The Monetary Authority of Singapore (MAS), Singapore’s central bank and integrated financial regulator, has released an AI Risk Management Toolkit designed to help financial institutions manage risks associated with traditional AI, generative AI, and agentic AI systems.
According to The Paypers, the release marks the completion of the second phase of Project MindForge and comes as agentic AI systems — capable of taking autonomous actions rather than simply generating outputs — become increasingly prevalent across financial services, including in fraud detection, credit decisioning, and customer service.
The toolkit reflects growing regulatory attention across the Asia Pacific region to the governance of AI in finance, and MAS’s intent to embed practical, field-tested guidance rather than purely theoretical frameworks.
MAS is Singapore’s central bank and financial regulatory authority, responsible for supervising banks, insurers, capital markets, and FinTech activity across the country. It also plays an active role in shaping financial innovation policy and cross-industry collaboration.
The toolkit was developed in collaboration with 24 banks, insurers, and other industry partners. Its central component is the AI Risk Management Operationalisation Handbook, which provides practical guidance for financial institutions to build internal AI governance frameworks.
The handbook is structured around four key areas: oversight, covering the establishment of clear roles and responsibilities for AI supervision; risk management, focusing on identifying AI use cases and their associated risk levels; lifecycle management, addressing controls across each stage of an AI system’s deployment; and support, covering the infrastructure and staff capabilities required for responsible AI use.
Alongside the handbook, the toolkit includes a collection of real-world case studies drawn from financial firms, documenting challenges and successful approaches to AI risk management across the sector. The handbook will be updated periodically to reflect regulatory expectations and technological change.
MAS has indicated it plans to establish a new workgroup under its BuildFin.ai initiative to keep the toolkit updated as technology evolves and to facilitate ongoing knowledge sharing on emerging AI risk developments.
MAS chief FinTech officer Kenneth Gay said, “The release of the toolkit represents a significant step towards ensuring AI is used safely and responsibly across the financial industry.”
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