Financial Sector Stability, SME Credit Provision and Governance, Risk and Compliance in Switzerland

Abstract

Small and medium-sized enterprises (SMEs) are fundamental to economic growth, innovation and regional resilience, yet their ability to contribute to these outcomes depends heavily on reliable access to external finance. Recent structural changes in the Swiss banking sector, particularly the acquisition of Credit Suisse by UBS, raised concerns regarding market concentration, systemic risk and the continuity of SME financing. Despite these concerns, evidence suggests that Switzerland has avoided a systemic credit contraction and that SME lending has remained resilient throughout a period of significant financial-sector transformation.

This paper examines the Swiss experience through a Governance, Risk and Compliance (GRC) lens, addressing a gap in the literature that has largely treated SME finance, banking stability and governance as separate fields of inquiry. Drawing upon research on relationship banking, financial resilience, stakeholder governance and enterprise risk management, the paper argues that resilient SME financing is not simply a consequence of liquidity availability or banking competition. Rather, it emerges from the interaction of governance structures, risk management capabilities and regulatory frameworks operating across the financial system.

The analysis highlights the stabilising role of institutional diversity, particularly the contribution of cantonal banks, in maintaining credit provision during a period of market consolidation. It further demonstrates that prudent risk management and continued lending support for viable SMEs are not mutually exclusive objectives when supported by relationship-based banking models and resilience-oriented governance practices.

Building on these findings, the paper proposes a Governance, Risk and Compliance Framework for SME Financing Resilience. The framework conceptualises access to finance as an outcome of interconnected governance, risk and compliance processes and extends existing GRC scholarship by introducing economic resilience as a key measure of framework effectiveness. The paper concludes that GRC frameworks should be evaluated not only according to their contribution to organisational stability and regulatory compliance but also according to their capacity to sustain critical economic functions, including SME access to finance.

Keywords: Governance, Risk and Compliance (GRC); SME finance; financial resilience; banking governance; systemic risk; cantonal banks; Switzerland; economic resilience.

1. Introduction

Small and medium-sized enterprises (SMEs) are widely recognised as critical drivers of economic growth, innovation, employment generation and regional development. Across advanced economies, SMEs contribute significantly to productivity growth and economic resilience, particularly through their capacity to foster entrepreneurship, facilitate technological innovation and support local labour markets (Acs and Audretsch, 2005; Beck, Demirgüç-Kunt and Levine, 2005). In Switzerland, SMEs represent approximately 99.7 per cent of all enterprises and employ around two-thirds of the workforce in the market economy, making them indispensable to national prosperity and socio-economic stability (OECD, 2026). Their continued ability to invest, innovate and create employment is, however, closely linked to reliable access to external finance.

Access to finance has long been identified as one of the most significant constraints on SME growth and competitiveness. Unlike larger corporations, SMEs frequently face information asymmetries, limited collateral availability and higher transaction costs, which can restrict their access to capital markets and increase their dependence on bank-based financing (Berger and Udell, 2006; Beck and Demirgüç-Kunt, 2006). Consequently, the resilience of the banking sector is intrinsically connected to the resilience of the SME sector. Financial institutions perform a critical intermediation function by transforming savings into productive investment, supporting business continuity and facilitating economic adjustment during periods of uncertainty (Allen and Gale, 2000).

Recent developments in the Swiss banking sector have intensified debate regarding the long-term sustainability of SME financing. The emergency acquisition of Credit Suisse by UBS in 2023 represented one of the most significant structural transformations in Swiss banking history and raised concerns among policymakers, regulators and market participants regarding market concentration, systemic risk and potential disruptions to credit provision. From a financial stability perspective, the consolidation highlighted broader questions concerning the resilience of banking ecosystems and the extent to which concentrated financial systems can continue to support diverse economic actors, particularly SMEs (Brunnermeier, 2009).

Despite these concerns, available evidence suggests that Switzerland has thus far avoided a systemic contraction in SME lending. Analyses by the Swiss National Bank and industry bodies indicate that liquidity remains abundant and that no widespread credit crunch has emerged following the restructuring of the banking landscape (Swiss Banking Association, 2026; OECD, 2026). Furthermore, the continued strength of regional and cantonal banks appears to have played an important stabilising role by maintaining relationship-based lending practices and preserving credit access for smaller firms. This finding aligns with a substantial body of literature demonstrating that relationship banking and locally embedded financial institutions can mitigate information asymmetries and improve credit availability for SMEs, particularly during periods of economic uncertainty (Berger and Udell, 2002; Degryse and Ongena, 2005).

While public and policy discussions have primarily focused on questions of liquidity and credit availability, considerably less attention has been paid to the governance, risk and compliance (GRC) implications of maintaining resilient SME financing systems. This omission is notable because financial resilience is not solely determined by market liquidity or capital adequacy. Rather, it emerges from a complex interaction between governance structures, risk management capabilities, regulatory frameworks and institutional incentives (Power, 2007; Mikes, 2009). Effective Governance, Risk and Compliance frameworks increasingly serve as strategic mechanisms through which financial institutions balance commercial objectives with regulatory obligations, stakeholder expectations and broader economic responsibilities (Frigo and Anderson, 2011).

From a GRC perspective, SME financing represents more than a conventional banking activity; it constitutes a critical component of economic infrastructure. The capacity of financial institutions to provide sustainable access to credit depends upon governance arrangements that encourage prudent decision-making, risk management systems capable of balancing borrower-level and systemic risks, and compliance frameworks that support both financial stability and economic dynamism. Consequently, questions regarding SME finance should be understood not merely as issues of banking competition or profitability but as matters of institutional resilience and public value creation.

This paper addresses this gap by examining the Swiss SME financing landscape through a Governance, Risk and Compliance lens. It argues that the resilience of SME financing is not simply an outcome of market structure or banking profitability, but rather the product of effective governance arrangements, prudent risk management practices and proportionate regulatory oversight. In doing so, the paper contributes to emerging debates on financial-sector resilience by demonstrating how GRC frameworks can support both financial stability and broader economic development objectives in an increasingly uncertain and concentrated banking environment.

