Strengthening Governance, Resilience and Workforce Readiness in an AI-driven Financial System
Between May and October 2025, GRI, in partnership with the Office of the Superintendent of Financial Institutions (OSFI), the Department of Finance Canada, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the Financial Consumer Agency of Canada (FCAC) and the Bank of Canada, co-hosted Phase II of the Financial Industry Forum on Artificial Intelligence (FIFAI II)—a series of four workshops that brought together industry stakeholders to advance a collaborative approach to AI risks, opportunities and best practices. Building on FIFAI I, phase II discussions highlighted:
- AI is reshaping the risk landscape beyond internal use cases, with implications for cybersecurity, financial crime and systemic stability.
- Threats are accelerating in scale and sophistication, with AI enabling more advanced fraud and cyberattacks while introducing new strategic, operational and governance challenges.
- Consumer and workforce risks are rising, including bias, lack of transparency, increased exposure to fraud, talent shortages and growing reliance on a small number of third-party providers.
- Opportunities are significant, with AI enhancing fraud detection, strengthening decision-making, expanding inclusion and supporting regulatory oversight.
- Inaction carries risk, failing to capitalize on AI’s benefits may be as consequential as mismanaging its threats.
The AGILE framework (Awareness, Guardrails, Innovation, Learning, Ecosystem Resiliency) calls for stronger governance and oversight, robust data and risk controls, sustained investment in technology and talent, and deeper public–private collaboration.
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