Training in credit through experience: analytical rigor, risk awareness, and practical pragmatism

January 7, 2026

As a lecturer for the ISFB Credit Certificate program, Mr. Défago shares a demanding and resolutely pragmatic vision of the credit profession. With a wealth of academic and banking experience, he advocates an andragogical approach rooted in real-life situations, where financial analysis only makes sense in the light of the economic model, key risks, and experience gained in the field.

Mr. Défago, you are a lecturer for the ISFB Credits Certificate program. What are your expectations and what approach will you take as a lecturer?

I have been working with ISFB for nearly twelve years, first as part of a certificate program related to raw materials, and more recently as part of the ISFB Credit Certificate program, to which I have been contributing for two years now.

My presentation, which deals with the issue of syndicated loans, is based on a clearly dual approach that is both academic and rooted in practical experience. The aim is, of course, to convey the essential concepts relating to the subject under study, but above all to use concrete examples to develop participants' ability to approach the subject and structure a sound, comprehensible, and defensible credit rationale, both vis-à-vis clients and in an internal decision-making context.

My teaching approach is therefore deliberately pragmatic. It is based on real-life situations, both successes and failures, because it is often the latter that leave a lasting impression and enable lasting progress. In my view, credit is not just about ratios: it involves understanding an economic model, identifying key risks and, above all, knowing how to prioritize issues.

In terms of expectations, I expect, as always, a pleasant collaboration and wonderful interactions with the participants.

Can you tell us about your academic and professional background?

My academic and professional background is varied and perhaps a little unusual. I studied international relations, obtaining a bachelor's degree from the Graduate Institute of International and Development Studies in Geneva in 2002, followed by an internship at the Swiss embassy in Canada between 2002 and 2003. I then pursued postgraduate studies in business management (DEA) at the University of Geneva, which allowed me to bridge the gap between academic analysis and economic reality through an internship that was required to complete the program. This dual approach led me to a commodities trading company (Noble Resources SA), then to the banking sector when I joined Banque Cantonale de Genève in 2006. I worked there until 2020 as a relationship manager in the field of commodity financing and syndicated loans, before joining Swiss corporate banking in 2020 to develop a portfolio of Swiss industrial companies operating internationally and offer them the bank's trade finance services. At the beginning of 2025, I joined Raiffeisen Switzerland, where I work as a senior relationship manager and, together with my colleagues, am developing a portfolio of large companies and multinationals based in French-speaking Switzerland.

In your opinion, what are the main challenges in the field of credit today?

The main challenge lies in striking a balance between theory and reality in the field. Analytical tools are essential, but interpreting them can sometimes be complicated depending on the context and sector of activity. Credit is a profession that is learned gradually: it requires a comprehensive understanding of companies, sectors, and economic cycles. The challenge is therefore to pass on this experience in a structured framework, while developing a sensitivity to risk that remains largely empirical and cannot be entirely theorized.

Another key challenge is maintaining the balance between business development and risk discipline. This involves offering financing solutions that are relevant to both the bank and the customer while preserving the quality of the portfolio, which requires making strict choices and carefully assessing acceptable limits.

It is a matter of going beyond a simple reading of the financial statements to analyze the company's strategy and potential, the quality of its management, sector-specific characteristics, and exogenous macro- and microeconomic factors.

The real added value and, at the same time, the challenge of this sector lie in the ability to ask the right questions, to continually enrich one's own questioning, and to question one's own analyses. It is a process of continuous learning. This progress is therefore largely based on experience, which remains a determining factor in the quality of credit decisions.

The ISFB Credits Certificate will begin shortly (February 2026). How does this program provide concrete solutions, and what do you think are its strengths and unique features that make it so valuable and high-quality?

The ISFB Credits Certificate stands out for its strong focus on professional practice. It is not just a theoretical training course, but a program designed by industry professionals, with real academic standards and immediate applicability for those working in the sector under study.

Participants acquire not only a toolkit, but also a method of thinking that they can apply in their daily professional lives.

Finally, the diversity of the speakers, but also that of the participants themselves, promotes particularly rich and concrete exchanges. The program is not limited to imparting knowledge: it contributes to the overall professional development of participants by providing them with new skills, of course, but also with greater confidence and assurance in their professional judgment.

Nicolas Défago

Large Corporate Client Advisor
Member of the Executive Board
Raiffeisen Group

Lecturer ISFB

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