Note:
Undertaking an Outsourced Service Providers Audit Report (OSPAR), does not diminish the obligations of a bank/institution to comply with relevant laws and regulations in Singapore. It is important that a bank/institution adopts a sound and responsive risk management framework for its outsourcing arrangements.
While outsourcing arrangements can bring cost and other benefits, it may increase the risk profile of a bank/institution due to, for example, reputation, compliance and operational risks arising from failure of a service provider in providing the service, breaches in security, or the service provider�s inability to comply with legal and regulatory requirements.