---
title: "Artificial Intelligence (AI)… | Insights — Lyoen & Partners"
url: https://lyoenandpartners.com/insights/artificial-intelligence-ai-model-risk-management
description: "Monetary Authority of Singapore Information Paper on Artificial Intelligence Model Risk Management (Dec 5, 2024) reports findings from a thematic review o…"
lang: en-US
---

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Thursday, December 5, 2024ai-in-boardroom

# Artificial Intelligence (AI) Model Risk Management

Monetary Authority of Singapore Information Paper on Artificial Intelligence Model Risk Management (Dec 5, 2024) reports findings from a thematic review of banks' AI — including Generative AI — model-risk practices conducted in mid-2024. The paper distils good practices across governance and oversight, key risk-management systems and processes, and development and deployment of AI. Specific recommendations include: cross-functional oversight forums to manage evolving AI risks across the bank; clear principles for fair, ethical, accountable and transparent AI use; AI inventories that maintain a centralised view of usage and dependencies and force risk-materiality assessments; ongoing monitoring, regular audits and revalidation; and safeguards such as input/output filters for hallucinations and bias in generative AI. Direct read-out for SEA banks formalising AI MRM.

Sources

Monetary Authority of Singapore (https://www.mas.gov.sg/publications/monographs-or-information-paper/2024/artificial-intelligence-model-risk-management)

Topic: Governance Execution: https://lyoenandpartners.com/insights/topic/governance-execution
Region: Southeast Asia: https://lyoenandpartners.com/insights/region/sea

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