CIBC has become the first major Canadian bank to sign the Government of Canada’s Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems, reinforcing its commitment to ethical AI practices. This move underscores CIBC’s dedication to transparency, fairness, accountability, and privacy in the use of artificial intelligence.
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"At CIBC, we understand the significant impact that artificial intelligence can have on our industry and society," said Dave Gillespie, Executive Vice-President, Infrastructure, Architecture and Modernization at CIBC. "By adhering to this voluntary code of conduct, we are reinforcing our commitment to responsible AI development and deployment, ensuring that our AI systems are fair, transparent, and accountable."
A framework for ethical AI innovation
The federal AI code of conduct outlines key principles designed to ensure that AI systems are used responsibly:
• Accountability: Implementing governance frameworks for AI oversight.
• Fairness: Mitigating the risk of biased AI outputs before deployment.
• Transparency: Providing accessible information on AI systems and their impacts.
• Privacy: Upholding data protection and regulatory compliance.
CIBC’s AI governance strategy is built on its Trustworthy AI Principles and is enforced through the CIBC Enterprise AI Framework and AI Risk Assessment Process (AIRAP). The bank also has AI governance committees comprising senior executives and risk stakeholders to maintain oversight.
Driving innovation with guardrails in place
In 2024, CIBC launched several generative AI pilot programs, including its CIBC AI platform, Knowledge Central information hub, and GitHub CoPilot, aimed at enhancing productivity and client service.
"Our participation in this initiative is a testament to our ongoing commitment to innovation and accelerating our AI adoption responsibly," added Gillespie. "We believe that responsible AI practices are essential for building trust and delivering sustainable value."
By leading the industry in responsible AI adoption, CIBC sets a new benchmark for ethical innovation in Canada’s financial sector.
