A workshop co-hosted by the Financial Consumer Agency of Canada (FCAC) and the Global Risk Institute (GRI) focused on a collaborative approach to addressing artificial intelligence (AI) threats, opportunities, and best practices for promoting financial well-being and consumer protection.
According to the recently released interim report, the FCAC and GRI examined issues including:
- the opportunities of AI adoption
- emerging risks associated with such adoption
- best practices in AI utilization to empower consumers and protect their financial well-being
- AI’s future within Canada’s financial services sector
More than 55 domestic and international representatives participated in the workshop. Attendees included large Canadian banks and technology companies, consumer advocacy groups, federal and provincial supervisory bodies, law firms, and academia.
The workshop highlighted three key principles for supporting AI adoption and keeping consumers safe:
- Financial institutions should practice inclusion by design, which means that they should consider consumer interests when beginning AI tool development
- Innovation and resilience in the financial sector generally benefit consumers
- Promoting AI literacy among consumers while rolling AI tools across the financial sector will improve access, inclusion, and consumer protection
Discussion at the workshop also explored the ways AI can heighten consumer risks in areas such as transparency, accountability, data integrity, bias, third-party concentration, consumer confidence, and fraud.
“[This] workshop … is focused on ensuring that innovation in the financial marketplace is not only forward-thinking and efficient, but also grounded in fairness, transparency, and a strong commitment to protecting consumers,” said Shereen Benzvy Miller, FCAC commissioner.
Workshop series
According to the interim report, this workshop was the fourth and final one in a series of workshops co-hosted by GRI and financial sector regulators as part of the Financial Industry Forum on Artificial Intelligence II: A Collaborative Approach to AI Threats, Opportunities, and Best Practices (FIFAI II).
This broad collaborative initiative commenced in 2022. At the first workshop in May 2025, co-sponsors GRI, the Office of the Superintendent of Financial Institutions (OSFI), and the Department of Finance Canada (Finance Canada) discussed AI-related opportunities, risks, and threats relating to security and cybersecurity.
The second and third workshops took place in October 2025. At the second, co-sponsors GRI and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) focused on fighting AI-enhanced financial crime.
Meanwhile, at the third workshop, co-sponsors GRI, OSFI, the Bank of Canada, and Finance Canada ventured into AI and risks to financial stability in the country.
A full report on the insights and conclusions from all four workshops will be available in spring 2026.