Singapore, 20 March 2026…The Monetary Authority of Singapore (MAS) today announced the successful conclusion of phase two of Project MindForgeProject MindForge, launched by MAS in mid-2023, aims to strengthen AI risk management for financial institutions deploying AI technologies in their services and operations., which culminates in the publication of an Artificial Intelligence (AI) Risk Management Toolkit for the financial services sector. This toolkit, developed collaboratively by a consortium of 24 leading banks, insurance companies, capital market firms, and other industry partnersPlease see Annex A for the list of consortium members., provides financial institutions with resources for managing AI-related risks across traditional AI, generative AI, and emerging agentic AI technologies.

2 The MindForge AI Risk Management Toolkit features an ‘AI Risk Management Operationalisation Handbook ’ that provides detailed, practical guidance on implementing AI risk management frameworks. This handbook is accompanied by a supplement that features a compilation of AI case studies that document the experiences and lessons learned from financial institutions. These examples offer insights into the challenges, approaches and risk management practices when using AI in different organisational contexts.

3 MAS is presently reviewing responses to an earlier public consultation on a set of Guidelines on AI Risk Management.For more details of the proposed MAS Guidelines for Artificial Intelligence Risk Management, please refer to https://www.mas.gov.sg/news/media-releases/2025/mas-guidelines-for-artificial-intelligence-risk-management The Operationalisation Handbook is organised into four sections, which are aligned with MAS’ proposed Guidelines:

a. Scope and oversight – Establishment of AI governance framework, and clarity of roles and responsibility for AI oversight.
b. AI risk management – Identification of AI usage, risk materiality assessment, and AI inventorisation through organisational systems, policies and procedures.
c. AI lifecycle management – Implementation of controls covering the entire lifecycle of AI use.
d. Enablers – Development of organisational capabilities, infrastructure, and resources to enable ongoing responsible AI use and risk management.

4 The Operationalisation Handbook will be periodically updated as the use of AI in the industry matures and to reflect MAS’ supervisory expectations. To facilitate broader industry adoption of AI risk management practices and solutions, MAS will establish an AI risk management workgroup comprising MindForge consortium members and other industry practitioners under the BuildFin.aiBuildFin.ai is a new initiative launched by MAS that brings together technology providers, research institutes, and financial institutions to collaboratively tackle complex industry challenges. The initiative aims to create shared resources and solutions that benefit the entire financial ecosystem by pooling expertise and data to address common problems. initiative to develop implementation resources, facilitate knowledge sharing, and build capabilities and frameworks for managing risks from newer AI technologies such as agentic AI.

5 Kenneth Gay, Chief FinTech Officer, MAS said, “The development of the MindForge AI Risk Management Toolkit, including the release of the Operationalisation Handbook, marks a major step forward in our journey to ensure the responsible adoption of AI in finance. We are committed to fostering a culture of continuous engagement and strengthening of AI governance and risk management practices across the industry. The BuildFin.ai programme also serves as a foundation for our next phase of collaboration in AI risk management, to bolster the safe adoption of AI across the financial industry.”

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