CIBC has strengthened its commitment to responsible artificial intelligence (AI) by becoming 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. This milestone underscores the bank’s dedication to ethical AI innovation and reinforces its leadership in fostering responsible AI practices within the financial sector.
“At CIBC, we recognize the profound impact artificial intelligence can have on both our industry and society,” said Dave Gillespie, Executive Vice-President, Infrastructure, Architecture, and Modernization at CIBC. “By aligning with this voluntary code of conduct, we are reaffirming our commitment to the responsible development and deployment of AI, ensuring that our systems remain fair, transparent, and accountable.”
The voluntary AI code of conduct establishes key principles to guide responsible AI adoption, including:
- Accountability – Implementing strong governance frameworks for AI oversight.
- Fairness – Ensuring AI systems mitigate bias risks before deployment.
- Transparency – Providing clear, accessible information about AI systems and their impact.
- Privacy – Safeguarding client data and ensuring compliance with privacy regulations.
As highlighted in its 2024 Sustainability Report, CIBC’s AI governance framework is built upon its Trustworthy AI Principles, reinforced through the CIBC Enterprise AI Framework and the AI Risk Assessment Process (AIRAP). The bank has also established AI governance committees comprising senior executives and risk stakeholders to ensure AI adoption is governed by well-defined guardrails.
In 2024, CIBC launched several generative AI pilot initiatives, including its proprietary CIBC AI Platform, the Knowledge Central information hub, and the adoption of GitHub Copilot to enhance productivity and client service.
“Our participation in this initiative reflects our unwavering commitment to responsible AI adoption, innovation, and delivering sustainable value to our clients and communities,” added Gillespie. “We believe that ethical AI practices are fundamental to building trust and driving long-term success.”
By embracing this voluntary AI code of conduct, CIBC continues to set a benchmark for responsible AI governance in the banking sector, reinforcing its position as a leader in ethical innovation.
