Report on the ethical, legal, and financial implications of artificial intelligence (AI)

  • OSFI Regulation Image
  • GRI (Global Reporting Initiative) Image

Apr 17, 2023

On April 17, 2023, the Office of the Superintendent of Financial Institutions (OSFI) and the Global Risk Institute (GRI) jointly released a report on the ethical, legal, and financial implications of artificial intelligence (AI) on financial services institutions.

Data availability and accessibility have improved dramatically, modeling techniques have taken a large step forward, and models are being applied to an increasing number of businesses across regulated financial institutions in Canada. Capabilities and usage have evolved faster than regulation.

OSFI partnered with GRI to create a community of Artificial Intelligence (AI) thought-leaders from academia, regulators, banks, insurers, pension plans, fintechs, and research centres. This group, called the Financial Industry Forum on Artificial Intelligence (FIFAI), advanced the conversation around appropriate safeguards and risk management in the use of Artificial Intelligence (AI) at Financial Institutions.

Ideas discussed to support safe AI development are grouped into Explainability, Data, Governance, and Ethics - the “EDGE” principles.

Re­view the press re­lease on and the detailed report on OSFI’s website.

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