Singapore Outsourced Service Provider Audit Report (OSPAR)

An Outsourced Service Provider’s Audit Report (OSPAR) is a Singaporean audit report that provides an independent assessment of the security of outsourced service providers based on guidelines established by the Association of Banks in Singapore (ABS). It helps financial organizations identify potential operational risks or compliance issues associated with the services provided by outsourced service providers. An OSPAR attestation is essential for organizations providing outsourced services to financial institutions in Singapore.

Achieving Singapore OSPAR compliance can be a challenge for many organizations due to its complexity and time-consuming auditing process. Fortunately, we provide advisory services that can streamline the lengthy audit process, helping you to achieve one of the world’s highest levels of security compliance. Trust Us to Get You There.

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38North Is Your Expert OSPAR Advisor

38North is recognized as an expert security organization for Singapore’s compliance process. We prepare organizations to tackle the OSPAR — working side-by-side with them throughout the entire process.

A little or a lot, we can provide guidance — or assist with documentation development, gap analyses, and security engineering — to help you achieve OSPAR compliance.

Our Advisory Process

What is the Singapore OSPAR Certification Process?

OSPAR is an in-depth assessment of an organization’s outsourced services that helps ensure that customers are receiving quality services and security from their provider. Singapore OSPAR also ensures compliance with Association of Banks in Singapore (ABS) guidelines, providing peace of mind to those engaging with outsourced providers. No matter where you are in your OSPAR process, 38North can make certification easier. ‌Talk with one of our OSPAR experts.

Application Review

An independent auditor will review the submitted documentation to ensure that all OSPAR requirements are met, as well as any additional standards specified by the Singapore government.

Audit

An OSPAR auditor will conduct an audit of the service provider’s security controls, as well as interview employees, to ensure that all ABS guidelines are adhered to.

Review

The audit report is provided to the outsourced service provider once the assessment is complete. The service provider then submits it to its financial institution clients.

Certified Compliance

OSPAR compliance is achieved upon successful completion of all previous steps, and the audit process must be repeated annually to maintain compliance.

Singapore OSPAR Compliance Challenges

Companies must also implement comprehensive policies and procedures to ensure their systems remain secure over time. To achieve and maintain OSPAR compliance, companies must demonstrate an exceptionally high level of security protocols that are validated through ongoing monitoring activities, including annual audits.

Scoping

Outsourced service providers must have a detailed understanding of their services and risk posture to properly scope their cybersecurity controls to meet OSPAR compliance requirements. Improper scoping can delay the assessment process and put compliance at risk.

Expertise

Many in-house teams struggle to understand complex security standards and frameworks. Along with possessive extensive knowledge of how Singapore’s requirements are applied, 38North is one of the few recognized advisors with a long history of expert security services.

Continuous Monitoring

In order to maintain compliance, service providers must ensure their practices conform to current and updated standards.

38North’s OSPAR Compliance Services

38North can help you achieve OSPAR compliance, no matter where you are in the process.

OSPAR Scoping

We start by helping you understand what risks are associated with your services and sub-contractors. This determines what security controls are in scope, enabling you to prioritize them.

OSPAR Workshops

Our workshops get you started with OSPAR training and consulting. We also help you understand 27017 for OSPAR confusion by using ISO practices to design systems and approaches that will withstand OSPAR assessments.

OSPAR Gap Analysis

Gap analyses help outsourced service providers understand what they need to do to comply with OSPAR requirements. Our OSPAR gap analysis will find your gaps and deliver a prioritized roadmap of actions required to close them and ensure a clean audit.

OSPAR Advisory Support

38North’s senior security advisors can help you design, deploy, document and maintain a security approach that meets OSPAR requirements.

OSPAR Remediation Support

If you must remediate findings from the assessment, 38North is your team to help. We will assist or lead in the planning, development, and implementation of remedial measures to get you back on track quickly.

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Your Singapore OSPAR
Compliance Starts Here

Book an initial OSPAR conversation with one of our global cloud security experts today and we’ll help you achieve your goal of OSPAR compliance — and stronger security.

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