The digital transformation, which has accelerated since the beginning of the pandemic, is spreading to all sectors of our society and economy. The more personalized offer of financial products and services made possible by artificial intelligence systems, among other things, are to the mutual advantage of consumers and financial institutions, but also create ethical, legal and reputational risks for the latter. These are important issues that the Autorité des marchés financiers believes must be addressed.
In this context, the AMF has decided to initiate a major reflection on the responsible use of artificial intelligence in the financial sector. To address this challenge, the Authority sought the contribution of Marc-Antoine Dilhac, Associate Professor of Ethics and Political Philosophy at the Université de Montréal, co-head of OBVIA’s Deliberation function, and a central contributor to the work that led to the 2018 launch of the Montréal Declaration for a Responsible Development of Artificial Intelligence.
In developing the report, “L’Intelligence artificielle en finance: recommandations pour une utilisation responsable,” Professor Dilhac and his team of researchers considered not only the findings of work by experts in the field, but also the concerns expressed by consumers of financial products and services at workshops held earlier this year. The involvement of citizens in this project adds to the depth of the thinking, and clearly distinguishes this approach from other work to date on the responsible use of artificial intelligence in finance.
The report contains a series of 10 recommendations to foster the development and deployment of artificial intelligence in finance in a responsible manner: 3 of them are addressed to the AMF, while the other 7 are dedicated to the industry. These recommendations are supported by a mapping of use cases and a detailed discussion of the risks and challenges of responsibly deploying AI in finance. The recommendations are also based on an interpretation of the principles of the Montreal Declaration for the Responsible Development of AI in the context specific to financial sector activities.
This report was prepared at the request and with the financial support of the Autorité des marchés financiers (AMF) by Algora Lab of the Université de Montréal, with the support of the International Observatory on the Societal Impacts of AI and Digital Technology (OBVIA) and the scientific contribution of CIRANO and Polytechnique Montréal.
The report was written under the direction of Marc-Antoine Dilhac, professor at the Université de Montréal, co-head of the Deliberation function at OBVIA, director of Algora Lab and holder of the CIFAR-Canada AI Chair, with contributions from Rhéia Khalaf, researcher at the Université de Montréal, Fin-ML, Nathalie de Marcellis-Warin, professor at Polytechnique Montréal, co-head of OBVIA’s Monitoring and surveys function and director of CIRANO, Manuel Morales, professor at the Université de Montréal, director of Fin-ML, Robert Normand, researcher at CIRANO and Polytechnique Montréal and Gabrielle Veilleux-Verreault, researcher at the Université de Montréal.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.