Thank you for your interest in contributing your feedback to the MAS Consultation Paper on Proposed Guidelines on Artificial Intelligence Risk Management for Financial Institutions.

This consultation sets out MAS’ proposed Guidelines on Artificial Intelligence (AI) Risk Management. The Guidelines apply to all financial institutions and set out MAS’ expectations on oversight of AI risk management, key AI risk management systems, policies and procedures, key AI life cycle controls, as well as capabilities and capacity needed for the use of AI [1].

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[1] These Guidelines complement MAS’ principles on Fairness, Ethics, Accountability and Transparency (FEAT), as well as key initiatives at the national level, such as the Infocomm Media Development Authority’s Model AI Governance Framework, as well as the various initiatives under the AI Verify Foundation.

View full consultation paper here

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* 1.
MAS seeks comments on the application of the Guidelines to all FIs in a proportionate manner, and the guidance on the proportionate application set out in paragraph 1.5 and the Annex of the Guidelines.

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* 2.
MAS seeks comments on the proposed scope of AI use cases, systems and models for the application of the Guidelines.

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* 3.
MAS seeks comments on the proposed responsibilities of the Board and senior management in overseeing AI risk management.

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* 4.
MAS seeks comments on the proposal for FIs to establish a dedicated cross-functional committee to oversee AI risk if the overall AI risk exposure of an FI is deemed material; and how such overall AI risk exposure should be assessed at the organisational level.

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* 5.
MAS seeks comments on the proposal for FIs to establish clear definitions, criteria and processes, supported by robust systems, to facilitate the consistent identification of AI across all relevant business and functional areas.

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* 6.
MAS seeks comments on the proposal for FIs to establish and maintain an accurate and up-to-date inventory of all AI usage.

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* 7.
MAS seeks comments on the proposed risk dimensions of impact, complexity and reliance that should be captured by FIs in AI risk materiality assessments, and whether there are any other risk dimensions that should be included.

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* 8.
MAS seeks comments on the proposed standards, processes and controls that should be applied across the entire AI life cycle, and 9 List of Questions | 11 the key areas that FIs should assess for relevance to the AI model, system or use case, and apply in a proportionate manner.

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* 9.
MAS seeks comments on any aspects of the Guidelines that have not been covered in earlier questions, as well as aspects of AI risk management that have not been covered in the proposed Guidelines.

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* 10.
MAS seeks comments on the proposed transition period of 12 months.

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* 11.
Would you like to attend a roundtable discussion on Monday, 19 January 2025, from 12:00PM to 2:00PM?
(Venue: CFA Society Singapore Office)

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* 12. Please complete your particulars below.
These will be used for the terms and conditions purposes of Question 13.

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* 13. By submitting this survey, you confirm that all information provided is true, accurate, and complete to the best of your knowledge, and you consent to your name being published as part of the survey responses.

View past response forms for reference: Here

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