The Monetary Authority of Singaporee (MAS) announced the successful completion of the first phase of the MindForge project, which aims to develop a risk framework for the use of GenAI in the financial sector. A White Paper detailing the risk framework will be published in January 2024.

The MindForge project aims to develop a clear and concise framework for responsible use of GenAI in the financial industry and catalyse GenAI-based innovations to address common industry challenges and improve risk management. The project is supported by a consortium composed of a dozen banks and technology companies.

In the first phase, the Consortium developed a comprehensive GenAI risk framework with seven risk dimensions identified in the areas of cybersecurity and data security. This framework will allow financial institutions to use GenAI in a responsible manner. The GenAI reference architecture has also been developed, independent of the platform. It contains a list of components and components that organisations can use to build a solid technological capability of GenAI at company level.

The Consortium will examine GenAI’s applications for compliance, risk identification and other AI technologies, extending them to the insurance and asset management sectors. The next phase will focus on broader anti-money laundering and cybersecurity applications.

More information on:

https://www.mas.gov.sg/news/media-releases/2023/mas-partners-industry-to-develop-generative-ai-risk-framework-for-the-financial-sector