Deadline extended to March 4, 2024: Questionnaire on Artificial Intelligence / Machine Learning and quantum computing
- Type of publication: Letter
- Date: February 20, 2024
- To: Federally Regulated Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) want to better understand how federally regulated financial institutions are adopting Artificial Intelligence/Machine Learning (AI/ML). We also want to better understand how ready institutions are for the emerging technology of quantum computing.
OSFI and the FCAC encourage financial institutions to complete a voluntary questionnaire. We will use the results in three ways:
- to increase our understanding of financial institutions’ involvement in AI/ML and quantum computing;
- to inform policy and supervisory work; and
- to assess the current state of quantum-readiness.
As mentioned in OSFI’s 2023-24 Annual Risk Outlook, we will address emerging risks, assess new technologies, and explore systemic and institutional vulnerabilities associated with AI/ML and quantum computing. As AI/ML and the promise of quantum computing advances, so do potential risks to integrity and security.
This questionnaire lets financial institutions share their plans, strategies, uses, and challenges with AI/ML applications. Financial institutions can also discuss their governance and risk management practices at the enterprise-wide level related to these technologies.
Following OSFI’s analysis of the results, we will share current practices with participating institutions. OSFI and FCAC will treat responses as confidential and will not publicly disclose any institution-specific data.
Please submit your completed questionnaire by March 4, 2024. Please submit the questionnaire through the Regulatory Returns System (RRS).
Please send questions about the questionnaire to AIQuestionnaire-QuestionnaireIA@osfi-bsif.gc.ca. Please send questions about the RRS to the Returns Administration general mailbox at RA-RRS.Support@osfi-bsif.gc.ca.