Credit Risk Analyst
Own credit risk for onchain lending products at a $1.5B+ TVL asset manager. Build underwriting frameworks, run due diligence, set risk parameters, and monitor portfolios across direct lending and securitized products.
About the job
What you'll do
- Underwrite institutional and on-chain credit relationships, and build/own the credit models for RWA assets — PD/LGD frameworks, vintage loss curves, advance-rate haircut schedules, and stress scenarios.
- Run the due-diligence gate for new credit and asset-issuer relationships: structured protocol reviews (solvency, oracle infrastructure, governance, security posture), historical on-chain data analysis, counterparty financials and legal structure, redlines, and final deal approval.
- Set the guardrails for each credit product: minimum rate floors, maximum terms, concentration limits per borrower and asset class, eligible collateral, and first-loss buffer sizing for tranched structures.
- Partner with Capital Markets on structuring: credit input on term sheets (rate, term, size, collateral, covenants, margin-call triggers); co-design trust tranches, covenants, advance-rate schedules, and facility limits for securitized products before close.
- Monitor the portfolio: borrower financial condition, covenant compliance, delinquency trends, and NAV integrity; flag deterioration early and work remediation or exit with Capital Markets.
- Stress the book: elevated delinquency, funding-rate shocks, correlated default, and originator failure — validating that structural protections hold under tail conditions.
- Maintain on-chain risk parameters: supply caps, LLTV settings, exposure thresholds, and related controls.
- Shape credit terms guidance (what we can offer, at what rate, term, and collateral conditions) and track emerging yield strategies, protocols, and issuers to give Curation a competitive edge.
What you bring
- 3–6 years in credit risk, structured finance, leveraged finance, or asset-backed lending at a leading financial institution, credit fund, or fintech lender.
- Direct credit-underwriting experience: PD/LGD modeling, loss-curve and vintage analysis, advance-rate structuring, covenant design, and stress testing.
- Hands-on exposure to one or more of: direct lending, warehouse facilities, ABS/CLO structuring, securitization, asset-backed finance, or structured credit.
- Strong grasp of legal/structural credit concepts: SPV formation, bankruptcy remoteness, security-interest perfection, covenant packages, and waterfall mechanics.
- Portfolio-monitoring experience: delinquency tracking, covenant compliance, borrower financial review, and early-warning systems.
- Exceptional written and verbal communication - able to distill complex credit analysis into clear, actionable recommendations for non-credit stakeholders.
- Experience building or maintaining quantitative risk models in Python or R.
Bonus points
- On-chain credit protocols, DeFi lending markets, or tokenized-asset structures (e.g., Morpho, Aave, tokenized ABS).
- Crypto-native credit risk: smart-contract risk, oracle failure, depeg events, and on-chain collateral liquidity.
- Prior work with RWA issuers, fintech lenders, or asset originators — understanding the pipeline and servicing behind the loan tape.
- Exposure to prime-brokerage credit, repo, or securities financing from a risk perspective.
Who thrives here
- Naturally curious about digital assets, DeFi, and the evolution of institutional credit. Prior crypto experience is not required — curiosity is.
- Wants to own the full credit function, not just run models. Comfortable building frameworks from scratch, setting standards, and defending views with Capital Markets and senior leadership.
- Operates with significant autonomy in an entrepreneurial environment. Wants to build the credit infrastructure, not inherit it.
- Analytically rigorous but commercially aware — understands the credit function exists to enable deal flow, not block it, and manages that tension thoughtfully.
Benefits and Perks
- Remote first - work from anywhere in the US & CAN!
- Regular in-person company retreats and cross-country "office visit" perk
- 100% paid medical, dental and vision premiums for employees
- $1,000 WFH stipend
- Monthly reimbursement for home internet, phone, and cellular data
- Unlimited vacation
- 100% paid parental leave of 12 weeks
- Fertility benefits
- Opportunity for incentive compensation
Skills
Python, R, Pd/Lgd Modeling, Structured Finance, Abs/Clo Structuring, Securitization, Covenant Design, Stress Testing, Portfolio Monitoring, Due Diligence
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