Principal, Private Credit Risk Management

USAA•San Antonio, NC

6d•Hybrid

About The Position

This role requires a seasoned professional to manage and oversee risk within the Private Credit book of business, ensuring alignment with strategic objectives. The Principal will be instrumental in enhancing the existing risk framework and applying it across the entire Second Line of Defense (SLOD) Private Credit lifecycle. A key aspect of this position involves identifying and prioritizing capabilities needed to effectively manage risk and support strategic execution. This includes deep expertise in covenant oversight, comprehensive asset manager due diligence and monitoring, and leveraging industry best practices derived from leading insurance LPs and institutional allocators. The Principal will play a crucial role in the oversight of private credit risk management and communicating this vision to leadership. We offer a flexible work environment that requires an individual to be in the office 4 days per week. This position can be based in one of the following locations: San Antonio, TX, Plano, TX, Phoenix, AZ, Colorado Springs, CO, Charlotte, NC, or Tampa, FL. Relocation assistance is available for this position.

Requirements

Bachelor's degree in Economics, Finance, Accounting, or a related quantitative discipline. Alternatively, four additional years of experience in a quantitative discipline may substitute for a degree.
10 years of experience as a financial analyst, portfolio manager, or researcher
5-6 years of experience with managing, monitoring, and/or oversight of a private credit book of business
Experience with covenant analysis, loan documentation, and asset manager due diligence and monitoring processes.
Demonstrated strategy development and thought leadership within the asset management industry.
Leading-edge knowledge and expertise in theories, techniques, and technologies within the financial risk industry, with a focus on private credit.
Ability to interpret financial data, assess market trends, and perform due diligence.
Proficiency in financial modeling, Excel, and financial software for the analysis of large datasets
Expert knowledge of financial markets and emerging risks impacting investment portfolio performance, specifically within private credit.
Expert knowledge of complex asset classes such as asset-backed securities, mortgage-backed securities, and/or alternative investments.
Mastery of consulting skills with proven experience communicating analytical and modeling results to non-technical business partners, with an emphasis on business recommendations and actionable applications of results.
Familiarity with Value-at-Risk (VaR), stress testing, and scenario analysis
Familiarity with insurance industry regulations and risk management expectations for Limited Partnerships (LPs).

Nice To Haves

Chartered Financial Analyst (CFA) or Financial Risk Manager (FRM) professional designation is highly desirable.

Responsibilities

Enhance and operationalize the private credit risk framework, ensuring its consistent application across all stages of the credit lifecycle.
Provide independent oversight and challenge of the first line of defense's loan covenant monitoring and enforcement activities.
Conduct thorough due diligence on potential and existing asset managers, assessing their underwriting capabilities, operational processes, risk management frameworks, and compliance with best practices.
Oversee the day-to-day operations of the private credit investment portfolio, ensuring alignment with approved investment guidelines and risk parameters.
Provide a strong, independent challenge to First Line of Defense (FLOD) activities, risk metrics, and established risk limits.
Identify critical capability needs within the risk management function and champion initiatives to build the necessary expertise and infrastructure to support strategic objectives.
Communicate complex risk analyses and findings concisely to senior stakeholders, committees, and investment professionals.
Maintain expert knowledge of financial markets, emerging risks, and complex asset classes relevant to private credit, including asset-backed securities, direct lending, and private infrastructure debt.
Work closely with internal teams, including investment, underwriting, legal, and finance, to align private credit strategy and ensure operational excellence.
Leads Second Line of Defense (SLOD) risk oversight for the Private Credit portfolio, ensuring alignment with enterprise risk appetite and strategic objectives.
Drives the design and enhancement of the Private Credit risk framework, embedding robust governance, controls, and lifecycle risk monitoring.
Oversees covenant compliance and credit risk exposures, proactively identifying issues and ensuring adherence to investment guidelines.
Directs comprehensive asset manager due diligence and ongoing monitoring, leveraging best practices from institutional allocators and insurance LPs.
Partners with senior leadership to define and communicate the vision for Private Credit risk management, enabling informed, data-driven decisions.
Translates complex credit and quantitative risk concepts into clear, actionable insights for executive and non-technical stakeholders.
Leads cross-functional initiatives with strong project management and organizational discipline, delivering high-quality outcomes in fast-paced environments.