Job Description
Location San Antonio, Texas; Charlotte, North Carolina; Colorado Springs, Colorado; Phoenix, Arizona; Plano, Texas; Tampa, Florida Job ID R0117709 Date posted 05/20/2026 Why USAA? At USAA, our mission is to empower our members to achieve financial security through highly competitive products, exceptional service and trusted advice. We seek to be the #1 choice for the military community and their families. Embrace a fulfilling career at USAA, where our core values – honesty, integrity, loyalty and service – define how we treat each other and our members. Be part of what truly makes us special and impactful. We are proud to support active-duty military spouses. USAA roles may offer remote or hybrid flexibility for active-duty military spouses consistent with applicable policy and business needs. The Opportunity 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. Key Responsibilities: Risk Framework Development and Implementation: Enhance and operationalize the private credit risk framework, ensuring its consistent application across all stages of the credit lifecycle. This involves bringing a proprietary risk perspective and calibrating it with leadership to establish a comprehensive blueprint. Independent Covenant Monitoring and Challenge: Provide independent oversight and challenge of the first line of defense's loan covenant monitoring and enforcement activities. This involves analyzing covenant structures, assessing the effectiveness of monitoring processes, identifying potential covenant breaches, and evaluating proposed remediation plans to ensure adherence to agreed-upon terms and protect the institution's assets and investor capital. Asset Manager Due Diligence and Monitoring: Conduct thorough due diligence on potential and existing asset managers, assessing their underwriting capabilities, operational processes, risk management frameworks, and compliance with best practices. This includes ongoing monitoring of their performance, risk characteristics, and adherence to investment guidelines, drawing on relevant client experience and practitioner insights. Portfolio Risk Management: Oversee the day-to-day operations of the private credit investment portfolio, ensuring alignment with approved investment guidelines and risk parameters. Manage and monitor the risk and return drivers within the portfolio, including assessing concentration risk and liquidity. Strategic Challenge and Influence: Provide a strong, independent challenge to First Line of Defense (FLOD) activities, risk metrics, and established risk limits. Influence private credit tactical and strategic asset allocation recommendations and provide expert counsel with financial implications to senior leaders. This includes delivering an executive risk narrative that links initiatives to underlying risks and strategic objectives. Capability Identification and Enhancement: Identify critical capability needs within the risk management function and champion initiatives to build the necessary expertise and infrastructure to support strategic objectives. This involves facilitating capability workshops, discussing leading practices, and defining enhancement initiatives. Reporting and Communication: Communicate complex risk analyses and findings concisely to senior stakeholders, committees, and investment professionals. Ensure transparent and accurate reporting to senior leaders, translating complex findings into a prioritized capability narrative. Market Expertise: Maintain expert knowledge of financial markets, emerging risks, and complex asset classes relevant to private credit, including asset-backed secu