SINGAPORE, Nov 15 (NNN-XINHUA) – 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 Jan 31, next year.
In a release on Thursday, the Monetary Authority of Singapore (MAS), said, the proposed guidelines will apply to all financial institutions and outline the MAS’ supervisory expectations.
The MAS 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.
The MAS added that, 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.– NNN-XINHUA
