MAS just made your vendor's AI your problem
The line in the MAS guidelines I'd circle is the expectation that banks pause or replace a third-party AI service when they can't get the risk within tolerance. That sounds sensible until you look at how most firms acquire AI. It arrives as a feature switched on inside a platform they already license, with thin documentation and no contractual right to test it. Every inventory exercise I've run turned up more embedded vendor AI than anyone expected. Firms have until October 2028, and most of the hard work sits in contracts and procurement. If a vendor switched its AI off tomorrow, would you know which processes broke?
Source: MAS makes banks answerable for third-party AI risk - FinTech Global (FinTech Global)