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Risk Monitor 2023: current risks in the financial sector

13 November 2023 | Legal Alerts
The Swiss Financial Market Supervisory Authority (FINMA) releases its 2023 Risk Monitor. Nine significant threats to the financial sector are identified in the report. FINMA has highlighted two additional risks compared to the previous year: finance and liquidity concerns and business activity outsourcing risks.

The report highlights the focus of FINMA's supervisory operations and gives an overview of the significant risks supervised institutions face. Further regulatory clarifications can be found in the FINMA’s Follow-Up Regulations, which provide ongoing updates on compliance strategies and supervisory policies.This reporting increases openness regarding how FINMA carries out its mandated duties for supervised institutions and the general public.

Sensitive macroeconomic environment

Numerous major risks that have been identified are based on various macroeconomic uncertainties. These are caused by persistent regional and geopolitical tensions and reduced economic growth due to high inflation, growing interest rates, and rising energy costs. Furthermore, the collapse of various American regional banks in mid-March 2023 and the uncertainty surrounding Credit Suisse led to banking sector stress globally. Many institutions responded by reinforcing their accounting practices, referring to frameworks like Spitex bookkeeping Switzerland (Spitex Buchhaltung Schweiz) for operational resilience.

Two new principal risks

  • At the moment, FINMA has identified nine primary risks for the whole financial sector, all based on macroeconomic analysis. Seven risks remain the same as in the previous year: interest rate risks, credit risks associated with mortgages, credit risks associated with other loans, credit spread risks, risks of cyberattacks, threats in combating money laundering, and risks due to increased impediments to cross-border market access.
  • The risks related to funding, liquidity, and outsourcing business operations are now included in the Risk Monitor because they are deemed more significant than the previous year. Companies also revisit their corporate structures through Expert Advisory on Holding Company to mitigate complex risks. FINMA will continue to concentrate its supervisory efforts on the unique risks resulting from the combination of the two large banks, regardless of the primary risks that have been identified.

Artificial intelligence in the Swiss financial market

Additionally, every Risk Monitor investigates a trend that could have long-term effects on the Swiss financial market. FINMA considers using artificial intelligence (AI) a trend because of its growing significance in numerous spheres of life. AI-based technologies are also pushing firms to adopt customized governance models with support from Corporate Law Advisory. The accountability for AI decisions, the dependability of AI applications, the transparency and explicability of AI decisions, and the equitable treatment of clients in the financial markets present unique challenges.

FINMA expects supervisory institutions to react suitably to the associated risks. Following the risk-based approach and the proportionality principle, FINMA will investigate how AI is used by institutions under supervision. It will also continue to monitor developments in artificial intelligence in the financial industry, remain in discussions with relevant stakeholders, and stay abreast of international developments. This includes tracking international compliance frameworks such as the Automatic tax information exchange, which intersects with data usage and reporting obligations.
Conclusion
Firms preparing pitch materials in this risk-laden environment rely on tools like the Create an efficient pitch deck (Create an efficient pitch deck (créer un pitch deck efficace) guide to align presentations with legal and financial compliance. To sum it up, the 2023 Risk Monitor by FINMA highlights nine critical risks in the financial sector, including emerging finance and liquidity concerns and growing AI-related challenges. In the coming year, FINMA will maintain its commitment to supervising and mitigating these identified risks, particularly those arising from the combination of large banks. FINMA emphasizes responsible AI adoption and will continue its vigilant supervision of these risks while staying attuned to international developments. The 2023 Risk Monitor is a vital tool for both supervised institutions and the general public, providing valuable insights into the evolving landscape of risks in the financial sector and the regulatory actions to mitigate them.
Additional institutional responses to the 2023 risks include exploring GmbH or AG found in Switzerland (GmbH oder AG gründen in der Schweiz), adjusting Accounting Switzerland (Buchhaltung Schweiz), and re-evaluating legal obligations such as VAT obligation (Mehrwertsteuerpflicht).
Companies facing operational transitions may also benefit from referencing Register companies in Switzerland (Unternehmen in der Schweiz anmelden) to ensure procedural clarity and from analyzing FINMA's report for risk preparedness alignment.
Lastly, shareholder protections remain crucial during times of systemic change, often requiring frameworks such as the Shareholder agreement in Switzerland (Convention d’actionnaires en Suisse).

Sources

1. https://www.finma.ch/en/news/2023/11/20231109-mm-finma-risikomonitor-2023/
2. https://www.finma.ch/en/

Disclaimer:

