November 22, 2021 Fintech

Montréal – The digital transformation, which has only gained speed during the pandemic, is unfolding in all sectors of our society and economy. Personalized financial product and service offerings, made possible in part by artificial intelligence (AI) systems, benefit both consumers and financial institutions, but, for the latter, they also come with ethical, legal and reputational risks. The Autorité des marchés financiers (the “AMF”) believes these are important issues requiring its consideration.

The AMF has therefore decided to initiate a serious dialogue about the responsible use of AI in the financial industry. To assist it in meeting this challenge, the AMF sought input from Marc-Antoine Dilhac, Associate Professor of Ethics and Political Philosophy at the Université de Montréal, and a key contributor to the work that led to the launch, in 2018, of the Montreal Declaration for a Responsible Development of Artificial Intelligence (the “Montreal Declaration”).

In preparing the report released today by the AMF entitled L’Intelligence artificielle en finance : recommandations pour une utilisation responsable (Artificial intelligence in finance: recommendations for its responsible use), Professor Dilhac and his research team considered not only the findings of experts in the field but also the concerns expressed by financial consumers in workshops held earlier this year. Citizen participation in this project adds further depth to the discussion and sets this approach squarely apart from other work carried out to date on the responsible use of AI in finance.

The report contains a series of 10 recommendations to promote the responsible development and use of AI. Three of the recommendations are for the AMF; the other seven, for the industry. These recommendations are supported by identified cases of AI use and a detailed discussion of the risks and challenges involved in responsibly deploying AI in finance. The recommendations also build on an interpretation of the principles of the Montreal Declaration within the specific context of financial sector activities.

“I encourage financial sector participants to consider the recommendations in this report going forward as they develop artificial intelligence systems,” said Louis Morisset, AMF President and CEO. “The AMF pledges to do likewise as it continues its own digital transformation. Let’s develop artificial intelligence responsibly so that everyone wins.”

The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.

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