On 11 October 2012, the Central Bank published slides from its briefing session for independent non-executive directors on enterprise risk management in insurance undertakings. The slides contain an overview of PRISM’s (Probability Risk and Impact SysteM) objectives. Economic and operational challenges encountered by life and non-life insurers are also set out in the slides, which set out certain of the Central Bank’s expectations in relation to enterprise risk management. Notably, the Central Bank points to a ‘reasonably significant’ decrease in the number of insurance companies regulated in Ireland in the last year (267 up to 30 September 2012, compared to 285 in 2011 and 298 in 2010).