AI Governance, Operational Resilience and Workforce Readiness are Critical for Advancing Responsible AI, Global Risk Institute Finds

TORONTO, March 23, 2026 /CNW/ - As artificial intelligence (AI) reshapes the financial sector, institutions must strengthen governance, operational safeguards and workforce capabilities to manage a new generation of rapidly emerging and potentially systemic technology-driven risks, according to discussions convened by the Global Risk Institute (GRI) as part of the second phase of its Financial Industry Forum on AI (FIFAI II).

This initiative is a partnership between Global Risk Institute alongside representatives from the Office of the Superintendent of Financial Institutions (OSFI), the Bank of Canada, the Department of Finance Canada, Financial Consumer Agency of Canada (FCAC) and FINTRAC. Discussions brought together senior executives from leading financial institutions, academia and partners to examine AI risks, mitigants, and opportunities. 

In response to rapid adoption across the financial sector, significant technological advances and increasing impacts on the broader risk environment, FIFAI II convened discussions on escalating cyber threats, third-party risk, financial well-being and consumer protection, financial crime and financial stability. Informed by four GRI-led workshops, the final FIFAI II report introduces the AGILE Framework and suggests implementation priorities for navigating AI risks while seizing AI opportunities.

"Artificial intelligence is transforming financial services faster than existing governance frameworks are evolving," said Sonia Baxendale, President and CEO, GRI. "What makes this moment different is that managing AI risk is no longer confined to individual institutions. It requires collaboration across the financial ecosystem. Bringing together industry leaders, regulators and policymakers in the same room allows us to identify vulnerabilities before they become systemic events and strengthen the resilience of the financial sector as a whole."

AI adoption is already occurring across critical financial functions, meaning risk management and governance frameworks need to evolve in parallel with deployment. As adoption accelerates, the discussion highlighted several priorities for the financial sector, with three themes emerging as particularly important for financial institutions.

Elevating AI governance to the boardroom

AI risk is increasingly a strategic governance issue for boards and senior leadership. As more advanced systems, including emerging forms of autonomous or "agentic" AI, are integrated into financial operations, institutions need to ensure governance frameworks evolve as quickly as the technology itself.

This includes strengthening board-level awareness of AI-related risks, clarifying accountability for AI-driven decisions and embedding adaptive oversight mechanisms capable of responding to rapidly evolving technologies.

Reinforcing operational resilience

As financial institutions expand their use of AI tools and cloud-based services, they are becoming more dependent on a complex ecosystem of technology providers and data infrastructure that often sits outside their direct control.

The discussion also highlighted the importance of reinforcing fundamental risk controls, including strong cyber hygiene, rigorous third-party risk management and clear oversight of technology supply chains. These measures are essential to maintaining operational resilience as concentration risk and hidden technology dependencies increase across the financial sector, and where disruptions could cascade across multiple institutions simultaneously.

Building AI literacy across the financial sector

Participants also highlighted the growing importance of workforce readiness as AI transforms financial services. Institutions will need to invest in new skills and training programs to ensure employees at all levels, from technical teams to senior executives and boards of directors, understand both the capabilities and risks associated with AI.

Developing sector-wide AI literacy will help organizations deploy the technology responsibly while strengthening their ability to detect emerging threats such as AI-enabled fraud and cyber attacks.

This discussion underscores the importance of continued collaboration between industry, regulators and policymakers as artificial intelligence becomes deeply embedded in financial infrastructure and decision-making systems. By convening leaders from across the financial ecosystem, the Global Risk Institute provides a forum for surfacing risks early, aligning oversight approaches and identifying practical strategies to safeguard the resilience of Canada's financial ecosystem.

Read the Financial Industry Forum on Artificial Intelligence II, AI risks and Opportunities: Adopting and AGILE Framework in Canadian Financial Services report.

About GRI
The Global Risk Institute in Financial Services (GRI) is Canada's premier organization for risk management thought leadership and actionable insights. Bringing together leaders from industry, government and academia, GRI transforms global risk intelligence into practical strategies that strengthens the resilience of Canada's financial sector. A non-profit public-private partnership, GRI includes over 50 government and corporate member organizations spanning banking & investment services, insurance, government & regulators, pensions and specialized financing & lending institutions. GRI serves as a critical resource to government and the financial industry, helping to strengthen the stability of the financial ecosystem.

SOURCE GRI

Media contact: Nancy Tibbo, Director, Marketing & Communications, Global Risk Institute, Email: [email protected], Tel: [phone]