BMO joins FINOS open source initiative to shape the future of responsible AI in finance 

The Fintech Open Source Foundation (FINOS) recently launched an initiative to develop vendor-neutral AI adoption standards for the financial services industry. BMO is among a handful of global financial institutions and cloud providers participating in this collaborative effort to define standardized controls for safe and compliant AI adoption. 

These standards will support a real-time compliance validation toolkit designed to help developers meet regulatory and ethical expectations from day one.  

The project will deliver: 

• Technology-neutral baseline standards for AI usage across cloud and hybrid environments. 

• Peer-reviewed governance frameworks aligned with evolving global regulations. 

• Real-time validation mechanisms (“Regulation-as-Code”) to improve operational transparency and regulatory readiness. 

By focusing on collaboration across institutions, cloud platforms, and AI vendors, the initiative aims to deliver practical, scalable controls that can be broadly adopted across the financial services ecosystem. 

“At BMO, we know it’s never been more important for financial institutions to embrace collaborative solutions that allow us to harness the full potential of AI in a safe, secure and innovative way.”

– Kristin Milchanowski
Chief Artificial Intelligence and Data Officer, BMO

This new initiative builds on the ongoing work of the FINOS AI Readiness Working Group, which last year released the first draft of a risk mitigation framework. While that work continues in parallel, this latest collaboration reinforces BMO’s commitment to advancing responsible AI adoption through open standards and global cooperation. 

“From cloud to AI, FINOS continues to foster cross-functional collaboration that helps BMO and our peers unlock the value of emerging technologies, both for the institutions that adopt them and the clients we serve,”

– Kim Prado
CIO, U.S Capital Markets, Investment & Corporate Banking, and Office of the COO and Governing Board Member, FINOS

Read the FINOS news release for more information on this new initiative.