OSFI, the federal regulator of financial institutions such banks and insurance companies (FI’s), just released a discussion paper Developing financial sector resilience in a digital world: Selected themes in technology and related risks. The paper signals that the Office of the Superintendent of Financial Institutions may eventually develop guidance to regulate digital risks such as cybersecurity, data analytics, artificial intelligence (AI), quantum computing, third party ecosystems and data.
OSFI’s decision to even study regulating the use of technologies by Canadian FIs is something that needs to be on people’s radar.
