CIBC’s Trustworthy AI Commitment
Balancing both the risks and opportunities of Generative AI in a rapidly changing technology environment
Jul. 05, 2024
2-minute read
At CIBC, we have a longstanding relationship with Artificial Intelligence (AI) that goes back decades. And as the AI space has grown and evolved, we’ve continued to recognize its transformative power and potential to revolutionize the way we work with each other and interact with our clients. As AI continues to evolve, most recently with breakthroughs in the Generative AI (GenAI) space, we’re committed to using it responsibly and safely across the bank. This involves continuously adapting our governance approach to balance emerging risks and opportunities with this emerging technology.
Our guiding principles for Trustworthy AI are foundational to the design and implementation of our governance approach. Our goal is to ensure that AI systems are developed and used in a manner that fosters trust amongst all stakeholders. These principles are aligned with leading industry standards, including the National Institute of Standards and Technology (NIST)’s Trustworthy AI Framework and the Organization for Economic Co-operation and Development (OECD)’s AI Principles, and Canadian regulatory guidance from the Office of the Superintendent of Financial Institutions (OSFI) and Global Risk Institute (GRI).
CIBC’s Trustworthy AI Principles:
- Accountability: Establishes clear lines of accountability for the development and use of AI, including appropriate human oversight and responsibility for any decisions and outcomes made by AI.
- Transparency: Ensures an appropriate level of disclosure and understanding of how AI systems are developed and used.
- Fairness: Assesses the development and use of AI systems to minimize inappropriate bias and discrimination that may lead to unfair outcomes for individuals, groups of individuals and our community.
- Reliability: Ensures that AI systems provide reliable, robust, and consistent outcomes.
- Privacy: Respects and protects our clients’ Personal Information and complies with applicable privacy laws and regulations.
- Security: Implements appropriate safeguards to protect AI systems’ confidential information and data from any vulnerabilities, unauthorized access, theft, or manipulation.
“AI has tremendous transformative potential but we must ensure it is used ethically and safely. Our Trustworthy AI Principles form the foundation of how we approach AI at CIBC to benefit our team members and clients while addressing any concerns and risks.”
Ozge Yeloglu,
VP, Enterprise Advanced Analytics and Artificial Intelligence
Our commitment to Trustworthy AI empowers us to further help our clients and team members navigate emerging risks related to rapidly changing technology, as well as new or changing AI laws and regulations in all regions where CIBC and its wholly-owned subsidiaries operate to create positive progress.
