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Policy & Regulation · Federal
OSFI says geopolitical, economic and AI risks have intensified for financial system
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Summary
The Office of the Superintendent of Financial Institutions says geopolitical uncertainty, economic change and rapid technological advances have intensified risks to Canada’s financial system. Its updated annual risk outlook warns that advanced artificial intelligence can add to cyber, technology, third-party and reputational risks, and says institutions need stronger governance, controls and testing. Superintendent Peter Routledge said resilience is a competitive advantage for institutions that use AI responsibly and manage those risks.