The Monetary Authority of Singapore proposal requires Financial Institutions to clarify AI Risk Management responsibilities.

According to news from Deep Tide TechFlow, on November 13, the Monetary Authority of Singapore released a consultation paper on Thursday, indicating that the agency has proposed a set of guidelines requiring the boards and senior management of Financial Institutions to be accountable for the risks arising from their use of artificial intelligence. The consultation paper states that the board or its authorized committee will be responsible for ensuring that, among other matters, AI risks are clearly addressed within the risk appetite framework of the Financial Institution. Senior management will be responsible for ensuring the effective implementation of AI-related Risk Management policies and procedures, and ensuring that personnel possess the necessary competencies.

As this proposal is introduced, Singapore is urging companies to increase their investment in employee training and join the global wave of AI adoption among their peers. For example, three banks in Singapore are currently retraining all 35,000 local employees over the course of one to two years to address the changes brought about by AI. (金十)