2. Literature Review

2.1 SMEs and Economic Resilience

Small and medium-sized enterprises (SMEs) occupy a central position within contemporary economic systems and are widely regarded as key contributors to employment creation, innovation and regional development. The entrepreneurship and innovation literature consistently identifies SMEs as important drivers of economic dynamism due to their flexibility, capacity for rapid adaptation and ability to exploit niche market opportunities (Acs and Audretsch, 2005; Audretsch and Keilbach, 2004). In advanced economies, SMEs contribute significantly to value creation and play a crucial role in maintaining economic diversity, thereby reducing dependence on a limited number of large firms or sectors.

From a resilience perspective, SMEs enhance the adaptive capacity of regional and national economies by dispersing economic activity across a broad range of industries and geographical locations. Martin and Sunley (2015) argue that economic resilience is strengthened when economic systems possess diversity, flexibility and the ability to absorb external shocks. SMEs contribute to all three dimensions by promoting entrepreneurial experimentation, fostering localised innovation ecosystems and supporting labour market stability. Consequently, the health of the SME sector has increasingly been viewed as a critical determinant of broader economic resilience, particularly during periods of economic uncertainty and structural transformation.

Despite their importance, SMEs face persistent structural disadvantages in accessing external finance. Information asymmetry remains one of the most significant barriers to financing because SMEs often lack the financial transparency, reporting sophistication and collateral available to larger corporations (Stiglitz and Weiss, 1981). These characteristics increase transaction costs and credit risk perceptions among lenders, resulting in financing gaps that can constrain investment and growth (Beck and Demirgüç-Kunt, 2006). During periods of financial instability, such vulnerabilities are frequently amplified as lenders adopt more conservative risk assessments and tighten lending standards.

The finance literature has repeatedly demonstrated that access to credit constitutes a critical determinant of SME performance, survival and innovation capacity (Beck et al., 2005; Berger and Udell, 2006). Insufficient access to finance can suppress entrepreneurial activity, reduce productivity-enhancing investment and weaken regional economic resilience. Conversely, resilient financing systems can act as shock absorbers by enabling SMEs to maintain operations, preserve employment and continue investing during adverse economic conditions. As a result, SME financing should be understood not merely as a firm-level concern but as a broader economic resilience issue with significant governance and public policy implications.

2.2 Banking Stability and Credit Provision

The relationship between banking stability and credit provision has long been a central concern within financial economics and banking regulation. Banks perform a fundamental economic function by allocating capital, managing liquidity and reducing information asymmetries between savers and borrowers (Diamond, 1984). Their capacity to perform these functions effectively is particularly important for SMEs, which remain heavily reliant on bank-based financing due to their limited access to capital markets.

A substantial body of literature highlights the importance of relationship banking in overcoming informational challenges associated with SME lending. Relationship lending enables financial institutions to develop proprietary knowledge regarding borrowers through repeated interactions, thereby reducing uncertainty and facilitating credit allocation decisions that may not be possible through purely transactional lending models (Berger and Udell, 2002; Boot, 2000). This informational advantage is particularly valuable for SMEs, whose creditworthiness may be difficult to assess using standardised financial metrics alone.

The importance of relationship banking has renewed relevance in the context of increasing consolidation within global banking sectors. Large financial institutions often benefit from economies of scale and enhanced risk diversification; however, they may simultaneously become more reliant on standardised lending models that reduce sensitivity to local market conditions and firm-specific characteristics (Berger et al., 2005). Several studies suggest that smaller and regionally embedded banks continue to play a disproportionately important role in SME financing because of their superior local knowledge and closer relationships with borrowers (Degryse and Ongena, 2005).

The Swiss banking sector provides a particularly valuable context for examining these dynamics. The acquisition of Credit Suisse by UBS raised concerns regarding market concentration, competition and the potential emergence of financing constraints SMEs. From a theoretical perspective, increased concentration can generate both efficiency gains and systemic risks. While larger institutions may possess stronger balance sheets and greater operational capabilities, excessive concentration can reduce market diversity and increase dependence on a limited number of financial actors (Allen and Gale, 2000).

Emerging evidence suggests that these risks have thus far been mitigated by the continued strength of Switzerland’s cantonal and regional banking sectors. OECD (2026) data indicate continued growth in SME lending, while analyses by the Swiss National Bank report no evidence of a broad-based credit contraction following market consolidation. These developments support arguments that institutional diversity within banking systems can enhance resilience by reducing concentration risk and preserving multiple channels of credit provision.

Furthermore, the Swiss experience reinforces broader findings from the financial stability literature that resilience depends not only on capital adequacy and liquidity but also on the institutional architecture of the banking sector itself (Haldane and May, 2011). Banking systems characterised by organisational diversity and multiple lending models may be better positioned to absorb shocks and maintain credit flows during periods of uncertainty than systems dominated by a small number of homogeneous institutions.

2.3 Governance, Risk and Compliance in Financial Institutions

The Governance, Risk and Compliance (GRC) literature has evolved substantially over the past two decades. Originally conceived as a mechanism for ensuring regulatory adherence and internal control, GRC is increasingly viewed as an integrated management framework that aligns organisational objectives, risk management activities and compliance obligations (Power, 2007; Frigo and Anderson, 2011). This shift reflects broader recognition that governance and risk management are strategic capabilities that contribute directly to organisational resilience and long-term value creation.

Within financial institutions, governance structures play a critical role in shaping risk-taking behaviour, resource allocation and organisational accountability. Weak governance has been repeatedly identified as a contributing factor in major financial crises, including the Global Financial Crisis of 2007–2009 and subsequent banking failures (Kirkpatrick, 2009). Effective governance frameworks are therefore expected to balance commercial objectives with prudential responsibilities, ensuring that decision-making processes remain aligned with both stakeholder interests and systemic stability.

