The Monetary Authority of Singapore (MAS) has announced the completion of phase one of Project MindForge, which aimed to develop a risk framework for the use of generative artificial intelligence (GenAI) for the banking sector.
A whitepaper detailing the risk framework will be published in January 2024 and an executive summary was released recently.
Project MindForge looks into the risks and opportunities of GenAI for the financial sector. It aims to develop a clear and concise framework on the responsible use of GenAI and to catalyse GenAI-powered innovation to solve common industry wide challenges and enhance risk management. The project is supported by a consortium comprising DBS Bank, OCBC Bank, United Overseas Bank Limited, Standard Chartered Bank, Citi Singapore, HSBC, Google Cloud, Microsoft, MAS, Accenture, and the Association of Banks in Singapore.
In phase one, the consortium developed a comprehensive generative artificial intelligence risk framework, with seven risk dimensions identified in the areas of:
- Accountability and Governance,
- Monitoring and Stability,
- Transparency and Explainability,
- Fairness and Bias,
- Legal and Regulatory,
- Ethics and Impact, and Cyber and Data Security.
In the next phase, the MindForge consortium will expand its scope to involve financial institutions from the insurance and asset management industries. The consortium will also conduct experiments to explore the use of GenAI in areas such as anti-money laundering, sustainability, and cyber security.