Credit Risk Analyst

About the role

This role focuses on building and maintaining credit risk frameworks for onchain finance, specifically for real-world assets. The Credit Risk Analyst will be responsible for underwriting institutional and on-chain credit relationships, developing credit models that include PD/LGD frameworks, vintage loss curves, and stress scenarios. A key part of the work involves running due diligence for new credit and asset-issuer relationships, evaluating aspects like solvency, oracle infrastructure, and security posture.

The analyst will also define the guardrails for credit products, such as minimum rate floors, concentration limits, and eligible collateral. This includes partnering with the Capital Markets team to provide credit input on term sheets and co-designing trust tranches and advance-rate schedules for securitized products. The role also requires maintaining on-chain risk parameters like supply caps and exposure thresholds.

Success in this position means actively monitoring the portfolio for borrower financial condition, covenant compliance, and delinquency trends, flagging issues early for remediation. It also involves stress-testing the entire book against scenarios like elevated delinquency and funding-rate shocks to ensure structural protections are robust. The analyst will contribute to shaping credit terms guidance and tracking emerging yield strategies to maintain a competitive edge.

The salary for this position ranges from $160,000 to $195,000 USD annually.

Skills that matter here

• credit risk: The role centers on developing and owning credit risk frameworks for onchain finance, requiring direct experience in underwriting and modeling.
• structured finance: This skill is essential for structuring credit products, designing covenants, and understanding securitized products like ABS/CLOs.
• asset-backed lending: The position involves building credit models for real-world assets and requires hands-on exposure to direct lending or warehouse facilities.
• Python: This language is used for building or maintaining quantitative risk models.
• R: This language is also used for building or maintaining quantitative risk models.

Who this role suits

• A professional with 3-6 years of experience in credit risk or structured finance within a leading financial institution, credit fund, or fintech lender.
• Someone with direct credit underwriting experience, including PD/LGD modeling, loss-curve analysis, and stress testing.
• An individual who understands legal and structural credit concepts such as SPV formation, bankruptcy remoteness, and waterfall mechanics.
• A candidate capable of distilling complex credit analysis into clear, actionable recommendations for non-credit stakeholders.

From the employer

• 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.

• 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.

• 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