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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