MAS Guidelines for Artificial Intelligence (AI) Risk Management

Monetary Authority of Singapore "Guidelines for Artificial Intelligence (AI) Risk Management" set out MAS supervisory expectations for financial institutions on the responsible use of AI, including oversight of AI risk management, key risk-management systems, policies and procedures, AI life-cycle controls, and required capabilities and capacity. The Guidelines are designed to be generally applicable across the financial sector and applied in a proportionate manner. Critical control areas covered across the AI life cycle: Data Management, Fairness, Transparency and Explainability, Human Oversight, and Third-Party AI Management. MAS proposes a 12-month transition period from issuance to implementation. Direct read-out for SEA-based bank, insurer and asset-manager boards developing first-generation AI risk frameworks.