Looking back over more than a year’s operation of PRISM for insurance companies, it’s clear that we are still some way from fully embedding our new approach and further refinements and fine tuning should take place. But, I’m pleased that the framework is delivering in three critical respects.
First, that it is indeed delivering its core objective of requiring front line supervisors to think critically about the risks present in insurance firms and to do so in a structured and consistent manner. This is therefore flushing out issues and concerns, improving standards of risk management and compliance.