BSP to roll out digitized regulatory platform to select banks by January
THE BANGKO SENTRAL ng Pilipinas (BSP) is set to roll out a digitized regulatory and supervisory engine by January 2023 to further enhance the financial sector’s cyber resilience.
The central bank said in a memorandum signed by BSP Deputy Governor Chuchi G. Fonacier that it will deploy the Advanced SupTech Engine for Risk-Based Compliance (ASTERisC*) among selected BSP-supervised financial institutions (BSFIs) by Jan. 1, 2023 as it seeks to digitalize its supervisory and regulatory processes.
ASTERisC* is a unified regulatory and supervisory technology (regtech and suptech) solution that streamlines and automates reporting and compliance assessment for BSFIs’ cybersecurity risk management. It supports the BSP’s end-to-end process on cybersecurity supervision.
“With this platform, BSFIs can directly access and transmit cybersecurity-related reports and information in real-time. The system likewise enables deeper analyses and correlation capabilities to help the BSP implement risk-based and proactive supervisory decisions and set policy direction on cybersecurity,” the central bank said.
The BSP said ASTERisC* will initially be deployed to BSFIs that meet its criteria.
“The system scope, features and functionalities may be further expanded in the future to cover additional participating BSFIs, other key risk areas and/or modules in line with supervisory priorities and/or requirements,” it said.
“BSFIs not yet covered in the initial implementation shall continue to submit the regulatory reports through the default processes established by the BSP,” it added.
The central bank said qualified BSFIs will be able to access the system through a cloud-based web application by providing the needed credentials. Users can then submit reports and assessments related to cybersecurity through web-based forms.
Users will also have access to a dashboard that shows the status of submissions, provides summary reports, e-mail notifications for report due dates, and BSP acknowledgement receipts.
To use ASTERisC*, BSFIs should at least have access to the internet, the latest versions of various web browsers, and a mobile device for authentication.
“The BSP shall directly coordinate with the participating BSFIs for the provision of login credentials authentication setup and schedule of training on the use of the system,” the central bank said.
Each BSFI participant will be provided with a single user account at the initial phase of deployment of the platform. Additional accounts may be requested from the Technology Risk and Innovation Supervision Department (TRISD) of the BSP.
Users will be required to complete the ASTERisC* training hosted by the TRISD before creating an account.
“Reporting through ASTERisC* shall be effective starting Jan. 1, 2023. Nonetheless, BSFIs may access the system in advance to prepare the IT Profile data for submission on Jan. 25, 2023,” the BSP said. — K.B. Ta-asan
