The Monetary Authority of Singapore (MAS) has recently issued a consultation paper on a set of proposed Guidelines on Artificial Intelligence (AI) Risk Management (Guidelines) for financial institutions in Singapore to manage AI risks. The Guidelines are intended to set out MAS’ supervisory expectations for managing AI risk in the financial sector in the areas of oversight, key AI risk management systems, policies, procedures, AI life cycle controls, and capabilities and capacity for the use of AI.
This update outlines the key features of the Guidelines and proposed implementation timelines.
Should you have any questions or require further assistance in understanding the proposed Guidelines, please do not hesitate to contact us:
Elaine CHAN
Co-Head – Financial Services Regulatory
d +65 6416 8010
e elaine.chan@wongpartnership.com
Click here to view Elaine’s CV.
CHAN Jia Hui
Partner – Financial Services Regulatory
d +65 6416 2794
e jiahui.chan@wongpartnership.com
Click here to view Jia Hui’s CV.
TIAN Sion Yoong
Partner – Financial Services Regulatory
d +65 6416 2488
e sionyoong.tian@wongpartnership.com
Click here to view Sion Yoong’s CV.
Melissa THAM
Partner – Financial Services Regulatory
d +65 6416 8226
e melissasm.tham@wongpartnership.com
Click here to view Melissa’s CV.