Risk management constitutes a second pillar of the GRC framework. Contemporary approaches increasingly emphasise enterprise-wide perspectives that integrate financial, operational, strategic and reputational risks (Mikes and Kaplan, 2015). In the banking sector, risk management extends beyond traditional credit and market risks to encompass systemic risk, cyber risk, operational resilience and third-party dependencies. This broader understanding reflects recognition that organisational resilience depends upon the ability to identify, assess and respond to interconnected risks across complex operating environments.

Compliance has similarly evolved from a reactive function focused on legal conformity into a strategic capability supporting organisational legitimacy and stakeholder trust. Regulatory frameworks introduced following the Global Financial Crisis, including enhanced capital requirements, stress-testing regimes and operational resilience standards, have significantly expanded compliance responsibilities within financial institutions (Avgouleas and Goodhart, 2015). More recently, sustainability reporting requirements, climate-related financial disclosures and digital governance obligations have further broadened the compliance landscape.

From a GRC perspective, SME financing represents a particularly important area of inquiry because it sits at the intersection of governance objectives, risk management practices and regulatory expectations. Decisions regarding SME lending involve balancing commercial profitability with financial inclusion, prudent risk management with economic growth, and regulatory compliance with broader societal responsibilities. Consequently, the resilience of SME financing systems can be understood as an outcome of effective GRC integration rather than solely market forces or regulatory intervention.

Recent scholarship increasingly advocates resilience-oriented governance models that emphasise adaptability, stakeholder value creation and systemic stability in response to technological disruption, geopolitical uncertainty and evolving regulatory expectations (Hillson and Murray-Webster, 2017). These developments suggest that GRC frameworks should be evaluated not only according to their ability to prevent organisational failure but also according to their contribution to sustaining critical economic functions. Within this context, maintaining reliable access to SME financing emerges as an important indicator of governance effectiveness and financial-sector resilience.

2.4 Research Gap and Conceptual Framework

Although substantial research exists on SME finance, banking stability and governance individually, relatively little attention has been devoted to examining the interaction between these domains through an integrated GRC perspective. Existing SME finance literature primarily focuses on information asymmetries, lending relationships and financing constraints, while banking studies tend to emphasise prudential regulation, systemic risk and financial stability. Meanwhile, GRC research has largely concentrated on organisational governance and regulatory compliance without explicitly considering the role of financial institutions in sustaining economic resilience through credit provision.

The Swiss banking sector provides a unique setting in which to explore these interactions. The post-Credit Suisse environment offers an opportunity to examine how governance structures, risk management practices and regulatory frameworks influence the resilience of SME financing during a period of significant market transformation. This paper therefore seeks to bridge the gap between SME finance and GRC scholarship by analysing SME financing as a governance outcome and a component of systemic economic resilience.

3. The Swiss Banking Context

3.1 Structural Change Following the Credit Suisse Acquisition

The acquisition of Credit Suisse by UBS in March 2023 represents one of the most consequential episodes in modern Swiss financial history. Facilitated by Swiss authorities amid growing concerns regarding financial stability, the transaction fundamentally altered the structure of the Swiss banking sector and intensified debates concerning market concentration, systemic risk and the resilience of credit intermediation (FINMA, 2024). Beyond its immediate implications for financial stability, the merger raised broader questions regarding the capacity of increasingly concentrated banking systems to support diverse economic actors, particularly small and medium-sized enterprises (SMEs), which remain heavily dependent on bank-based financing.

From a theoretical perspective, the consolidation illustrates a longstanding tension within banking policy between efficiency and resilience. Proponents of larger banking institutions argue that consolidation can generate economies of scale, enhance operational efficiency and strengthen capital adequacy through diversification (Allen and Gale, 2000). Critics, however, contend that excessive concentration may increase systemic fragility by reducing institutional diversity, weakening competitive pressures and creating entities whose failure would pose significant threats to the wider economy (Haldane and May, 2011). The Credit Suisse–UBS transaction has therefore become an important case through which to examine the relationship between market structure and financial resilience.

Particular concern emerged regarding the potential effects on SME lending. A substantial body of research suggests that market concentration may adversely affect credit availability for smaller firms by reducing competition and increasing the reliance of lenders on standardised credit assessment processes (Berger et al., 2005; Beck, Demirgüç-Kunt and Maksimovic, 2004). Such concerns were especially relevant in Switzerland, where SMEs account for the overwhelming majority of businesses and generate a substantial proportion of national employment and economic output (OECD, 2026).

Despite these concerns, available evidence indicates that the anticipated contraction in SME financing has not materialised. OECD (2026) data demonstrate continued growth in SME lending volumes following the consolidation, while analyses undertaken by the Swiss National Bank indicate that credit provision remained broadly stable despite rising refinancing costs and ongoing structural adjustments within the banking sector. Similarly, industry surveys suggest that financing and capital access are not currently perceived by Swiss SMEs as among their most pressing business challenges (Swiss Banking Association, 2026).

These developments suggest that the resilience of SME financing in Switzerland cannot be explained solely through the balance-sheet strength of major institutions. Rather, it appears to reflect broader characteristics of the Swiss banking ecosystem, including institutional diversity, relationship-based lending models and a regulatory environment that has sought to preserve financial stability while maintaining credit availability. This observation aligns with emerging literature on financial ecosystems, which argues that systemic resilience is enhanced when multiple organisational forms coexist and perform complementary functions within the financial system (Haldane and May, 2011; Langley and Leyshon, 2017).

From a Governance, Risk and Compliance (GRC) perspective, the Credit Suisse episode offers important lessons. First, it highlights the importance of governance failures as drivers of systemic instability. Subsequent reviews of Credit Suisse identified shortcomings in risk culture, oversight mechanisms and organisational accountability that contributed to the institution's decline (FINMA, 2024). Second, the episode demonstrates that effective risk governance must extend beyond individual institutions to encompass system-wide considerations, including concentration risk, market interconnectedness and the preservation of critical economic functions. Finally, it illustrates the growing importance of resilience-oriented regulation, whereby regulatory frameworks seek not only to prevent institutional failure but also to ensure continuity of essential financial services during periods of disruption.

