The ASAP program is administered by the airline's pilot managers with participation from the pilot's union. With my airline, the report is entered into the computer. An event review team investigates the report. The team may call the ATC facility involved. If no problems exist, the pilot is told no corrective action was taken, usually via a computer message. If there is a problem the pilot is notified directly. For serious issues, a letter of correction may be placed in the pilot's file. The correction may involve having to take some sort of remedial training in the simulator. The training is directly related to the error that was made. The letter of correction stays in the pilot's file for only a given amount of time, perhaps a year or two. This action is in lieu of the alternative. The alternative without an ASAP report being filed could involve certificate action. We have had pilots who found themselves at an FAA hearing, facing the possibility of license suspension. Had they filed an ASAP report, the worst consequence would have been a letter of correction. If I ever have doubts as to my loss of separation status, I file an ASAP report. It can never hurt. Most of the time the response to these reports indicates no action was required.