On Oct. 26, PHI CB rolled out suptech engine to digitize supervision.
PHI CB will be implementing the advance suptech engine for risk-based compliance (ASTERisC*) rollout, to further to digitalize supervisory and regulatory processes.
Follows PHI CB Mar. 2022 increased cybersecurity for supervision, see #132405.
Overview
ASTERisC* is a unified regulatory and supervisory technology solution that streamlines and automates regulatory supervision, reporting, and compliance assessments.
The platforms allows BSFIs to directly access and transmit cybersecurity-related reports and information in real-time, and helps firms implement risk-based decisions.
Participating BSFIs will be able to access the system via cloud-based web application.
Assigned users must undergo the ASTERisC* training prior to any account creation.
Effectiveness
Reporting through ASTERisC* shall be effective starting from Jan. 1, 2023; however, may enter beforehand to prepare IT profile data for submission on Jan. 25, 2023.
Dec. 2024 ASTERisC* Expansion
On Dec. 9, 2024, PHI CB issued memorandum on the expansion of the ASTERisC* to all banks and virtual asset service providers (VASP), effective from Jan. 1, 2025.
This memorandum provides information on the general requirements on the use of ASTERisC* and the preparatory activities prior to rollout of the ASTERisC* expansion.
Detailed system guides and other documentation shall be coordinated with the BSFIs.
For newly enrolled BSFIs, reporting through ASTERisC* shall take effect on Jan. 1, 2025.
BSFIs may access the system in advance for prepare for submission on Jan. 25, 2025.