3.2 The Growing Importance of Cantonal Banks

One of the most significant developments arising from the restructuring of the Swiss banking landscape has been the increasing importance of cantonal banks as providers of SME finance. Historically established to support regional economic development, cantonal banks occupy a distinctive position within the Swiss financial system. Their governance structures, public mandates and strong regional embeddedness differentiate them from purely commercial banking institutions and provide an alternative model of financial intermediation.

According to Swiss Banking Association (2026) data, cantonal banks accounted for approximately 48 per cent of the Swiss SME credit market by the end of 2024, making them the single most important group of SME lenders in the country. This expansion reflects not only changes in market dynamics following the Credit Suisse acquisition but also the enduring strengths of the cantonal banking model. Their deep knowledge of local markets, long-term customer relationships and commitment to regional economic development enable them to address many of the informational challenges associated with SME lending.

The importance of such institutions is well established within the banking literature. Relationship banking theories suggest that locally embedded lenders possess superior informational advantages because they can accumulate qualitative knowledge regarding borrowers through repeated interactions and proximity to local economic conditions (Boot, 2000; Berger and Udell, 2002). This informational capital can reduce credit rationing and facilitate lending decisions that might not be supported by standardised risk models alone. Consequently, regional banks often play a disproportionately important role in sustaining SME financing during periods of economic uncertainty.

Beyond their lending function, cantonal banks contribute to the resilience of the Swiss financial system through institutional diversification. Financial systems dominated by a small number of homogeneous institutions may become vulnerable to correlated risks and systemic shocks. By contrast, organisational diversity can enhance stability by creating multiple channels through which financial services are delivered and risks are distributed (Ayadi et al., 2010; Haldane and May, 2011). The continued strength of cantonal banks therefore represents not merely a competitive feature of the Swiss banking market but a source of systemic resilience.

From a governance perspective, cantonal banks provide an instructive example of stakeholder-oriented financial governance. Unlike purely shareholder-driven institutions, many cantonal banks operate under explicit public mandates that incorporate broader economic and social objectives alongside financial performance. Such arrangements resonate with stakeholder governance theories, which argue that organisations generate sustainable value when they balance the interests of multiple constituencies rather than prioritising short-term shareholder returns alone (Freeman, 1984; Clarke, 2016).

This governance model has important implications for SME financing. The willingness of cantonal banks to maintain lending relationships, including the provision of smaller loans that may offer limited profitability, reflects a broader commitment to supporting regional economic development and financial inclusion. Such practices illustrate how governance arrangements can shape risk appetites, lending behaviours and credit allocation outcomes in ways that extend beyond conventional market incentives.

From a GRC perspective, cantonal banks demonstrate how governance structures, risk management practices and institutional mandates can be aligned to support both commercial sustainability and public value creation. Their role within the Swiss banking system suggests that resilient SME financing depends not only on the availability of capital but also on the governance frameworks that determine how capital is allocated. Consequently, the growing importance of cantonal banks reinforces the central argument of this paper: that SME financing resilience should be understood as a governance outcome emerging from the interaction of institutional design, risk management capabilities and regulatory oversight.

3.3 Implications for Financial-System Resilience

Taken together, the post-Credit Suisse restructuring and the growing prominence of cantonal banks highlight two important features of the Swiss financial system. First, resilience appears to derive not solely from the strength of individual institutions but from the diversity of the financial ecosystem as a whole. Second, governance arrangements play a critical role in determining whether financial institutions continue to support productive economic activity during periods of uncertainty.

The Swiss experience therefore challenges conventional approaches that equate financial stability exclusively with capital adequacy or institutional size. Instead, it suggests that resilience is a multidimensional phenomenon shaped by organisational diversity, relationship-based banking, effective governance and proportionate regulatory oversight. These characteristics provide a useful foundation for analysing SME financing through a Governance, Risk and Compliance framework and establish the basis for the subsequent discussion of governance, risk and compliance implications in Chapter 4.

4. GRC Implications

The Swiss banking experience provides an important opportunity to examine financial-system resilience through an integrated Governance, Risk and Compliance (GRC) perspective. While discussions surrounding the acquisition of Credit Suisse by UBS have primarily focused on market concentration and financial stability, the evidence reviewed in this paper suggests that the resilience of SME financing is fundamentally a governance outcome. The continued availability of credit to SMEs despite significant structural changes within the banking sector demonstrates how governance arrangements, risk management practices and regulatory frameworks collectively shape the capacity of financial institutions to sustain critical economic functions.

This chapter argues that the Swiss case offers broader lessons for financial institutions and regulators seeking to balance prudential stability with economic development objectives. Specifically, it illustrates how effective GRC frameworks contribute not only to institutional resilience but also to the continuity of credit provision, which constitutes a vital component of economic resilience.

4.1 Governance Implications

4.1.1 Diversified Institutional Governance and System Resilience

One of the most significant lessons emerging from the Swiss experience concerns the relationship between institutional diversity and financial-system resilience. Traditional approaches to financial governance have often focused on the governance quality of individual institutions, emphasising board effectiveness, accountability structures and risk oversight mechanisms (Tricker, 2019). However, recent research suggests that resilience is also influenced by the governance characteristics of the financial ecosystem as a whole (Haldane and May, 2011).

The continued strength of cantonal and regional banks following the Credit Suisse acquisition demonstrates the value of diversified institutional governance. Rather than relying on a small number of dominant institutions, the Swiss banking system benefits from a plurality of organisational forms with distinct governance structures, strategic objectives and stakeholder relationships. This diversity reduces dependence on any single institution and creates alternative channels through which credit can continue to flow during periods of market disruption.

