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In 2022, the CRTA teamed up with the Digital Governance Council to engage with our respective members on the development of a workshop agreement for Canadian Fintech Innovators to address the risks associated with third-party AI/ML solutions being utilized by Financial Institutions. With the increasing adoption of AI/ML, the workshop agreement sets baseline requirements for vendors offering AI/ML solutions to Financial institutions by promoting transparency and a shared understanding of best practices which serves to reduce common challenges. The workshop agreement covers steps such as establishing a model governance framework, managing risks upfront, and documenting end-to-end data collection and processing and is the first step toward a formalized national standard. 

Over the course of several month, over 75 AI/ML expert stakeholders representing financial institutions, fintech vendors, regulators, academics, consultants and thinktanks participated in the development of the agreement. It was published in May 2023.