MAS Releases Proposed Guidelines on AI Risk Management
Singapore’s financial watchdog has unveiled proposed AI guidelines to provide regulatory clarity on how to handle risk while using the emerging technology.
The Monetary Authority of Singapore (MAS) has issued a consultation paper on proposed guidelines for artificial intelligence (AI) risk management, according to a statement.
The proposal covers supervisory expectations on oversight of AI risk management in financial institutions; 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.
«These proportionate, risk-based guidelines enable responsible innovation by financial institutions that implement the relevant safeguards to address key AI-related risks,» said Ho Hern Shin, MAS deputy managing director.
