We cannot avoid all failures but we can prioritise our supervision so as to protect against the potential failures  BIS central bankers’ speeches  1  that would have the most severe consequences.
We believe, against the backdrop of the problems of both firms and regulators in the recent past, that PRISM offers an important step forward towards more challenging and outcome focused supervision: that is supervision where real problems are identified earlier and where serious efforts are made to mitigate them before the problems morph into crises.