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21 Jul 2017 On 1 June 2017, the Association of Banks in Singapore ("ABS") released a revised version of the Guidelines on Control Objectives & Procedures for Outsourced Service Providers ("Guidelines"). First published on 26 June 2015, these non-binding Guidelines provide a set of recommended minimum
The auditors engaged by the Outsourced Service Providers (OSPs) to perform the control audits against the ABS Guidelines on Control Objectives & Procedures for Outsourced Service Provider must use this OSPAR template to document the OSPs' control audit results. This OSPAR template documents the minimum
11 Aug 2015 It is likely that ABS member FIs will require OSPs to comply with the requirements set out under the ABS Guidelines should the OSP wish to provide services to ABS members. In the long run, common use of the Outsourced Service Provider Audit Report (“OSPAR") template may actually streamline how
1. MAS first issued the Guidelines on Outsourcing (?the Guidelines?) in 20041 to promote sound risk management practices for outsourcing arrangements of financial institutions (?institutions?). As outsourcing arrangements have become more prevalent and complex over the years, MAS proposes revisions to the
27 Jun 2015 THE Association of Banks in Singapore (ABS) has rolled out new guidelines to standardise the requirements and auditing processes for firms that provide services to the financial industry.. Read more at straitstimes.com.
ABS GUIDELINES FOR OUTSOURCED SERVICE PROVIDERS. The ABS Guidelines on Control Objectives & Procedures for Outsourced Service Providers Version 1.1 (Updated Jun 1, 2017) · Outsourced Service Provider's Audit Report (OSPAR) Template version 1.1 · FAQ on the ABS Guidelines on Control Objectives
15 Jun 2017 FOR OSPs HAVING EXISTING OUTSOURCING ARRANGEMENTS WITH FI's. 7. When should the OSPs comply with these Guidelines? OSPs should comply with the ABS Guidelines with immediate effect. 8. When should the OSPs provide their OSPARs to their FIs? OSPs should provide their OSPAR to the
14 Jun 2017 1-Net's Data Center adopts ABS OSPAR Guidelines to support the Financial Industry. Elevating credibility as an outsourced data center service provider. Singapore, 14 June 2017. 1-Net has adopted the “Guidelines on Control Objectives and Procedures for Outsourced Service Providers" as established by
AUDIT REPORT The appointed external auditor should issue the audit report in the format stated in the Outsourced Service Provider Audit Report (OSPAR) template. ENGAGEMENT OF EXTERNAL AUDITOR The OSP needs to engage an external auditor to perform audits against these Guidelines on its services rendered
1 Jun 2017 To address this, the Association of Banks in Singapore (“ABS") has established these Guidelines on Control Objectives and Procedures for the FIs' The appointed external auditor should issue the audit report in the format stated in the Outsourced Service Provider Audit Report (“OSPAR") template.

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March 2018