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Policy & Regulation · Federal
OSFI flags frontier AI as top threat to Canada's financial system
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Summary
Canada’s banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), has made advanced AI a focus of its fall risk update. OSFI warns that AI is speeding up cyberattacks and shrinking the time banks have to fix security weaknesses; reliance on a few technology providers could also leave institutions exposed to shared disruptions. The regulator says banks should strengthen their defences, governance and testing as they adopt AI, and will continue assessing risks as the technology advances.