The Monetary Authority of Singapore (MAS) announced the conclusion of phase two of Project MindForge with the publication of an Artificial Intelligence (AI) Risk Management Toolkit for financial institutions using AI in services and operations. Developed with a consortium of 24 banks, insurers, capital markets firms and other industry partners, the toolkit provides resources to manage risks across traditional AI, generative AI and emerging agentic AI. It includes an AI Risk Management Operationalisation Handbook with practical implementation guidance, plus a supplement compiling case studies and lessons learned from financial institutions. The handbook is structured around four areas aligned to MAS’ proposed Guidelines on AI Risk Management: scope and oversight, AI risk management, AI lifecycle management and enablers. MAS is reviewing feedback from an earlier public consultation on the proposed Guidelines on AI Risk Management. The Operationalisation Handbook will be updated periodically to reflect industry developments and MAS supervisory expectations, and MAS will establish an AI risk management workgroup under its BuildFin.ai initiative to develop implementation resources, facilitate knowledge sharing and build capabilities for managing risks from newer AI technologies such as agentic AI.
Monetary Authority of Singapore 2026-03-20
Monetary Authority of Singapore concludes Project MindForge phase two with an AI risk management toolkit for the financial sector
The Monetary Authority of Singapore concluded phase two of Project MindForge by releasing an AI Risk Management Toolkit for financial institutions. Developed with 24 industry partners, it includes an AI Risk Management Operationalisation Handbook and case studies, structured around MAS’ proposed Guidelines on AI Risk Management. MAS will periodically update the handbook and establish a workgroup under BuildFin.ai to enhance AI risk management resources and capabilities.