Navigating Canada’s emerging AI landscape: Risks and realities for financial professionals

Canada’s AI regulatory landscape for financial institutions is still taking shape. Without an overarching federal statute, the financial services industry must navigate a patchwork of guidance and regulation from privacy and securities regulators. As organizations move from pilot projects to deploying AI in real-world operations, they also face heightened exposure to securities litigation and privacy class actions. Dentons’ Litigation and Dispute Resolution and Privacy and Cybersecurity groups recently hosted a webinar in November discussing these challenges. The following are the key takeaways of the regulatory overview and litigation risks for financial institutions adopting AI.

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About Kelly Osaka

Kelly is co-leader of both the Litigation and Dispute Resolution group in Calgary and the Privacy and Cybersecurity subgroup, she is also a member of the Privacy and Cybersecurity group. An experienced commercial litigator, Kelly has particular expertise in class action defence, shareholder disputes, cyber breach coaching, cyber risk analysis, governance best practices, professional negligence, and regulatory investigations.

About Deepshikha Dutt

Deepshikha Dutt is a commercial and civil litigator in Dentons’ Litigation and Dispute Resolution group. Her practice focuses on professional liability, class actions and insurance-related matters primarily dealing with directors and officers (D&O), and errors and omissions (E&O) liability.

About Michael Beeforth

Mike is a commercial litigator and a partner in Dentons' Litigation and Dispute Resolution group. Mike has particular expertise in advising clients in the financial services industry, having spent 18 months seconded to a large Canadian bank where he managed litigation for the bank's capital markets, wealth management and treasury services businesses.