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Frequently asked questions about MAS FEAT
These entries give information about the Fairness, Ethics, Accountability and Transparency (FEAT) Principles of the Monetary Authority of Singapore (MAS). AIDA is "artificial intelligence or data analytics", which "assist or replace human decision-making" (FEAT § 3.3).
Disclaimer
This page gives general information. It is not legal advice.
Is MAS FEAT mandatory in Singapore?
No. MAS FEAT gives AIDA Firms Principles that are "not intended to be prescriptive" (§ 2.2). Internal governance frameworks and applicable laws and requirements continue to apply (§ 2.1).
Veritas Document 3 tells financial services institutions (FSIs) that they "are expected to work towards achieving the FEAT Principles and outcomes as they increasingly deploy AIDA to make decisions". FSIs "have flexibility to explore how best to achieve them" (“Executive Summary”). See Veritas assessment.
The MAS AI Risk Management Guidelines give supervisory expectations (§§ 1.1–1.2). See About MAS FEAT.
Who do the MAS FEAT Principles apply to?
MAS FEAT "can guide all firms using AIDA to provide financial products and services" (§ 3.1). AIDA is "artificial intelligence or data analytics", which "assist or replace human decision-making" (§ 3.3).
AIDA-driven decisions are "decisions and decision outcomes made or supported by AIDA". Data subjects are "individuals and/or firms who are or may be affected by AIDA-driven decisions" (§ 3.3). FEAT can apply to "both complex and straightforward AIDA techniques" (§ 3.2). Across all Principles, AIDA Firms can "calibrate actions and requirements" by materiality (§ 2.3).
See AIDA and data subjects and Materiality.
What are the 14 MAS FEAT Principles?
MAS FEAT has 14 Principles with numbers, in four groups (FEAT § 4):
- Fairness, Principles 1 to 4: justifiability (1 and 2), and accuracy and bias (3 and 4).
- Ethics, Principles 5 and 6.
- Accountability, Principles 7 to 11: internal accountability (7 to 9) and external accountability (10 and 11).
- Transparency, Principles 12 to 14.
In FEAT § 2.4: "readers are encouraged to view the Principles in totality". The G, F, EA, and T items in Veritas are assessment items, not FEAT Principles. For each Principle, see The 14 FEAT principles.
Does MAS FEAT require a bias audit or a fixed fairness threshold?
No. MAS FEAT does not tell AIDA Firms to do a bias audit. It gives no minimum or maximum fairness value for artificial intelligence or data analytics (AIDA) (§ 2.2).
FEAT recommends justifiability and regular validation and review (Principles 1–4). Its § 5.6 example connects review intervals to materiality and model "complexity".
Financial services institutions (FSIs) can adapt Veritas assessment, with an internal or external AIDA system assessor (Document 3 § 1.3). For the optional assessment and its conditions, see MAS FEAT and Veritas. Other applicable laws and requirements continue to apply (FEAT § 2.1).
How does materiality affect a MAS FEAT assessment?
Across all MAS FEAT Principles, AIDA Firms can "calibrate actions and requirements" in their internal governance frameworks by materiality (§ 2.3). FEAT can apply to "both complex and straightforward AIDA techniques" (§ 3.2).
Section 2.3 gives "non-exhaustive and indicative examples" for materiality, without a minimum or maximum value. The § 5.6 example connects materiality and model "complexity" to validation intervals. Section 5.7 gives "specific triggers for review", and § 8.1 connects materiality to transparency levels. See Materiality and Fairness.
How often should models be reviewed under MAS FEAT?
MAS FEAT gives no specified interval. FEAT recommends that data and models are "regularly reviewed and validated", and that AIDA-driven decisions are "regularly reviewed" (Principles 3 and 4).
Two FEAT examples show how the interval can change. FEAT § 2.2 tells AIDA Firms that its examples are "purely illustrative".
- The interval of validation and tests "depends on the materiality of the decision and the complexity of the model" (FEAT § 5.6).
- Together with "periodic reviews", an internal governance framework can identify "specific triggers for review" (FEAT § 5.7).
FEAT does not tell AIDA Firms to test all the time, or to examine models again after each change. See Fairness (4 principles).
What explanations should customers receive under MAS FEAT?
MAS FEAT recommends clear explanations "upon request" about data used for decisions about data subjects, its effect on those decisions, and possible "consequences" for them (Principles 13–14).
