MAS develops AI risk management toolkit

ChainWatcher · 2026-03-23T00:12:59+00:00

MAS has developed the MindForge AI Risk Management Toolkit to help financial firms manage AI risks. This initiative includes a handbook and case studies, aiming to ensure responsible AI adoption in finance while engaging industry stakeholders.

ChainWatcher

2026-03-23 00:12:59

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With AI quickly becoming ubiquitous, last year MAS warned that it will hold bank board members and senior staff responsible for manging risks from the deployment of the technology.

To help firms navigate the potential pitfalls, the regulator brought together 24 banks, insurance companies, capital market firms, and other industry partners to develop a toolkit for managing risks across traditional AI, generative AI, and emerging agentic AI technologies.

The MindForge AI Risk Management Toolkit features a handbook that provides detailed, practical guidance on implementing AI risk management frameworks. It is accompanied by a supplement that features a compilation of AI case studies that document the experiences and lessons learned from financial institutions.

Kenneth Gay, chief fintech officer, MAS, says: "The development of the MindForge AI Risk Management Toolkit, including the release of the Operationalisation Handbook, marks a major step forward in our journey to ensure the responsible adoption of AI in finance.

“We are committed to fostering a culture of continuous engagement and strengthening of AI governance and risk management practices across the industry.”

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