Financial institutions rely heavily on outsourced service providers (OSPs) to assist with key business objectives.
As financial institutions are ultimately responsible for the service provided to their customers, OSPs must comply with the standards and controls accepted within the financial industry.
The Association of Banks in Singapore has established the Guidelines on Control Objectives and Procedures for all OSPs desiring to work with the numerous financial institutions in Singapore. To demonstrate your organization’s ability to meet these guidelines, an Outsourced Service Provider Audit Report (OSPAR) attestation is mandatory. Without an OSPAR attestation, your organization will not be able to provide services to the rapidly growing number of financial institutions in Singapore.
Digital Edge will ensure that your organization will receive an OSPAR attestation as proof that it has implemented adequate cybersecurity safeguards to maintain the governance and consistency required. With OSPAR, your company will be ready to conduct business, and guarantee the security of your client’s critical information.
Digital Edge is proud to announce that we successfully assisted and obtained an OSPAR certification for one of our FinTech clients.
What is OSPAR? OSPAR (Outsourced Service Providers Audit Report) is a report that can only be issued by one out of 5 accredited auditors. It is a critical pre-requisite for the 3rd party vendors, to demonstrate their adherence to stringent guidelines & best practices if they wish to conduct business in Singapore.