From a governance perspective, resilience therefore emerges not solely from the quality of governance within institutions but from the diversity of governance arrangements across the financial system. Such findings support broader arguments within complexity theory that heterogeneous systems are often more adaptable and resilient than highly concentrated or homogeneous systems (Taleb, 2012).

4.1.2 Stakeholder-Oriented Governance and Long-Term Value Creation

The Swiss experience also highlights the importance of stakeholder-oriented governance models. Conventional shareholder-centric approaches to corporate governance have historically prioritised profitability and shareholder returns as primary organisational objectives (Jensen, 2002). In contrast, stakeholder governance frameworks emphasise the creation of sustainable value for a wider range of constituencies, including employees, customers, communities and broader society (Freeman, 1984; Clarke, 2016).

The willingness of many cantonal banks to continue supporting SMEs, including through relatively small and sometimes less profitable lending relationships, reflects this broader governance orientation. Such behaviour cannot be fully explained through short-term financial incentives alone. Rather, it reflects an understanding that long-term institutional success is closely linked to the economic health of local communities and regional business ecosystems.

This finding aligns with growing recognition that financial institutions perform quasi-public functions through their role in allocating capital and supporting economic activity (Mazzucato, 2018). Consequently, governance frameworks that incorporate broader stakeholder interests may enhance not only social outcomes but also long-term financial resilience by supporting sustainable economic development.

4.1.3 The Governance of Financial Inclusion

The Swiss case further suggests that access to finance should increasingly be viewed as a governance issue rather than solely a market outcome. Financial exclusion can generate significant economic and social consequences, including reduced entrepreneurship, lower productivity growth and regional economic disparities (Beck, Demirgüç-Kunt and Levine, 2007).

Historically, discussions of financial inclusion have focused primarily on consumer banking and developing economies. However, the resilience of SME financing demonstrates that similar principles apply to business lending. When viable firms are unable to access credit, economic resilience may be undermined through reduced investment, diminished innovation and employment losses.

This perspective expands the responsibilities of boards, senior executives and regulators. Governance systems must therefore be assessed not only according to their effectiveness in protecting institutions from risk but also according to their ability to ensure the continued provision of economically productive financial services. The Swiss experience illustrates how governance frameworks can support both prudential objectives and broader public-value outcomes.

4.2 Risk Management Implications

4.2.1 Balancing Credit Risk and Systemic Risk

The relationship between credit risk and systemic risk represents a central challenge within contemporary banking regulation. Traditional risk management approaches have focused primarily on borrower-level risks, emphasising the assessment of creditworthiness, collateral adequacy and repayment capacity (Saunders and Allen, 2020). While these considerations remain essential, the Swiss experience demonstrates that effective risk management must also consider the broader systemic consequences of lending decisions.

A narrow focus on credit risk may encourage excessive conservatism during periods of uncertainty, potentially restricting access to finance for otherwise viable SMEs. Conversely, insufficient risk discipline may contribute to asset-quality deterioration and financial instability. The challenge for financial institutions is therefore to balance micro-prudential concerns with macroeconomic resilience objectives.

The absence of a credit crunch in Switzerland suggests that this balance can be achieved. Banks maintained prudent underwriting standards while continuing to provide financing to economically viable firms. This outcome supports emerging arguments that resilience-oriented risk management should focus not only on preventing losses but also on sustaining critical economic functions during periods of stress (Woods, 2015).

4.2.2 Concentration Risk and Systemic Vulnerability

The Credit Suisse–UBS consolidation has renewed attention to concentration risk as a critical component of systemic risk management. Concentration risk is typically associated with excessive exposure to particular borrowers, sectors or counterparties. However, the Swiss case illustrates that concentration risk can also emerge at the structural level when economic systems become dependent upon a small number of financial institutions.

Research on financial networks demonstrates that highly interconnected and concentrated systems may become vulnerable to cascading failures when shocks affect key nodes within the network (Battiston et al., 2012). Although the Swiss authorities successfully managed the Credit Suisse crisis, the episode highlights the importance of monitoring structural dependencies within the banking system.

From a GRC perspective, concentration risk should therefore be understood as both an institutional and systemic phenomenon. Effective governance and risk management frameworks must evaluate not only internal exposures but also broader ecosystem-level vulnerabilities that could threaten financial stability and credit provision.

4.2.3 Liquidity Risk and Resilience Under Uncertainty

Recent increases in funding costs and changing market conditions underscore the continuing importance of liquidity risk management. Liquidity risk has received heightened regulatory attention since the Global Financial Crisis because liquidity shortages can rapidly undermine otherwise solvent institutions (Brunnermeier, 2009).

The Swiss experience demonstrates that liquidity resilience extends beyond regulatory compliance with liquidity ratios. Effective liquidity management requires continuous monitoring of:

• funding concentration;

• liquidity buffers and stress scenarios;

• refinancing costs and market access;

• depositor behaviour and confidence indicators; and

• interdependencies within the financial system.

The resilience of SME financing following significant market restructuring suggests that liquidity management frameworks within the Swiss banking system remained sufficiently robust to absorb shocks without materially disrupting credit provision. This reinforces arguments that resilience-oriented risk management should focus on adaptability and continuity rather than solely regulatory minimums (Hillson and Murray-Webster, 2017).

4.3 Compliance Implications

4.3.1 Regulatory Proportionality and Economic Resilience

The Swiss case highlights the importance of regulatory proportionality in balancing financial stability and economic growth. Since the Global Financial Crisis, banking regulation has become increasingly comprehensive, encompassing enhanced capital requirements, liquidity standards, stress-testing regimes and governance obligations (Avgouleas and Goodhart, 2015).

While these reforms have strengthened financial-system resilience, they have also increased compliance costs. A longstanding concern within the literature is that overly burdensome regulation may unintentionally constrain lending activity, particularly for SMEs, by increasing capital consumption and operational costs (Beck, 2018).

