To drive discussion and debate on this critical issue, in 2022, the Office of the Superintendent of Financial Institutions (OSFI) and the Global Risk Institute (GRI) hosted the first Financial Industry Forum on Artificial Intelligence (FIFAI I) to promote the responsible use of AI in Canada’s financial sector. This initiative brought together AI experts from the financial industry, as well as policymakers, regulators, academics, and research institutes.
The resulting report, “A Canadian Perspective on Responsible AI,”highlighted the need for financial institutions to adopt comprehensive risk management strategies to address the unique challenges posed by AI. It identified the four EDGE principles as critical for AI’s responsible use: Explainability, Data, Governance, and Ethics.
The rapid evolution of AI tools and heightened risk awareness highlight the need to expand this dialogue with the Financial Industry Forum on Artificial Intelligence II: A Collaborative Approach to AI Threats, Opportunities, and Best Practices. Four workshopsFootnote 1 will focus on urgent AI-related challenges facing Canada’s financial industry: security and cybersecurity, financial crime, consumer protection, and financial stability. Each workshop will result in an interim report, like this one, along with a final report that will highlight key themes, insights, best practices, and recommendations across all the topic areas.
The first workshop, held on May 28, 2025, was sponsored by OSFI, Department of Finance Canada, and GRI. It brought together 56 Canadian and global AI experts from across the industry including banks, credit unions, insurers, asset managers, academia, and technology providers, as well as federal and provincial policymakers, regulators, and supervisors.
