The Monetary Authority of Singapore (MAS) has issued a consultation paper proposing that financial institutions clearly define their responsibilities for managing AI-related risks. Released on Thursday, the guidelines mandate that boards of directors and senior management be accountable for AI risks within their organizations. The board or its authorized committees must ensure AI risks are integrated into the institution's risk appetite framework, while senior management is tasked with implementing effective AI risk management policies and ensuring staff competence. This initiative aligns with Singapore's broader push for businesses to enhance employee training and embrace AI technologies. Notably, three major Singaporean banks are currently retraining all 35,000 local employees over one to two years to adapt to AI-driven changes.