Data subjects are "individuals and/or firms who are or may be affected by AIDA-driven decisions" (§ 3.3). Principle 12 also recommends that AIDA use is "proactively disclosed" to data subjects in general communication to increase "public confidence".
Transparency levels balance "public understanding and confidence" against "confusion or unintended opportunities for individuals to exploit or manipulate AIDA models" (§ 8.1). Decision materiality is also "relevant" (§ 8.1). Explanations "do not necessitate exposure of intellectual property or publishing of proprietary source codes" (§ 8.2). See Transparency.
Can someone appeal an AIDA-driven decision under MAS FEAT?
MAS FEAT recommends "channels" for data subjects to "enquire about, submit appeals for and request reviews of AIDA-driven decisions that affect them" (Principle 10). FEAT gives no time limit to supply information or to do a review (§§ 2.2, 7.7).
Data subjects are "individuals and/or firms who are or may be affected by AIDA-driven decisions" (§ 3.3). FEAT recommends that "verified and relevant supplementary data provided by data subjects are taken into account" in reviews (Principle 11).
Veritas EA7 checks recourse use and explanations if use is "too high or too low" (Document 3B, Figure 1.1).
See Accountability (5 principles).
What is the difference between MAS FEAT and Veritas?
MAS FEAT gives the 14 Principles. Veritas gives financial services institutions (FSIs) an assessment method that FSIs can adapt for AIDA systems. Its G, F, EA, and T items are assessment items, not FEAT Principles.
For an FSI that follows FEAT, Veritas recommends "evidence to this checklist" "on demand if required" (Document 3, Appendix A § 1). The "checklist is optional". Veritas recommends Ethics and Accountability assessment first at organization level, then Fairness and Transparency assessments together through the "AIDA system development lifecycle" (“Executive Summary”).
The Phase 2 sources "do not prescribe what FSIs must do to comply with FEAT". See Veritas assessment and Assessment sequence.
When do the MAS AI Risk Management Guidelines take effect?
The MAS AI Risk Management Guidelines "take effect on 7 October 2027" (§ 1.8).
These conditions apply to financial institutions (FIs):
- General AI governance: FIs "may meet the expectations set out in Sections 3 to 4 from 7 October 2027, and Section 5 and 6 of the Guidelines by 7 October 2028" (Guidelines § 1.8, Response § 13.5), unless § 2.3 applies (Guidelines § 2.2).
- Basic AI governance (§ 2.5): an FI "may apply" basic AI governance if "the poor performance or unavailability of the AI services or tools used by the FI is unlikely to have a material adverse impact on the FI, its customers or other stakeholders" (§ 2.3). FIs "should complete implementation" by October 7, 2027 (Response § 13.6).
- For high-risk use cases, FIs "should apply" "appropriate lifecycle controls" "as soon as possible" (Response § 13.5).
See Guidelines conditions and dates.
Which MAS FEAT Framework should I use in Modulos?
Use MFF-2 for an AI System and OFF-2 for the organization. Modulos recommends one organization AI System with OFF-2 for governance across the organization, and one AI System with MFF-2 for each AIDA use case.
These conditions apply to this structure:
- OFF-2 attaches to the organization AI System that your organization has. If your organization does not have an organization AI System, contact Modulos Support.
- Modulos recommends this structure. FEAT does not give it.
- OFF-2 has no Fairness Requirement, but in FEAT § 2.4, "readers are encouraged to view the Principles in totality" (FEAT § 2.4).
See Recommended AI System structure and Requirement mapping.
Does the MAS FEAT Framework implement the new MAS AI Risk Management Guidelines?
No. MFF-2 and OFF-2 are for MAS FEAT and the Veritas assessment items. They do not show that a financial institution (FI) applies the Monetary Authority of Singapore (MAS) Guidelines on Artificial Intelligence Risk Management. These Guidelines are not part of MAS FEAT.
The Guidelines apply to AI as specified in § 1.3 and give different supervisory expectations and dates. Guidelines § 1.2 also tells FIs that the FEAT principles "continue to apply". See Work not held in Modulos and MAS AI Risk Management Guidelines.
Does Modulos approve AIDA use or export a complete FEAT audit pack?
No. Your organization gives the approval for AIDA use and assembles the audit records.
Two limits apply:
- FEAT Principle 7 recommends that "Use of AIDA in AIDA-driven decision-making is approved by an appropriate internal authority". In Modulos, the Requirement Owner does the Review of a Requirement. That Review is not this approval.
- Modulos does not supply one frozen set of audit records. Your organization assembles the audit set and controls its contents and the date of each record.