The Swiss experience suggests that proportional regulation remains essential. Effective compliance frameworks must preserve prudential safeguards while avoiding unnecessary restrictions on productive lending. From a GRC perspective, regulatory effectiveness should therefore be evaluated not only according to compliance outcomes but also according to its impact on broader economic resilience.

4.3.2 Operational Resilience and Digital Compliance

Operational resilience has emerged as a major regulatory priority in response to increasing digitalisation, cyber threats and third-party technology dependencies. Contemporary banking operations depend heavily on complex digital infrastructures, cloud-service providers and interconnected financial networks (BCBS, 2021).

As SME financing processes become increasingly digitised, operational resilience requirements will play an increasingly important role in maintaining access to credit. Disruptions to digital platforms, payment systems or data infrastructures could have significant consequences for SME liquidity and business continuity.

Consequently, compliance frameworks must evolve beyond traditional legal and regulatory obligations to incorporate cyber resilience, data governance, technology risk management and third-party oversight. The ability to maintain uninterrupted financial services during operational disruptions is becoming a critical dimension of both regulatory compliance and financial resilience.

4.3.3 ESG Compliance and Responsible Banking

Environmental, Social and Governance (ESG) considerations are increasingly shaping the regulatory and strategic environment within which financial institutions operate. Banks face growing expectations to assess climate-related risks, support sustainable economic activities and provide transparent sustainability disclosures (Dikau and Volz, 2019).

These developments have important implications for SME financing. While ESG requirements may create additional compliance burdens, they also offer opportunities to improve long-term risk assessment and promote more sustainable economic development. Financial institutions are increasingly incorporating environmental and social criteria into lending decisions, resulting in more sophisticated approaches to credit governance and portfolio management.

From a GRC perspective, ESG should not be viewed solely as a compliance obligation. Rather, it represents an extension of governance and risk-management frameworks that seeks to align financial decision-making with long-term economic, social and environmental sustainability objectives. The Swiss banking system, with its emphasis on stability, stakeholder engagement and long-term value creation, provides a useful example of how ESG considerations may become increasingly integrated into SME financing practices.

4.4 Towards a Resilience-Oriented GRC Framework

The evidence presented in this chapter suggests that the resilience of SME financing cannot be adequately explained through governance, risk or compliance considerations in isolation. Rather, it emerges from the interaction of these three dimensions.

The Swiss experience demonstrates that:

1. Governance shapes institutional incentives and determines how financial resources are allocated.

2. Risk management influences the capacity of institutions to maintain lending during periods of uncertainty.

3. Compliance frameworks establish the regulatory conditions under which sustainable lending can occur.

Together, these elements form a resilience-oriented GRC framework in which the objective is not merely the avoidance of institutional failure but the preservation of critical economic functions. Within this framework, access to SME finance becomes a key indicator of financial-system effectiveness because it reflects the ability of governance structures, risk management practices and regulatory systems to support productive economic activity under changing conditions.

The Swiss case therefore contributes to emerging GRC scholarship by demonstrating that resilience should be understood not only as an organisational capability but also as a systemic outcome shaped by the interaction of institutions, markets and regulatory frameworks.

5. Towards a GRC Framework for SME Financing Resilience

The preceding analysis suggests that the resilience of SME financing cannot be adequately explained through traditional approaches that focus exclusively on banking competition, capital adequacy or credit risk management. Rather, the Swiss experience demonstrates that resilient SME financing emerges from the interaction of governance structures, risk management capabilities and regulatory frameworks operating at both institutional and systemic levels. This observation points towards the need for a more integrated conceptual framework capable of explaining how financial institutions continue to support productive economic activity during periods of structural uncertainty.

Building on Governance, Risk and Compliance (GRC) scholarship, this paper proposes a SME Financing Resilience Framework that conceptualises access to finance as an outcome of interconnected governance, risk and compliance processes. Unlike conventional GRC models, which primarily focus on organisational performance and regulatory adherence, the proposed framework extends the scope of analysis to include the preservation of critical economic functions, particularly the sustained provision of credit to SMEs. In doing so, it aligns with emerging resilience-oriented perspectives that view organisations not merely as entities seeking to avoid failure, but as institutions responsible for maintaining continuity and adaptability under changing conditions (Woods, 2015; Hillson and Murray-Webster, 2017).

The framework consists of three mutually reinforcing dimensions: Governance, Risk and Compliance.

5.1 Governance Dimension

The governance dimension focuses on the institutional arrangements that shape lending behaviour, strategic priorities and organisational accountability. Governance determines how financial institutions balance commercial objectives against broader economic and societal responsibilities.

A central lesson from the Swiss experience is that governance structures influence not only organisational performance but also the resilience of financial ecosystems. Effective governance therefore extends beyond traditional concerns regarding board oversight and fiduciary responsibility to encompass stewardship of critical economic functions.

Key governance components include:

5.1.1 Board Oversight of SME Financing Strategy

Boards play a critical role in determining organisational risk appetite, strategic priorities and stakeholder commitments (Tricker, 2019). In the context of SME financing, board oversight should ensure that lending strategies remain aligned with long-term institutional objectives while supporting sustainable economic development.

Rather than viewing SME lending solely through the lens of short-term profitability, boards should evaluate its contribution to portfolio diversification, customer retention and regional economic resilience.

5.1.2 Stakeholder-Oriented Decision-Making

Stakeholder governance theory argues that organisations create sustainable value when they balance the interests of multiple constituencies rather than prioritising shareholder returns alone (Freeman, 1984; Clarke, 2016). The continued support provided by Swiss cantonal banks to SMEs demonstrates how stakeholder-oriented governance can enhance resilience by maintaining access to finance during periods of uncertainty.

Within the proposed framework, stakeholder considerations become a core governance mechanism influencing credit allocation decisions and organisational behaviour.

5.1.3 Regional Accountability Mechanisms

Relationship banking literature highlights the importance of local knowledge and institutional proximity in overcoming information asymmetries associated with SME lending (Boot, 2000; Berger and Udell, 2002). Governance structures that preserve regional accountability may therefore improve both lending quality and financial inclusion outcomes.

