Singapore MAS Guidelines on Artificial Intelligence Risk Management (2026) 3.1-3.3: Board and senior management ensure existing risk frameworks identify, assess and address AI risk, maintain oversight and risk culture, keep AI use compatible with regulatory requirements, and ensure consistent standards, clear accountability and coordination across functions

What does 3.1-3.3 require?

The board and senior management carry the central role in building and supervising the frameworks, policies and procedures behind AI risk management. They satisfy themselves that the risk frameworks the FI already runs (model, operational, reputational, data, technology and cyber, third-party, legal and compliance, financial, conduct, environmental) genuinely pick up, size and treat the risks AI introduces; they keep effective oversight of AI risk, cultivate the right risk culture around AI, and make sure that using AI never undermines the FI's ability to meet its regulatory and supervisory obligations, Fair Dealing among them. Whatever operating model the FI picks, a new central AI risk function or AI risk folded into existing functions, the board and senior management see that standards are consistent, accountability is clear and the functions involved coordinate, through cross-functional committees or defined lines of communication for example.