Tuesday July 14, 2020

Elderfield sharpens focus on risk

The Financial Regulator can't see everything, but Prism should mitigate blind spots, writes Jon Ihle.

4th December, 2011
Matthew Elderfield, Financial Regulator: 'We can't man-mark every firm we supervise, but we can team-mark the big banks and insurers'. Photo: Feargal Ward

When Matthew Elderfield started redesigning Ireland's post-crisis financial regulatory system, he must have been tempted to build a version of the fabled panopticon, a kind of all-seeing eye that terrorises the objects of its gaze into believing they are being watched at all times.

Instead he devised Prism, the Central Bank's new 'probability risk and impact system' which debuted last week after months of consultation and preparation.

As a metaphor, 'prism' isn't bad: visible light...

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