The prominence of cantonal banks within Switzerland illustrates how regional governance arrangements can strengthen institutional responsiveness to local economic needs while maintaining prudent risk management standards.

5.1.4 Long-Term Economic Value Creation

Contemporary governance scholarship increasingly distinguishes between short-term financial performance and sustainable value creation (Mayer, 2018). Within the proposed framework, successful governance is measured not only by profitability but also by the institution's contribution to economic resilience, productive investment and long-term prosperity.

5.2 Risk Dimension

The risk dimension addresses the capabilities required to sustain lending activity while preserving financial stability. Traditional banking models have primarily focused on institution-level risk exposures. However, the Swiss experience suggests that SME financing resilience depends equally upon the management of system-wide risks.

5.2.1 Integrated Credit and Systemic Risk Assessment

Conventional credit risk management focuses on borrower-specific risks such as repayment capacity, collateral adequacy and probability of default (Saunders and Allen, 2020). While these remain essential considerations, resilience-oriented risk management requires a broader perspective that incorporates systemic consequences of lending decisions.

The proposed framework therefore advocates integrating micro-prudential and macro-prudential perspectives, recognising that excessive restrictions on SME lending may generate wider economic vulnerabilities.

5.2.2 Concentration Risk Monitoring

The Credit Suisse–UBS consolidation highlights the importance of concentration risk as a determinant of financial-system resilience. Concentration risk should be assessed not only within individual portfolios but also across the financial ecosystem as a whole.

Drawing on complexity and network theories of systemic risk (Battiston et al., 2012; Haldane and May, 2011), the framework emphasises continuous monitoring of:

• institutional concentration;

• sectoral concentration;

• funding concentration; and

• critical interdependencies within the financial system.

5.2.3 Liquidity and Funding Resilience

Liquidity resilience remains fundamental to maintaining lending capacity during periods of market stress. The Global Financial Crisis demonstrated that institutions may face severe operational constraints even when they remain solvent (Brunnermeier, 2009). Consequently, the framework emphasises proactive management of liquidity buffers, funding diversification and refinancing capabilities to ensure continuity of credit provision under adverse conditions.

5.2.4 Scenario Analysis and Stress Testing

Resilience-oriented risk management increasingly relies on forward-looking approaches that examine the effects of low-probability but high-impact events (Taleb, 2012). Scenario analysis and stress testing provide mechanisms for assessing how changes in market structure, economic conditions or regulatory environments may affect SME financing capacity.

Such tools are particularly important in increasingly uncertain environments characterised by geopolitical instability, technological disruption and climate-related risks.

5.3 Compliance Dimension

The compliance dimension encompasses the regulatory, legal and ethical obligations that shape banking behaviour. While compliance has traditionally been viewed as a control function, contemporary GRC literature increasingly recognises its strategic role in supporting organisational legitimacy, stakeholder trust and long-term resilience (Power, 2007).

5.3.1 Proportionate Regulatory Implementation

An enduring challenge within banking regulation is balancing prudential safeguards against the need to preserve credit availability. Excessively restrictive requirements may unintentionally constrain productive lending, while insufficient oversight may undermine financial stability (Avgouleas and Goodhart, 2015).

The Swiss experience suggests that effective compliance frameworks should emphasise proportionality, ensuring that regulatory requirements remain commensurate with underlying risks while preserving access to finance for economically viable SMEs.

5.3.2 Operational Resilience Requirements

Operational resilience has emerged as a major regulatory priority in response to increasing dependence on digital infrastructure, third-party service providers and interconnected financial systems (BCBS, 2021).

The proposed framework incorporates operational resilience as a core compliance objective, recognising that disruptions to technology platforms, payment systems or data infrastructure can impair SME access to financial services and undermine broader economic resilience.

5.3.3 ESG and Sustainability Reporting

Environmental, Social and Governance (ESG) considerations are becoming increasingly integrated into financial regulation and risk management practices. Financial institutions face growing expectations regarding climate-risk disclosure, sustainability reporting and responsible lending practices (Dikau and Volz, 2021).

Within the framework, ESG compliance serves both a regulatory and strategic function by promoting longer-term perspectives on risk, value creation and economic sustainability.

5.3.4 Consumer and SME Protection Standards

Finally, compliance frameworks must ensure that lending practices remain transparent, equitable and supportive of productive economic activity. This includes protections relating to fair treatment, disclosure standards and responsible lending practices.

Such measures enhance trust in financial institutions and contribute to the long-term sustainability of banking relationships.

5.4 An Integrated Model of SME Financing Resilience

The central proposition of the framework is that SME financing resilience emerges not from governance, risk management or compliance in isolation, but from their interaction.

Governance establishes strategic direction and institutional incentives. Risk management determines the capacity to absorb shocks while maintaining lending activity. Compliance creates the regulatory environment within which sustainable financing can occur. Weaknesses in any one dimension may undermine resilience across the system.

Consequently, the framework advances a shift from traditional compliance-centred GRC models towards a resilience-centred approach in which the primary objective is the preservation of critical economic functions. Access to SME finance becomes a key indicator of GRC effectiveness because it reflects the ability of institutions to balance prudential stability with productive economic activity.

This perspective extends existing GRC theory by introducing economic resilience as a measurable outcome of governance quality, risk management effectiveness and regulatory design.

6. Discussion

The Swiss case provides important insights for academics, policymakers and financial institutions seeking to understand the relationship between financial-sector resilience and economic development. More broadly, it offers evidence that Governance, Risk and Compliance frameworks should be evaluated according to their contribution to economic outcomes rather than solely their effectiveness in ensuring regulatory conformity.

