TMF Singapore, a leading provider of business services to clients operating and investing globally, has received its Outsourced Service Provider Audit Report (OSPAR) attestation for payroll, and is one of the first payroll service providers in Singapore to do so.
The attestation confirms that TMF Singapore adheres to all standards, controls and procedures expected by financial institutions (FIs).
It follows the Monetary Authority of Singapore (MAS) and Association of Banks in Singapore's (ABS) outsourcing guidelines, which require outsourced service providers working with FIs to maintain the same level of governance, rigour and consistency as the FIs themselves.
Kim Leng Siaw, Managing Director of TMF Singapore said: "Confirmation of our OSPAR attestation is great news for all of our clients, as it provides them with clarity on the integrity and effectiveness of our internal controls for payroll services. For banks and other financial institutions, this attestation removes the audit and liability burden; they can continue to work with us confident in knowing that TMF Singapore complies with the latest MAS outsourcing guidelines.
"I am pleased to add OSPAR attestation to TMF Singapore's existing list of industry accreditations, which include ISO 27001 – the standard for information security management systems and the ISAE 3402/SOC 1 report for payroll services."
More information about OSPAR attestation and the guidelines from the Monetary Authority of Singapore and Association of Banks in Singapore, can be found at the following links:
- ABS guidelines for Outsourced Service Providers
- MAS issues new guidelines on outsourcing risk management
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