Singapore: Monetary Authority of Singapore published AI risk management operationalisation handbook supplemented by case studies

On 20 March 2026, the Monetary Authority of Singapore (MAS) published an Artificial Intelligence (AI) risk management toolkit for the financial services sector, developed collaboratively by a consortium of 24 banks, insurance companies, capital market firms, and other industry partners. The toolkit applies to financial institutions across the sector and covers traditional AI, generative AI, and emerging agentic AI technologies. It comprises two main resources, including an AI risk management operationalisation handbook, which provides practical guidance across four areas aligned with MAS' proposed guidelines on AI risk management. It covers scope and oversight, covering AI governance frameworks and clarity of roles and responsibilities, AI risk management, covering identification of AI usage, risk materiality assessment, and AI inventorisation and AI lifecycle management. It also covers controls across the entire AI lifecycle and enablers, covering organisational capabilities and infrastructure for responsible AI use. The Authority also published a supplement compiling AI case studies that document the experiences, challenges, and risk management practices of financial institutions. It was stated that the Authority is eviewing responses to its public consultation on the guidelines on AI risk management.