First, the findings highlight the importance of institutional diversity as a source of systemic resilience. Much of the post-crisis regulatory literature has focused on strengthening individual institutions through enhanced capital requirements, liquidity standards and governance reforms. While such measures remain important, the Swiss experience suggests that resilience is also shaped by the structure of the financial ecosystem itself. The continued strength of cantonal banks mitigated risks associated with market consolidation and preserved alternative channels of credit provision for SMEs. This finding supports broader arguments that diversity within financial systems contributes to stability by reducing dependence on a limited number of dominant actors (Ayadi et al., 2010; Haldane and May, 2011).

Second, the analysis demonstrates that prudent risk management need not result in reduced lending activity. Conventional approaches often portray financial stability and credit availability as competing objectives. However, the Swiss experience suggests that robust underwriting standards and continued support for viable SMEs can coexist when institutions adopt long-term relationship-based lending models. This finding challenges simplistic assumptions that tighter risk controls necessarily constrain economic activity and instead supports emerging resilience-oriented approaches to risk management (Mikes and Kaplan, 2015).

Third, the paper argues that GRC frameworks should increasingly be assessed according to their contribution to economic resilience. Traditional GRC models focus primarily on organisational objectives such as regulatory compliance, risk mitigation and operational efficiency. While these objectives remain important, they do not fully capture the broader societal role of financial institutions. Banks perform a critical public function by allocating capital, supporting entrepreneurship and facilitating productive investment. Consequently, access to finance should be regarded as an important outcome measure for evaluating governance effectiveness and regulatory success.

Fourth, the findings highlight the importance of regulatory proportionality. The increasing complexity of banking regulation reflects legitimate concerns regarding financial stability, operational resilience and systemic risk. Nevertheless, policymakers must remain attentive to the unintended consequences of regulatory expansion. Excessive compliance burdens may increase costs, reduce lending capacity and disproportionately affect SMEs, while insufficient oversight may undermine confidence and stability. The challenge for regulators is therefore to design frameworks that preserve both prudential resilience and economic dynamism.

Finally, the Swiss case contributes to broader debates concerning the future role of financial institutions in society. Contemporary governance scholarship increasingly emphasises stakeholder value creation, sustainability and resilience as core organisational objectives (Mayer, 2018; Clarke, 2016). The evidence presented here suggests that financial institutions should be viewed not merely as market actors but as critical components of economic infrastructure whose governance decisions have significant implications for societal welfare and long-term economic development.

Taken together, these findings suggest that the future evolution of GRC frameworks will require a broader conception of organisational success—one that incorporates resilience, financial inclusion and sustainable economic value creation alongside traditional measures of compliance and profitability.

7. Conclusion

This paper has examined the resilience of SME financing in Switzerland through a Governance, Risk and Compliance perspective, using the post-Credit Suisse restructuring of the Swiss banking sector as an empirical context. While concerns regarding concentration risk, systemic stability and credit availability emerged following the acquisition of Credit Suisse by UBS, the evidence suggests that Switzerland has thus far avoided a broad-based contraction in SME lending. The continued availability of credit during a period of significant market transformation provides an important opportunity to reconsider the factors that underpin financing resilience.

The analysis demonstrates that resilient SME financing cannot be adequately explained by traditional measures of banking strength alone, such as capital adequacy, liquidity or market share. Rather, the Swiss experience highlights the importance of institutional diversity, stakeholder-oriented governance, relationship banking and proportionate regulatory oversight. In particular, the prominent role played by cantonal banks illustrates how governance arrangements and public-purpose institutional mandates can contribute to maintaining critical economic functions during periods of uncertainty.

A central contribution of this paper is the argument that SME financing resilience should be understood as a governance outcome. Access to finance is often treated as a market phenomenon determined by supply and demand dynamics, yet the findings suggest that governance structures, risk management practices and compliance frameworks collectively shape the ability of financial institutions to continue supporting productive economic activity. Consequently, questions of SME financing are also questions of governance, systemic resilience and public value creation.

To address this relationship, the paper proposed a Governance, Risk and Compliance Framework for SME Financing Resilience. The framework advances existing GRC scholarship by integrating governance, risk and compliance into a resilience-oriented model in which the preservation of critical economic functions becomes a primary objective. Within this framework, governance establishes strategic direction and stakeholder priorities, risk management ensures the capacity to absorb shocks while maintaining lending activity, and compliance provides the regulatory environment necessary for sustainable financial intermediation. The framework therefore shifts the focus of GRC from organisational protection alone towards broader economic resilience outcomes.

The findings also carry important implications for policymakers and financial institutions. First, they suggest that institutional diversity should be recognised as a strategic component of financial-system resilience. Second, they demonstrate that prudent risk management and continued SME lending can coexist when supported by long-term relationship banking and effective governance structures. Third, they highlight the importance of regulatory proportionality in balancing financial stability objectives against the need to maintain access to finance for productive enterprises.

More broadly, the paper contributes to emerging debates regarding the societal role of financial institutions in increasingly uncertain economic environments. As banking systems confront digital transformation, climate-related risks, geopolitical instability and evolving regulatory expectations, resilience is likely to become an increasingly important measure of organisational and systemic performance. Future GRC frameworks must therefore extend beyond compliance and risk mitigation to encompass the preservation of economic adaptability, financial inclusion and sustainable value creation.

Future research should explore the applicability of the proposed framework across different banking systems and regulatory environments. Comparative studies examining jurisdictions with varying degrees of banking concentration, institutional diversity and regulatory intensity would provide valuable insights into the relationship between GRC practices and financing resilience. Further investigation is also warranted into the implications of digitalisation, operational resilience requirements and ESG-related regulations for SME access to finance. Such research would contribute to a more comprehensive understanding of how governance, risk and compliance frameworks can support both financial stability and long-term economic resilience.

Ultimately, the Swiss experience suggests that resilient financial systems are not defined solely by their ability to withstand shocks, but by their capacity to continue supporting the real economy throughout periods of disruption. In this sense, access to SME finance becomes not merely an indicator of banking-sector performance, but a measure of the effectiveness of governance, risk management and regulatory design in sustaining economic prosperity.

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