Guidelines on Artificial Intelligence Risk Management for Financial Institutions
The Monetary Authority of Singapore (MAS) has issued guidelines on AI risk management for all financial institutions, including generative AI and AI agents, taking effect on 7 October 2027.
MAS expects the board and senior management to oversee risks from AI use. Institutions should identify their AI use, keep an inventory and assess the risk materiality of each use case by impact, complexity and reliance. Life cycle controls cover data management, fairness, human oversight, third-party AI, testing, cybersecurity, monitoring and change management, in proportion to risk.
Recommended by the publisher: Meet the expectations on oversight, AI identification, inventory and risk materiality assessment from 7 October 2027, and those on life cycle controls and capabilities by 7 October 2028.
Read the original at www.mas.gov.sg · Machine-written brief