Mr. Dave Gillespie reports

CIBC BECOMES THE FIRST MAJOR CANADIAN BANK TO SIGN THE FEDERAL GENERATIVE AI CODE OF CONDUCT

Canadian Imperial Bank of Commerce has reinforced its commitment to responsible artificial intelligence 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 initiative highlights CIBC's dedication to fostering ethical AI practices and promoting responsible innovation within the financial sector.

"At CIBC, we understand the significant impact that artificial intelligence can have on our industry and society," said Dave Gillespie, executive vice-president, infrastructure, architecture and modernization, CIBC. "By adhering to this voluntary code of conduct, we are reinforcing our commitment to responsible AI development and deployment, ensuring that our AI systems are fair, transparent and accountable."

The voluntary generative AI code of conduct sets out key principles for the responsible use of AI technologies, including:

• Accountability -- establishing robust governance frameworks for AI oversight;
• Fairness -- ensuring that AI systems are designed and implemented with the risk of biased outputs mitigated prior to release;
• Transparency -- providing clear and accessible information about AI systems and their impacts;
• Privacy -- protecting client data and maintaining compliance with privacy regulations.

As set out in the 2024 sustainability report, the bank's AI governance foundation is built on its trustworthy AI principles, enforced through the CIBC enterprise AI framework, and supported by its robust AI risk assessment process. In addition, CIBC has AI governance committees consisting of senior executives as well as risk stakeholders across the bank. CIBC's approach ensures that it leverages AI with thoughtfully designed guardrails to support innovation. In 2024, CIBC introduced several generative AI pilot programs, including its CIBC AI platform, its Knowledge Central information hub and GitHub CoPilot, to enhance productivity and client service.

"Our participation in this initiative is a testament to our ongoing commitment to innovation and accelerating our AI adoption responsibly, to better support our clients and communities," added Mr. Gillespie. "We believe that responsible AI practices are essential for building trust and delivering sustainable value."

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 14 million personal banking, business, public-sector and institutional clients. Across personal and business banking, commercial banking and wealth management, and capital markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.