This consultation sets out MAS’ proposed Guidelines on Artificial Intelligence (AI) Risk Management. The Guidelines apply to all financial institutions and set out MAS’ expectations on oversight of AI risk management, key AI risk management systems, policies and procedures, key AI life cycle controls, as well as capabilities and capacity needed for the use of AI [1].
[1] These Guidelines complement MAS’ principles on Fairness, Ethics, Accountability and Transparency (FEAT), as well as key initiatives at the national level, such as the Infocomm Media Development Authority’s Model AI Governance Framework, as well as the various initiatives under the AI Verify Foundation.