The Association of Banks in Singapore requires outsourced service providers to meet its guidelines on control objectives and procedures. Without an OSPAR attestation, you cannot serve the growing number of financial institutions in Singapore.
Illustrative share of OSPAR control objectives covered by an existing ISMS
The ABS Guidelines set the minimum baseline controls for outsourced service providers (OSPs) that want to serve financial institutions (FIs) in Singapore.
An OSP proves it meets them by passing a third-party audit and receiving an Outsourced Service Provider Audit Report (OSPAR) attestation, showing its controls are designed and operate effectively with the same rigor as if the FI ran the service itself.
Hosting or managing systems for banks.
Platforms used by Singapore financial institutions.
Operations, support and processing providers.
Gaps against the ABS Guidelines.
Reusing your ISO 27001 or SOC 2 program where possible.
Support through the third-party OSPAR audit.
Outsourced service providers delivering services to financial institutions operating in Singapore.
Yes. Many ABS control objectives overlap with ISO 27001, so an existing ISMS shortens the path.
An independent audit firm issues the OSPAR. We prepare you and support the audit.
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