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The toolkit, developed in collaboration with various banks, insurance companies, capital market firms, and other industry partners, provides financial institutions with resources to manage AI-related risks across traditional AI, generative AI, and emerging agentic AI technologies.
The Monetary Authority of Singapore (MAS) announced on 20 March 2026 the Artificial Intelligence (AI) Risk Management Toolkit that aims to better support the financial services sector in managing AI-related risks across traditional AI, generative AI, and emerging AI technologies.
This comes after the successful conclusion of phase two of Project MindForge, launched in mid-2023 by MAS, that aims to strengthen AI risk management for financial institutions in deploying AI technologies in their services and operations.
The toolkit features the AI Risk Management Operationalisation Handbook, which provides detailed and practical guidance on implementing AI risk management frameworks.
- Scope and oversight discusses some of the foundational concepts underpinning the handbook. In addition, it discusses how AI is overseen in a financial institutions' operating model.
- AI risk management focuses on how financial institutions can measure, monitor, and mitigate the risks of AI by establishing policies, procedures, processes and systems in their organisation.
- AI lifecycle management covers the key activities and considerations that can be applied to manage risks at each stage of the lifecycle of an individual AI use case.
- Enablers discusses the foundational capabilities that can support AI risk management.
In addition to the above frameworks, which are aligned with MAS' proposed guidelines for AI risk management, the handbook also features a compilation of real-life AI case studies that document the experiences and lessons learned from financial institutions, offering insights into the challenges, approaches and risk management practices when using AI in different organisational contexts.
The Operationalisation Handbook is stated to be periodically updated as the use of AI continues to evolve, and to reflect MAS' supervisory expectations. MAS said it will also establish an AI risk management workshop to develop implementation resources, facilitate knowledge sharing, and build capabilities and frameworks for managing risks from newer AI technologies such as agentic AI.
Kenneth Gay, Chief FinTech Officer, MAS said: "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."
The MindForge Consortium comprises 34 members alongside MAS, including CITI, HSBC, MSIG, and Microsoft. The full list can be found here.
Infographic / MindForge AI Risk Management and Governance framework
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