Regulatory Alerts2024-12-05
Added
Information Paper on Artificial Intelligence Model Risk Management
The Monetary Authority of Singapore issued an information paper outlining good practices for Artificial Intelligence model risk management based on a mid-2024 thematic review of banks. The guidance focuses on governance and oversight, key risk management systems and processes, and the development and deployment of AI models. MAS encourages all financial institutions to reference these practices when developing and deploying AI technologies.
Circular No: ID 18/24 5 December 2024 To Chief Executives All Licensed Insurers and Lloyd’s Asia Scheme Dear Sir/Madam INFORMATION PAPER ON ARTIFICIAL INTELLIGENCE MODEL RISK MANAGEMENT The Monetary Authority of Singapore (MAS) has published an information paper on “Artificial Intelligence (AI) Model Risk Management”1 . The information paper is based on a thematic review of banks’ AI (including Generative AI) model risk management practices in mid-2024. 2 This information paper sets out good practices for AI model risk management that were observed during the review, focusing on those relating to governance and oversight, key risk management systems and processes, and development and deployment of AI. 3 MAS encourages all financial institutions to reference these good practices when developing and deploying AI. Yours faithfully [sent via MASNET] DANIEL WANG EXECUTIVE DIRECTOR INSURANCE DEPARTMENT 1 https://www.mas.gov.sg/publications/monographs-or-information-paper/2024/artificial-intelligence-modelrisk-management