Handbook on Generative AI Guardrails in Banking

This document is a handbook developed by the Association of Banks in Singapore (ABS) Standing Committee on Data Management (SCDM) focusing on the implementation of Generative AI (Gen AI) in the banking sector. It outlines a framework for financial institutions to adopt Gen AI responsibly, emphasizing the importance of governance, technical controls, and human oversight. The handbook identifies potential risks associated with Gen AI, such as algorithmic bias and data privacy concerns, and provides guidelines to mitigate these risks. It also discusses the collaborative efforts among various organizations, including major banks and Accenture, to establish best practices and governance frameworks. The handbook serves as a resource for banks to navigate the challenges of Gen AI adoption while maintaining compliance with regulatory standards. Additionally, it highlights the need for continuous improvement and adaptation of the guidelines as the technology evolves, ensuring that innovation aligns with ethical standards and consumer protection.