulatory filing on Monday.

The committee's creation signals that Morgan Stanley is eager to keep close tabs on its risk-taking a year after the broader financial sector nearly collapsed due to risky bets on subprime mortgages and other bad assets.

Morgan Stanley, which posted three quarters of losses in 2008 after writing down assets including commercial mortgages, has said this year that it has reduced its risk-taking.

Many analysts argue that strategy has weighed on the bank's potential profits from trading this year. A Morgan Stanley spokeswoman declined to comment.

The bank said Monday that it changed its bylaws to allow it to split the roles of chief executive and chairman.

The company said in September that James Gorman would become CEO on Jan 1 and the current CEO and chairman, John Mack, would retain his role as chairman. (Reporting by Steve Eder; editing by Gunna Dickson)