Financial Industry Forum on Artificial Intelligence: A Canadian Perspective on Responsible AI
Abstract
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 the Global Risk Institute (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.
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Date published: 21 Apr 2023
