OSFI says geopolitical, economic and AI risks have intensified for financial system
The Office of the Superintendent of Financial Institutions has warned that geopolitical risk, economic shifts and rapid advancements in artificial intelligence have heightened danger in Canada's financial sector. Speaking at the regular update to its annual risk outlook, Superintendent Peter Routledge emphasized that financial institutions must bolster governance, controls and testing as AI capabilities advance.
He noted that those who responsibly use AI while managing cyber, technology and third-party risks will be well-positioned to thrive in a complex environment.
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