TechFlow news, on November 13, a consultation paper released by the Monetary Authority of Singapore (MAS) on Thursday revealed that the authority has proposed guidelines requiring boards and senior management of financial institutions to be accountable for risks arising from their use of artificial intelligence. The consultation paper stated that the board or its delegated committee will be responsible for ensuring, among other things, that AI-related risks are explicitly addressed within the financial institution's risk appetite framework. Senior management will be responsible for ensuring the effective implementation of AI-related risk management policies and procedures, as well as ensuring personnel have the necessary competence.
The proposal comes as Singapore urges businesses to increase investment in employee training and join global peers in adopting AI. For example, three banks in Singapore are currently retraining all 35,000 of their local employees over a period of one to two years to cope with changes driven by AI. (Jinshi)
