Singapore Mulls Holding Top Bank Execs Responsible for AI Risks

Singapore’s central bank has proposed a set of guidelines that will hold the board and senior management of financial institutions responsible for risks that arise from their use of artificial intelligence.

The board or a committee delegated by it will be responsible to ensure, among other things, that “AI risks, where material, are explicitly addressed within the FI’s risk appetite framework,” according to the consultation paper published by the Monetary Authority of Singapore on Thursday.