adesso, a leading global IT services provider, is rolling out a new generative AI tool to help financial services firms review contracts in adherence with the European Union's Digital Operational Resilience Act (DORA) directive.
The adesso Compl.AI tool will support banks and insurance companies operating under the directive which requires financial companies based in the EU to improve their IT resilience. It will provide an automated review of service provider contracts for compliance requirements and allow repeated review of contracts in the event of changes in requirements.
As a Software-as-a-Service solution, Compl.AI uses GenAI technology and the collective knowledge of adesso's DORA experts to conduct a fast, automated gap analysis of contracts and documents to review compliance with all DORA requirements. The tool clearly defines whether the requirements have been fully, partially, or not fulfilled, including source and page references.
This significantly reduces the burden on banks and insurance companies, which often have hundreds of contracts in place with different ICT service providers. Laborious manual checks by in-house specialists or expensive external reviewers are now a thing of the past.
It is also possible to re-examine amended contracts or perform another check if regulatory requirements are updated.
Libero Raspa, director at adesso UK said: “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.
“It’s exciting to introduce Compl.AI to the UK market as it represents a concrete example of how generative AI benefits businesses. The main benefits of this solution are saving time and money, releasing internal staff from mundane tasks, preventing human errors, and achieving compliance ahead of the January 2025 deadline.”
More information on Compl.AI can be found at: www.adesso.de/en/services/itmc/compl-ai.jsp
