The Monetary Authority of Singapore (MAS) has released a consultation paper proposing a comprehensive set of Guidelines on AI Risk Management (AIRG) to provide financial institutions (FIs) with clear direction on the responsible deployment and governance of AI within the financial sector. These proposed guidelines, intended to apply to all FIs, articulate MAS’s supervisory expectations concerning board and senior management oversight of AI, the design of key risk management systems, the establishment of effective policies and procedures, the implementation of robust AI lifecycle controls, and the requisite capabilities and capacity for AI utilization. https://lnkd.in/gFf7Am3Q
