Director/Principal, Credit Risk (AASP)

Apollo•New York, NY

20h

About The Position

Position Overview AASP Risk Management, manages the securitized products and structured finance assets sourced and serviced by ATLAS SP Partners while serving as their sole risk manager. ATLAS SP’s lending business provides financing across the following business segments: Residential Real Estate Commercial Real Estate Consumer & Commercial (C&C) including Hard Assets, Financial Assets and General Consumer Private Credit Finance ATLAS SP’s financing lines, or facilities, are secured by financial assets and benefit from various risk-mitigating features and structural credit enhancements, including overcollateralization, covenants, asset concentration limits, collateral quality tests, and revaluation triggers. Each facility is subject to a comprehensive underwriting process that includes evaluation of the manager, assessment of underlying asset performance risk, stress testing, and structural analysis. Despite being “asset-backed,” ATLAS SP’s facilities are exposed to meaningful performance risk associated with the servicer/sponsor/borrower/originator, (referred to here as, the “counterparty”). As a result, counterparty analysis is a critical component of the underwriting process. Furthermore, ATLAS SP is increasingly entering into transactions with heightened fundamental credit exposure to the counterparty, particularly in cases where there is direct correlation between counterparty performance and collateral performance. Position Overview AASP Risk is seeking a Director/Principal to join its team. This role sits within the firm’s independent Risk function and is responsible for evaluating and overseeing direct and indirect corporate credit exposures across ATLAS SP transactions. The Director/Principal will form independent credit views, assess transactions against the firm’s risk appetite, and provide clear risk recommendations to senior risk leadership and Investment Committee highlighting key risks and relevant mitigants. The role requires disciplined fundamental analysis, sound risk judgment, and confidence and communication skills to provide constructive challenge to business leaders and product risk leaders. This is a second-line risk role with responsibility for both new transaction review and ongoing portfolio oversight.

Requirements

7-10 years of experience in corporate credit underwriting or credit risk within: banking corporate credit / leveraged finance risk, direct lending / private credit risk functions, corporate credit investing platforms, principal credit risk functions within financial institutions
This person will be managing others.
Deep experience underwriting corporate borrowers, including full three-statement cash flow modeling, leverage and coverage analysis, liquidity forecasting, capital structure and recovery analysis, and covenant evaluation and documentation review
Ability to communicate with senior members of both risk and business, drawing on experience making clear, defensible credit recommendations with a demonstrated ability to form and defend credit recommendations in approval forums (e.g., investment committee)
Strong risk discipline and independent credit judgment
Clear written communication and executive presence in committee settings
Ability to independently assess borrower risk and articulate clear recommendations
Comfort operating within a second-line risk framework while partnering effectively with business stakeholders
Executive presence and ability to communicate complex risk assessments succinctly to various audiences
Ability to balance competing priorities including monitoring a diverse existing portfolio as well as a deep new deal pipeline.

Nice To Haves

Experience evaluating transactions where capital is held on balance sheet or within long-duration vehicles

Responsibilities

Conduct independent fundamental credit analysis of corporate credit exposures across non-bank lending sectors including agency and non-agency residential, commercial real estate, consumer, aviation and other transportation, shipping, auto, commercial/SME, and alternative investment platforms
Build and review detailed financial models, including base, downside, and stress scenarios
Evaluate leverage sustainability, liquidity, refinancing risk, and covenant frameworks
Assess structural mitigants and transaction features in alignment with risk parameters
Prepare clear, decision-oriented risk memoranda for senior risk leadership and Investment Committee
Provide constructive challenge to deal teams where risk-return alignment is insufficient
Monitor exposures after onboarding, identifying emerging credit deterioration or structural weaknesses
Contribute to portfolio-level risk analysis and thematic credit insights
Hire, train and manage a team of experienced but more junior credit professionals to support the mandate described above, taking ownership for the team’s work product
Experience managing and training offshore resources