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Singapore steps up AI risk management in financial sector

According to the MAS media release, financial regulators and international organisations are underscoring the need to effectively manage AI-related risks while enabling firms to reap the benefits of the technology.

Singapore (VNA) – The Monetary Authority of Singapore (MAS) has issued a set of guidelines on artificial intelligence (AI) risk management to support responsible AI adoption in Singapore’s financial sector, which took effect on October 7.

According to the MAS media release, financial regulators and international organisations are underscoring the need to effectively manage AI-related risks while enabling firms to reap the benefits of the technology.

Financial organisations should assess the most appropriate ways to meet these requirements based on the nature and scale of their AI use.

The guidance comes after the MAS and the Association of Banks in Singapore established a working group in July on cybersecurity and technology risks arising from AI. The group aims to strengthen collective preparedness and response to emerging cybersecurity and technology risks posed by advanced AI models./.​

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