The Monetary Authority of Singapore (MAS) has issued new guidelines for AI risk management, emphasising the importance of financial institutions implementing robust frameworks to ensure the responsible use of AI technologies. These guidelines focus on key areas such as data governance, model validation, and accountability, aiming to enhance transparency and mitigate potential risks associated with AI applications in the financial sector. MAS underscores the necessity for institutions to establish clear policies and procedures to manage AI-related risks effectively, thereby fostering trust and confidence in AI-driven financial services.
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