Singapore's Monetary Authority (MAS) has unveiled a comprehensive AI Risk Management Toolkit. Developed in collaboration with 24 banks, insurers and capital markets firms, along with industry partners through phase two of Project MindForge, the toolkit equips firms to manage threats across traditional AI, generative AI, and emerging agentic AI systems.
MAS announced the toolkit on March 20, 2026. At its core is the AI Risk Management Operationalisation Handbook, a practical guide structured around four key pillars that align with MAS's proposed Guidelines on AI Risk Management: scope and oversight, AI risk management, AI lifecycle management, and organisational enablers like capabilities, infrastructure, and resources.
FROM PRINCIPLES TO PRACTICE
Project MindForge, launched by MAS in mid-2023, aims to strengthen AI risk management for financial institutions deploying AI technologies in their services and operations. The toolkit marks the conclusion of phase two of the project.
The handbook provides step-by-step guidance on establishing governance frameworks, conducting risk materiality assessments, inventorising AI usage, and implementing controls covering the entire lifecycle of AI use. Accompanying it is a supplement of case studies from participating institutions, detailing real-world lessons, challenges, and tailored approaches in diverse organisational contexts.
MAS Chief FinTech Officer Kenneth Gay emphasised the toolkit's significance, stating, “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.”
COLLABORATIVE SUPERVISORY APPROACH
The Operationalisation Handbook will be updated periodically as the use of AI in the industry matures and to reflect MAS's supervisory expectations. MAS is reviewing responses to its November 2025 public consultation on the proposed guidelines.
To drive adoption, MAS plans an AI risk management workgroup under its BuildFin.ai initiative, comprising MindForge consortium members and other industry practitioners. The group will develop implementation resources, facilitate knowledge sharing, and build capabilities and frameworks for managing risks from newer AI technologies such as agentic AI. BuildFin.ai is a new MAS initiative that brings together technology providers, research institutes and financial institutions to tackle complex industry challenges collaboratively.
AI'S RISING STAKES IN FINANCE
Regulators globally are responding: the EU's AI Act classifies certain financial uses of AI, such as credit scoring, as high-risk, and the US Federal Reserve stresses model risk management.