Security concerns have increased with the rise of the internet and the threat of cyberattacks that governments are trying to mitigate. The Bangko Sentral ng Pilipinas (Central Bank of the Philippines, BSP) has announced it will be implementing ‘a unified regtech and suptech solution that will streamline and automate regulatory supervision, reporting, and compliance assessment of cybersecurity risk management for our supervised institutions’ called Advanced SupTech Engine for Risk-Based Compliance (ASTERisC*).
Powering the paradigm shift in financial supervision: the Cambridge SupTech Lab Innovation Leadership Programme
This new era of data abundance and mass adoption of digitally native financial products has intensified existing risks and introduced new ones, widening the gap between financial authorities’ duty of oversight and their ability to fulfil their mandate. While...