This legal alert provides a general overview of the topic and should not be considered legal advice. Legal situations may vary, and businesses should consult with legal professionals to address their specific concerns.
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Law firm in Switzerland — Goldblum and Partners focused on Corporate Law, Mergers & Acquisitions, Banking & Finance, Tax Law, Intellectual Property, Dispute Resolution, Restructuring and Bankruptcy.
Investing in Switzerland and the main financial instruments
Investing in Switzerland, financial instruments and assets. Swiss stocks, bonds, funds, and real estate.
Legal Alert
Consultation to Revise Regulation on Working Hours Law
On 29 September 2017, the Swiss Federal Council commenced a consultation on revising the Regulation on the Working Hours Law. The Law governing employment relations in public transport companies was passed by the Parliament in the summer of 2016.
Legal Alert
FDF opens consultation on total revision of withholding tax ordinance
On 21 September 2017, the Swiss Federal Department of Finance (FDF) submitted the total revision of the Withholding Tax Ordinance for consultation. The ordinance specifies the prerequisites for non-residents to be entitled to subsequent ordinary tax assessment.
Registration of a company in Switzerland
Registration of a company in Switzerland as an access to a large market, skilled workforce, favorable tax environment, predictable legal system.
Legal Alert
Swiss Banking Act Revision: Enhancing Financial Regulation and Protection
Delve into the 2023 revision of the Swiss Banking Act and discover its impact on the stability and security of Swiss banks and their clients.
Taxes in Switzerland for expats
Expats with a business in Switzerland will be subject to various taxes, including corporate income tax, value-added tax (VAT), and social security contributions.
Risk Monitor 2023: current risks in the financial sector
This legal alert highlights the focus of FINMA's supervisory operations and gives an overview of the significant risks supervised institutions face.
Legal Alert
Revision of the Swiss alcohol legislation as of 1 January 2018
Revision of the Swiss alcohol legislation. On 15 September 2017, the Swiss Federal Council passed the revised Alcohol Ordinance. It will enter into force on 1 January 2018, together with the Alcohol Law revised in autumn 2016.
FINMA Issues Comprehensive Guidance on Stablecoins
This legal alert reviews FINMA's new comprehensive guidance on the issuance of stablecoins, addressing default guarantees, risks, and financial market laws.
Switzerland and US Sign New Agreement on Account Data Exchange
This legal alert covers the agreement for automatic exchange of financial account data between Switzerland and the US, effective from 2027.
What does company status strike off mean
Company strike off — Swiss company dissolution where the company's assets are sold, and the proceeds are used to pay off its debts to creditors.
Stricter Measures Against Abusive Bankruptcies
This legal alert aims at providing a brief report on the key provisions of the Federal Act on Combating Abusive Bankruptcy, effective from January 1, 2025.
Swiss Banks Embrace Cryptocurrencies
This legal alert discusses the increasing trend of Swiss banks offering cryptocurrency investment services to their clients, despite ongoing uncertainties.
Swiss Franc Enters the Cryptocurrency Arena — Embracing Digital Transformation
How the Swiss Franc is revolutionizing the financial sector by transitioning into a cryptocurrency. This pivotal move signals a new era for secure, efficient digital transactions, solidifying Switzerland's position as a global financial and technological hub. Stay informed on the Swiss Franc's latest evolution into the crypto space.
Bookkeeping Services in Switzerland — Costs, Compliance & Tools (2025)
Explore Swiss bookkeeping services: pricing, legal compliance, VAT, payroll, software tools, and outsourcing options. Updated for 2025 by legal experts.
UBS Finalizes Merger with Credit Suisse
The legal alert outlines UBS's merger with Credit Suisse, client transition to UBS platforms, and future consolidation steps.
Legal Alert
Swiss Federal Council puts new fintech rules into force
On 1 August 2017, an amendment to the Banking Ordinance (BO) adopted by the Swiss Federal Council on 5 July 2017 entered into force.
Legal Alert
Draft federal bill on processing of personal data by FDFA issued for consultation
Late in June 2017, the Swiss Federal Council approved the draft bill for a federal act on the processing of personal data by the Federal Department of Foreign Affairs (FDFA).
The Federal Council approves a new dispatch aimed at enhancing anti-money laundering
The legal alert details the Federal Council's approval of AML measures, including a federal register and due diligence for high-risk activities.
Benefits of outsourcing accounting and bookkeeping
Outsourcing accounting and bookkeeping in Switzerland offers several benefits, including access to specialized expertise, increased accuracy and efficiency, and cost savings.
Greenwashing in Switzerland - Recent Developments and Legal Implications
This legal alert provides an overview of the latest news and legal implications surrounding greenwashing in Switzerland.
News
Facilitation of banks’ capital accumulation in Switzerland
Early in June 2017 the Swiss Federal Council initiated the consultation on the proposed Federal Act (hereinafter – the Act) on the Calculation of the Participation Deduction for Too-Big-to-Fail (TBTF) Instruments.
Bank secrecy in Switzerland
Does the Bank Secrecy Really Exist in Switzerland? Tax haven in the heart of Europe What does secrecy give to the bank's clients?
Knowledgebase
License for the financial services in Switzerland
Licensing and how to obtain the license for the financial services in Switzerland in.
COMCO secures reduced interchange fees for Mastercard debit cards
The legal alert explores the agreement between COMCO and Mastercard to reduce domestic interchange fees for Mastercard debit cards.
Share Capital Taxation in Switzerland
