MAS launches AI risk management toolkit for financial services sector

28 April 2026

On 20 March 2026, the Monetary Authority of Singapore (“MAS”) announced the publication of an Artificial Intelligence Risk Management Toolkit (“Toolkit”) for the financial services sector. The Toolkit, developed collaboratively by a consortium of leading financial institutions and other industry partners, provides financial institutions with resources for managing risks related to artificial intelligence (“AI”), including traditional AI, generative AI, and emerging agentic AI technologies.

The Toolkit features an AI Risk Management Operationalisation Handbook (“Handbook”) that provides detailed, practical guidance on implementing AI risk management frameworks. The Handbook is accompanied by a supplement that features AI case studies documenting the experiences and lessons learned from financial institutions.

MAS is currently reviewing responses to an earlier public consultation on a set of Guidelines on AI Risk Management (“Guidelines”). The Handbook is organised into four sections, which are aligned with MAS’ proposed Guidelines:

  • Scope and oversight: Establishment of an AI governance framework, and clarity of roles and responsibility for AI oversight.
  • AI risk management: Identification of AI usage, risk materiality assessment, and AI inventorisation through organisational systems, policies, and procedures.
  • AI lifecycle management: Implementation of controls covering the entire lifecycle of AI use.
  • Enablers: Development of organisational capabilities, infrastructure, and resources to enable ongoing responsible AI use and risk management.

The Handbook will be periodically updated as the use of AI in the industry matures and to reflect MAS’ supervisory expectations.

MAS reports that the launch of the Toolkit is the result of the successful conclusion of the second phase of Project MindForge, an industry initiative led by MAS which aims to strengthen AI risk management for financial institutions deploying AI technologies in their services and operations.

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