Independent auditors for banks' outsourcing vendors
Singapore
SINGAPORE-BASED firms handling outsourced work from banks involving sensitive data and material businesses must soon hire an independent auditor to go through their internal controls every year, and in effect, meet a set of guidelines outlined by the Association of Banks in Singapore (ABS).
This overturns the current set-up, where financial institutions have their auditors show up to go through the controls of their third-party vendors. There have been, until now, no clear standards stating how regular these audits should be, or key factors that should be evaluated.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japan frets over relentless yen slide as BOJ keeps ultra-low rates
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Five new charges for money laundering accused Zhang Ruijin before his plead guilty mention
Bank of Japan keeps rates steady, projects inflation staying near 2% in coming years
Weak yen pressures Bank of Japan’s interest rate decision
Basel Committee adds climate risks to banking supervision standards