The taxation of the limited liability companies (SARLs) and corporations (SAs) in Switzerland. This companies pay tax based on the profits they generate annually.
FINMA Announces Update to Insurer Liquidity Circular
The legal alert discusses FINMA's update of its liquidity management guidelines for insurers to align with new regulations.
Knowledgebase
Swiss Banking System — banking trends for the companies and private individuals
Swiss Banking System explanation for the companies and private individuals: what is going on in 2020, — all trends, changing in legislation and our expectations.
Company liquidation in Switzerland by three possible ways of liquidation
Company liquidation in Switzerland. All about the liquidation of a Swiss AG or GmbH, terms, conditions.
News
BEPS Convention signed by Switzerland
On 7 June 2017 Switzerland signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting.
Company Liquidation in Switzerland – Legal Closure Options for AG & GmbH
Explore Swiss company liquidation through voluntary dissolution, bankruptcy, or share sale. Guide includes procedures for AG and GmbH, legal basis, and Zug/Zurich nuances.
Insurance Intermediaries Must Submit Follow-up Documents to FINMA by June 2024
The legal alert highlights the requirement for insurance intermediaries to submit follow-up documents to FINMA by June 2024.
Company news
Goldblum and Partners has achieved recognition by IFRL1000
The dedicated specialists of Goldblum and Partners highly appreciate the clients' trust, feedback and desire to work with us on different legal matters.
Sandbox: a step forward to the financial market's liberalisation
Sandbox for the financial services provider. Important applicable rules for licensing
Travel rule: virtual assets emerging from the shadow
In June 2019, the Financial Action Task Force (FATF) published its guidance for a risk-based approach to virtual assets and virtual asset service providers. This document recommended states to comply with the so-called "travel rule". The latter is already implemented in Switzerland.
Legal Alert
Further participation in IMF’s NAB approved by Swiss Federal Council
On 15 February 2017, the Swiss Federal Council approved Switzerland’s continued participation in the IMF’s New Arrangements to Borrow (NAB).
Financial Institutions Act (FinIA) and legislative changes
What has changed for Portfolio Managers and Trustees? Who is the Trustee?
Introducing Limited Qualified Investor Funds
The legal alert covers the topic of the introduction of Limited Qualified Investor Funds: a new fund category exempt from FINMA's authorization and supervision.
Knowledge base
Escrow Account and Services — Knowledge base — Swiss law firm
Our Escrow account and services have enabled businesses to expand their horizon, worldwide and are an indispensable tool that promotes trust.
Legal Alert
Foreign Economic Policy Report 2016 by Swiss Federal Council
Early this year the Swiss Federal Council released the Foreign Economic Policy Report 2016 highlighting the forthcoming challenges for Swiss foreign economic policy.
News
NEW SWISS-U.S. PRIVACY SHIELD FRAMEWORK
The Swiss Government and the U.S. Department of Commerce announced their agreement on Swiss-U.S. Privacy Shield framework (the “Swiss Privacy Shield”), a new transatlantic personal data framework that aimed to establish comparable protections for data transferred or accessed by the U.S. as those secured by the European Union under the European Union (EU)-U.S. Privacy Shield framework.
Knowledge base
Switzerland Germany tax treaty in 2020 for the companies and private individuals
Switzerland Germany tax treaty facts and conditions in 2020. Benefits for the Swiss and German businesses and private individuals.
Stefan Walter Appointed as FINMA's New CEO
This legal alert provides information about the appointment of Stefan Walter as the new CEO of FINMA, highlighting his experience in financial regulation.
Corporate law
Companies in Switzerland — how to register and maintain them
Companies in Switzerland explained. Switzerland as the most attractive country for business and growing across the globe.
FINMA Issues Guidance on Staking Services
This legal alert reviews the key takeaways of FINMA’s guidance on staking services which underlines complexities of these services and aims to protect investors.
Swiss law firm — Goldblum and Partners
Swiss law firm, focused on Corporate Law, Tax Law, M&A and other practices under the Swiss legislation
FINMA: Publication of Annual Report 2022
Publication of Annual Report 22 by Swiss Financial Market Authority. FINMA report disclose the latest results.
FINMA gives forth partly revised Circular on “Direct transmission”
The Swiss Financial Market Supervisory Authority (FINMA) is publishing the partly revised Circular on “Direct transmission” with the broadened list of foreign authorities allowed to provide administrative assistance and renewed reporting process.
2022 was a successful year of funding for Innosuisse
In 2022, Innosuisse submitted over 800 applications for innovative projects. This is 65% more than in the previous year. The company's innovative board approved 404 (in 2018 - 239). The company also conducted 400 innovative audits (a year earlier - 308).
Corporate law
Escrow payments for the companies and the private individuals
Escrow payments and how Escrow works —we facilitate escrow payments and help businesses minimize their risks and maximize profits.
Legal Alert
Partially revised VAT Regulation enacted in Switzerland
On 18 October 2017, the Swiss Federal Council passed the partially revised Value Added Tax Regulation (hereinafter “VAT Regulation”). It contains adaptations to the partially revised VAT Act (hereinafter “VAT Act”) and other point-to-point changes. Both documents will enter into force on 1 January 2018 with the exception of the provisions on mail order trading.
Legal Alert
Newly released FINMA regulations for Swiss banks, securities and insurance providers
Beginning on April 1, 2018, FINMA (The Swiss Financial Market Supervisory Authority) will begin enforcing a number of new regulations on Banks and Insurance companies.
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