adesso launches AI tool to help with DORA compliance
25 July 2024 UK
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Global IT services provider adesso has rolled out a new generative artificial intelligence (GenAI) tool to help financial services firms review contracts in adherence with the EU’s Digital Operational Resilience Act (DORA).
Implementing the collective knowledge of adesso's DORA experts, the Compl.AI tool is designed to conduct a fast, automated gap analysis of service provider contracts and documents to review compliance with all DORA requirements.
The software-as-a-service (SaaS) solution will clearly define whether the requirements have been fully, partially, or not met, and provide source and page references.
It is also possible to re-examine amended contracts or perform another check if regulatory requirements are updated.
According to adesso, this move significantly reduces the burden on banks and insurance companies, which often have hundreds of contracts in place with different IT service providers.
Libero Raspa, director at adesso UK, says: “Financial services firms are facing ever greater regulatory scrutiny, with many struggling to prepare for directives such as DORA. The reality is that many businesses lack the necessary technical and human resources to ensure they remain fully compliant with extensive contracts.”
He adds that the main benefits of this solution are saving time and money, releasing internal staff from routine tasks, preventing human errors, and achieving compliance ahead of the January 2025 deadline.
Implementing the collective knowledge of adesso's DORA experts, the Compl.AI tool is designed to conduct a fast, automated gap analysis of service provider contracts and documents to review compliance with all DORA requirements.
The software-as-a-service (SaaS) solution will clearly define whether the requirements have been fully, partially, or not met, and provide source and page references.
It is also possible to re-examine amended contracts or perform another check if regulatory requirements are updated.
According to adesso, this move significantly reduces the burden on banks and insurance companies, which often have hundreds of contracts in place with different IT service providers.
Libero Raspa, director at adesso UK, says: “Financial services firms are facing ever greater regulatory scrutiny, with many struggling to prepare for directives such as DORA. The reality is that many businesses lack the necessary technical and human resources to ensure they remain fully compliant with extensive contracts.”
He adds that the main benefits of this solution are saving time and money, releasing internal staff from routine tasks, preventing human errors, and achieving compliance ahead of the January 2025 deadline.
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