Financial Industry Forum on Artificial Intelligence II : a collaborative approach to AI threats, opportunities, and best practices : workshop 1 - security and cybersecurity. : IN4-35/2025E-PDF

"In recent years, the need to understand, integrate, and responsibly manage the use of Artificial Intelligence (AI) in the financial industry has become increasingly important. There is an urgent need for collaboration and development of best practices in this area. 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"--Preface, page [1].

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