The Outsourced Service Provider Audit Report ensures that outsourced service providers to Financial Institutions maintain an equivalent level of governance, rigour and processes
Singapore, 14 February 2017 – Shred-it Singapore, has become the first onsite secure destruction company in Singapore to complete the Outsourced Service Provider Audit Report (OSPAR) and be added as an approved Outsource Service Provider (OSP) on the Association of Banks in Singapore’s (ABS) OSP registry.
The ABS, a non-profit organisation that represents the interests of the commercial and investment banking community, requires Financial Institutions (FI) in Singapore to have their outsourced service providers audited by an independent auditor to ensure that that they maintain the same level of governance, rigour and control as the FIs themselves. The OSPAR requires not only that the outsourced service provider has the relevant policies, procedures and controls but that they implement them consistently over time.
As the world-leader in secure information destruction, Shred-it offers a range of solutions to protect confidential and personal data including paper shredding, hard drive / physical media destruction, and workplace security policies. Understanding the importance of validating their secure chain of custody and commitment to ensuring the security of their customers’ data under the OSPAR requirements, Shred-it Singapore underwent the rigorous audit from 1st March 2016 to 31st August 2016 and were assessed by RSM Chio Lim LLP.
“We are proud to have completed the OSPAR” says Duncan Brown, General Manager of Shred-it Singapore. “We take our customers’ security very seriously. Being added as an approved vendor on the OSPAR registry demonstrates our commitment to that responsibility. We set out to be amongst the first vendors to achieve OSPAR certification in order to illustrate the importance of data security. The OSPAR certification not only differentiates Shred-it Singapore, it helps to reassure our customers that our controls and processes are secure, robust and independently vetted and approved.”
It was only last year that headlines surfaced regarding a major local bank’s information being discarded in a recycling bag on Boat Quay. Shred-it helps its customers to avoid incidents such as this and the damage they cause. With insecure disposal of paper-based information being an area that needs much more awareness locally, Shred-it Singapore is working hard to provide expert advice and tailored solutions to its customers to ensure their confidential information remains confidential and protected against unauthorised access.
Whether it’s MAS Outsourcing Guidelines, compliance with the Personal Data Protection Act or other industry specific requirements, Shred-it believes that achieving OSPAR OSP status is critical in leading the way to drive improvement in data protection practices in Singapore.