Singapore's Monetary Authority proposal: Financial institutions must clarify AI Risk Management responsibilities.

Odaily News 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 things, AI risks are explicitly 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. This proposal comes at a time when Singapore is urging businesses to increase their investment in employee training and join their global peers in adopting AI. For example, three banks in Singapore are currently retraining all 35,000 local employees over a period of one to two years to cope with the changes brought about by AI. (Jin10)