Singapore’s central bank has released an industry-developed toolkit to help financial institutions manage risks from artificial intelligence, as regulators and banks move from broad AI principles to more practical controls for generative and agentic AI.
The Monetary Authority of Singapore (MAS) said it had concluded phase two of Project MindForge with the publication of an AI Risk Management Toolkit for the financial services sector.
The toolkit was developed with a consortium of 24 banks, insurers, capital markets firms and other industry players, and is intended to support risk management across traditional AI, generative AI, and emerging agentic AI systems.
At the core of the package is an “AI Risk Management Operationalisation Handbook”, which gives financial institutions practical guidance on how to implement AI risk controls.
MAS said the handbook is accompanied by a supplement compiling case studies from financial institutions, outlining lessons learned, implementation challenges, and approaches to managing AI in different organisational settings.
The handbook is structured around four areas that mirror MAS’s proposed Guidelines on AI Risk Management: scope and oversight, AI risk management, AI lifecycle management, and organisational enablers such as capabilities, infrastructure, and resources.
MAS had launched a public consultation on those proposed guidelines in November 2025, saying they would apply across the financial sector and set out supervisory expectations on oversight, governance and lifecycle controls for AI use.
MAS said it is still reviewing feedback from that consultation. The central bank added that the handbook will be updated periodically as industry use of AI matures and as supervisory expectations evolve.
To support wider adoption, MAS plans to set up an AI risk management workgroup under its BuildFin.ai initiative, bringing together MindForge consortium members and other practitioners to develop implementation resources and frameworks for newer technologies such as agentic AI.
Project MindForge was launched in mid-2023 as part of MAS’s broader push to encourage responsible AI adoption in finance.
MAS has also been building out a wider AI-in-finance agenda, including a 2024 information paper on good practices in AI and generative AI model risk management and a 2025 partnership with the UK’s Financial Conduct Authority on AI in financial services.
Kenneth Gay, MAS’s chief fintech officer, said the toolkit marked “a major step forward” in promoting responsible AI use in finance and would help strengthen governance and risk management practices across the industry.
MAS is trying to move the market from principle-setting to implementation. That matters because many banks already have AI policies on paper, but generative and agentic AI create newer operational risks around oversight, accountability, model behaviour, and lifecycle controls.
By publishing a handbook built with industry participants rather than issuing rules alone, MAS appears to be signalling a more collaborative supervisory approach.
