(23 March 2026 – Singapore) The Monetary Authority of Singapore has introduced a new toolkit to help financial institutions manage the risks associated with the rapid adoption of artificial intelligence.
The initiative follows earlier warnings from MAS that boards and senior executives would be held accountable for overseeing AI-related risks as the technology becomes increasingly embedded across financial services.
Developed in collaboration with 24 banks, insurers and capital markets firms, the MindForge AI Risk Management Toolkit is designed to support governance across traditional AI, generative AI and emerging agentic AI use cases.
At its core is an operational handbook offering practical guidance on implementing AI risk frameworks, complemented by a set of real-world case studies capturing industry experiences and lessons learned.
Kenneth Gay, Chief Fintech Officer at MAS, says: “The development of the MindForge AI Risk Management Toolkit, including the release of the Operationalisation Handbook, marks a major step forward in our journey to ensure the responsible adoption of AI in finance.
“We are committed to fostering a culture of continuous engagement and strengthening of AI governance and risk management practices across the industry.”