Hanoi (VNA) – Singapore has proposed a set of Guidelines on Artificial Intelligence (AI) Risk Management for the financial sector and is inviting interested parties to submit feedback by January 31, 2026.
In a release on November 13, the Monetary Authority of Singapore (MAS) said the proposed guidelines will apply to all financial institutions and outline the MAS' supervisory expectations.
The authority noted that boards and senior management play a critical role in the governance and oversight of AI risk management. Their responsibilities include establishing and implementing frameworks, structures, policies and processes to manage AI-related risks, and fostering an appropriate risk culture for the use of AI.
To enhance oversight and risk management, financial institutions will need to establish clear processes for identifying AI usage across the organisation, maintain accurate and up-to-date AI inventories, and conduct risk materiality assessments that consider impact, complexity and reliance, it said.
According to the authority, to manage risks across the AI lifecycle, financial institutions should plan for and implement robust controls in key areas such as data management, fairness, transparency and explainability, human oversight, third-party risks, evaluation and testing, monitoring and change management./.
Singapore promotes production of sustainable aviation fuel
Climate technology start-up Aether Fuels and Aster on November 11 signed a cooperation agreement to develop the Project Beacon facility which is expected to produce up to 50 barrels a day – or 2,000 tonnes of fuel annually – when completed in 2028.
