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Singapore financial regulator publishes AI-model risk management paper

( December 9, 2024, 07:39 GMT | Official Statement) -- MLex Summary: The Monetary Authority of Singapore has published a paper on good practices related to artificial intelligence, including generative AI, that it said should generally be referenced by financial institutions when developing and deploying AI. The paper is based on a thematic review of banks’ AI-model risk-management practices in mid-2024 and covers how to ensure robust oversight and governance of AI, as well as rigorous development, validation and deployment standards and processes. The regulator said it is also considering supervisory guidance for all financial institutions next year, building upon the focus areas covered in the paper.  The paper is attached. ...

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