[Singapore MAS Proposal: Financial Institutions Must Clearly Define AI Risk Management Responsibilities] Odaily Planet Daily News - A consultation paper released by the Monetary Authority of Singapore (MAS) on Thursday outlines a set of guidelines requiring the boards and senior management of financial institutions to take responsibility for risks arising from their use of artificial intelligence (AI). The consultation paper states that the board or its authorized committee will be responsible for ensuring, among other matters, that AI risks are explicitly addressed within the financial institution's risk appetite framework. Senior management will be tasked with ensuring the effective implementation of AI-related risk management policies and procedures, as well as ensuring that personnel possess the necessary competencies. This proposal comes as Singapore urges companies to increase investment in employee training and join its global peers in adopting AI. For example, Singapore's three banks are currently retraining all 35,000 local employees over a one- to two-year period to prepare for the transformations brought about by AI. (Jin10)