MAS Partners Industry to Develop AI Risk Management Toolkit for the Financial Sector

MAS announced on 20 March 2026 the conclusion of phase two of Project MindForge — an AI Risk Management Toolkit for the financial services sector developed jointly with a 24-firm consortium of banks, insurers and capital-market participants. The toolkit's centrepiece is an 'AI Risk Management Operationalisation Handbook' structured in four sections: scope and AI oversight, AI risk management, AI lifecycle management, and enablers. It covers traditional AI, generative AI, and emerging agentic AI risk dimensions. For Singapore-regulated financial-sector boards, this is the most concrete operational playbook MAS has issued to translate AI governance principles into board-level oversight workflows.