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On 25 March 2024, The Association of Banks in Singapore (ABS) issued the revised ABS Guidelines on Control Objectives and Procedures for Outsourced Service Providers (OSPs) Version 2.0 (OSPAR v2.0). ABS has enhanced the list of control requirements that OSPs, which wish to service the Financial Institutions, should have in place by incorporating key elements from various Monetary Authority of Singapore (MAS) regulatory updates / releases. With OSPs complying to OSPAR v2.0, Financial Institutions are able to better manage their third party risks related to the outsourcing arrangements.
Download and read the straightaway to find out what you need to do to comply with the new OSPAR v2.0 requirements for audits commencing 1 January 2025 onwards.
For further inquiries contact us at: sg_ospar_inquiries@pwc.com
Key takeaways
Enhancement in controls criteria within OSPAR v2.0
Considerations for OSPs and FIs
Transition to OSPAR v2.0
ABS OSPAR v2.0
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