The Central Bank of Ireland ("Bank") has launched a new risk-based supervision framework, PRISM (Probability Risk and Impact SysteM) over regulated firms. Under PRISM, the Bank’s supervisory activities focus on firms that pose the greatest threat to the financial system, economy and consumers were it to fail. Firms are categorised as high impact, medium-high impact, medium-low impact or low impact, which determines the number of supervisors assigned and level of interaction with each firm. The Bank will engage with firms based on their level of impact, which will involve reviews, inspections and meetings and will issue a ‘to do list’ to firms, outlining the actions that need to be taken to address any risks the Bank finds are too high.