Credit Risk Analyst

Gauntlet•New York, NY

2d•$160,000 - $195,000•Remote

About The Position

Gauntlet is seeking a Credit Risk Analyst to own the credit risk for one of the largest asset managers in onchain finance. This role involves building and defining the credit infrastructure, underwriting standards, and risk frameworks for extending credit onchain. The analyst will work closely with Capital Markets, Vault Curation, and senior leadership to make asset-onboarding decisions and manage credit risk across various products including direct lending, structured facilities, and securitization. This is an opportunity to build the credit infrastructure for institutional finance moving onchain.

Requirements

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 skills, 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.

Nice To Haves

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.
Exposure to prime-brokerage credit, repo, or securities financing from a risk perspective.

Responsibilities

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, including structured protocol reviews, historical on-chain data analysis, counterparty financials and legal structure, redlines, and final deal approval.
Set the guardrails for each credit product, including minimum rate floors, maximum terms, concentration limits, eligible collateral, and first-loss buffer sizing.
Partner with Capital Markets on structuring, providing credit input on term sheets and co-designing trust tranches, covenants, advance-rate schedules, and facility limits for securitized products.
Monitor the portfolio, including borrower financial condition, covenant compliance, delinquency trends, and NAV integrity, flagging deterioration and working on remediation or exit.
Stress test the portfolio under various adverse conditions to validate structural protections.
Maintain on-chain risk parameters such as supply caps, LLTV settings, and exposure thresholds.
Shape credit terms guidance and track emerging yield strategies, protocols, and issuers to provide a competitive edge.