PayrollServe is ABS OSPAR-certified to Serve Financial Institutions

 

What is OSPAR?

Outsourced Service Provider Audit Report (OSPAR) is a report that complies with The Association of Banks in Singapore’s (ABS)1 guidelines. In this manner, it requires financial institutions (FIs) in Singapore to ensure that their outsourced service providers (OSP) are audited in accordance with Singapore Standard on Assurance Engagements 3000 (Revised) for assurance engagements other than audits or reviews of historical financial information. To remain OSPAR-certified, the OSP must not only have the relevant measures and controls, but also implement them consistently to pass annual independent audits.

 

OSPAR certification provides credibility to the OSP and the assurance that it maintains the same level of governance, rigour and consistency as FIs in Singapore.

 

What controls does OSPAR cover?

 

1. ENTITY-LEVEL CONTROLS
Such controls include but are not limited to risk assessment, information and communication, information security policies, as well as human resources policies and practices.

 

2. GENERAL INFORMATION TECHNOLOGY (IT) CONTROLS
Such controls include but are not limited to change and incident management, backup and disaster recovery (DRP), network and security management, and security incident response.

 

3. SERVICE CONTROLS
Such controls include but are not limited to setting up new clients, safeguarding assets, as well as service reporting and monitoring.

 

Benefits for FIs and their clients

Being ABS OSPAR-certified is a guarantee to FIs and their clients that the OSP complies with at least a minimum standard of controls and measures expected by the financial services industry. It also minimises the number of service control audits of the OSP required by the FI.

 

Why PayrollServe?

Apart from being ABS OSPAR-certified, PayrollServe is also compliant with SSAE 18 and ISAE 3402. This underscores our commitment to consistently provide clients with quality services backed by internal controls and safeguards of the highest standards.

 

1 A non-profit organisation that represents the interests of the commercial and investment banking community