News & Updates
OSFI sets guidelines for responsible AI use, emphasizing explainability, data, governance and ethics
May 18, 2023
The Office of the Superintendent of Financial Institutions (OSFI) partnered with the Global Risk Institute to release a report on responsible use of artificial intelligence (AI). This partnership created the Financial Industry Forum on Artificial Intelligence (FIFAI), comprised of a group of AI experts from the financial services industry, government bodies and academia.
FIFAI’s report focuses on four main principles to guide the use and regulation of AI in the financial industry:
- Explainability enables customers to understand how an AI model arrives at its conclusions.
- Data leveraged by AI allows financial institutions to provide targeted and tailored products and services to their customers, improve fraud detection, enhance risk analysis and management, boost operational efficiency, and improves decision making.
- Governance ensures a framework is in place that promotes a culture of responsibility and accountability around the use of AI in an organization.
- Ethics encourages financial institutions to consider the broader societal impacts of their AI systems.
Click on more information to read FIFAI’s full report:
