The clock is ticking for the Singapore finance industry

Last year, the Association of Banks in Singapore (ABS) set new guidelines to standardize the auditing processes for outsourced service providers (OSPs) that deliver services to the financial industry.

These OSPs include vendors for printing, data center and debt collection services.

The new guidelines target three areas: organizational governance, IT infrastructure and service quality. And, will also form the basis of an annual independent audit to assess the control and governance of an OSP.

Failure to comply with this updated regulation means not being able to store financial records in Singapore.

The deadline for OSPs to conform is June 2017.

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