Singapore issues AI risk-management guidelines for financial institutions

SINGAPORE, Oct. 7 (Xinhua) -- Singapore's central bank on Wednesday issued guidelines setting out supervisory expectations for financial institutions to manage risks arising from the use of artificial intelligence (AI), while allowing firms to tailor their approaches according to their risk profiles.

The Monetary Authority of Singapore (MAS) said in a statement that the guidelines apply to all financial institutions and AI technologies.

The key expectations are for financial institutions to strengthen oversight of AI risks with clear accountabilities, identify, assess and manage AI risks across the AI life cycle, manage the risks from third-party AI use, and apply the guidelines in a risk-proportionate manner.

The guidelines will take effect on Oct. 7, 2027, with institutions allowed to implement them in phases.