This session examined how regulators, policymakers, and financial institutions are working together to address the systemic risks of artificial intelligence. GRI’s Gerard McDonald, OSFI’s Mate Glavota and Alexey Rubtsov, representing the Department of Finance (Canada), traced the evolution of the Financial Industry Forum on AI (FIFAI 1), summarized the findings of FIFAI 2’s first workshop on security and cybersecurity, and discussed next steps, including additional workshops on financial crime, consumer protection, and financial stability. (Workshop #2 on financial crime was held October 1, 2025.)
The discussion reinforced that resilient financial institutions require both industry adaptation and modernization oversight, ensuring that policy, governance, and technology evolve in tandem.
Executive Director, Applied Research, Data, and Analytics, OSFI
Mate Glavota was appointed Executive Director, Applied Research, Data, and Analytics in April 2025. In this role, he is responsible for leading OSFl’s efforts in leveraging data, research, and advanced analytics to inform supervisory and regulatory decision-making.
Mr. Glavota joined OSFI in 2009 as part of Capital Markets Risk Assessment Services and since then has held progressively more senior roles across the organization. His previous roles include Head of the Market and Liquidity Risk Division, Lead Supervisor for the Bank of Montreal, Head of the Financial Risk Group, and Head of the Applied Risk Research and Analytics division.
Prior to joining OSFI, Mr. Glavota spent 16 years in the capital markets industry as a trader, primarily in the currency and commodity markets. Mr. Glavota holds both an undergraduate degree and a Master of Business Administration from Western University.
Executive Consultant, Global Risk Institute
Gerard McDonald is widely respected in the financial services for his leadership in operational risk, governance and compliance. With experience in the financial sector spanning more than two decades, Gerard was most recently Managing Director, Head of Research at the Global Risk Institute. Previously, he held a number of senior positions over 17 years with BMO Financial Group, including Vice-President, Risk and Compliance, Canadian Personal and Commercial Banking, from 2018 to 2022. Prior to that he worked as an Engagement Manager with McKinsey & Company, where he advised clients in the financial services as well as other sectors.
Gerard holds a Ph.D. in Economics and an M.Phil in Economics from Yale University, where he was an SSHRC Doctoral Fellow, and Cowles Prize Fellow. He sits on the board of the Revue Film Society and has previously served on the board of Howard Park Children’s Centre.
Senior Research Associate, GRI;
Principal Strategic Advisor, Department of Finance Canada
Alexey Rubtsov is Senior Research Associate at Global Risk Institute and a Tenured Associate Professor of Mathematical Finance at Toronto Metropolitan University, where he also serves as the Director of the Financial Mathematics program. His areas of focus are Artificial Intelligence, Systemic Risk, Climate Change Risk, and Asset Allocation. In addition to his academic roles, Alexey is the Principal Strategic Advisor at the federal Department of Finance and previously served as a Senior Specialist at the Office of the Superintendent of Financial Institutions (OSFI). He has also contributed to the field of applied AI as an Academic Advisor at Borealis AI. Alexey’s academic research has been published in such journals as Management Science, Operations Research, Journal of Banking and Finance, Journal of Economic Dynamics and Control, and Annals of Finance, among others. He holds a PhD in Operations Research and an MSc in Financial Mathematics from North Carolina State University.