Konfer Launches DORA Compliance Controls Catalog to Help EU Meet January 2025 Compliance Deadline, Partners With Leading Law Firm Osborne Clarke to Offer DORA Compliance Check to EU Organizations
10.9.2024 10:00:00 CEST | Business Wire | Press release
Konfer, the Silicon Valley-based Agentic AI product company, today announced the launch of the Konfer DORA Compliance Controls Catalog to help EU financial institutions meet the January 2025 conformance deadline.
The Konfer DORA Control Questions Catalog is designed to guide financial institutions through the complexities of the Digital Operational Resilience Act (DORA). Konfer’s AI agent has interpreted DORA’s extensive regulation, converting the obligations into practical control questions. These questions not only assess compliance but also integrate team responses to provide a detailed view of an organization's operational resilience, identifying potential vulnerabilities, and enhancing risk management processes.
“The Konfer DORA Controls Catalog was designed to help EU financial institutions not just get a translation of the DORA compliance, but to actively implement the controls across their teams and operationalize compliance,” said Debu Chatterjee, CEO of Konfer. “It takes out guess-work or interpretation gaps, and empowers ICT and compliance leaders with a rubric for conformance, with the shortest time-to-value, given the approaching January 2025 deadline.”
IT leaders and Compliance executives in the EU financial institutions are required to specify the elements which a financial entity needs to determine and assess when subcontracting ICT services supporting critical or important functions. This puts the burden of collecting responses from third party vendors, analyzing the responses, and identify vulnerabilities on the financial institution. “With Konfer Clear for DORA, executive leadership can now gain complete visibility into their third-party vendors’ compliance, and proactively require them to upgrade and maintain their resiliency,” continued Chatterjee. “Our focus is to help operationalize compliance—whether internally or with external vendors—so that the compliance teams are able to focus on risk analysis, vulnerability assessments, and proactive remediation rather than on repetitive tasks.”
Konfer has partnered with leading law firm Osborne Clarke Netherlands to develop DORA Compliance Check for the firm’s clients. The law firm will leverage Konfer Clear to provide clients with advice on their DORA Compliance requirements, gaps, and confidence score.
“We are pleased to partner with Konfer, and look forward to enabling our clients to accelerate their DORA compliance time-to-completion, using Konfer Clear,” said Johannes de Jong, Financial Regulatory partner at Osborne Clarke Netherlands. “This online tool will help our clients to rapidly upload their compliance documents and receive a Clear scorecard, thereby providing valuable insights for their ICT contract management.”
Konfer DORA Compliance Controls is easily embedded into workflows, and is able to connect with the financial institutions internal and external ICT systems. The AI-powered suite is able to rapidly analyze gaps, compare with any new updates to the compliance mandates, and alert IT and compliance leaders.
The DORA Compliance Controls can be downloaded from https://konfer.ai/acts/finance/
About Konfer: Based in Milpitas, CA, Konfer is a venture-backed Agentic AI product that delivers governance workflows to manage the explosion of regulations across the world in a standard scalable way.
About Osborne Clarke: Osborne Clarke is an international, full-service law firm with over 330 partners and more than 1,630 legal experts working across 26 global locations. We combine the personalised service of a local office with the resources and reach of a large international firm, providing effective solutions for complex issues. Osborne Clarke has an impressive client base in the sectors of Energy & Utilities, Financial Services, Life Sciences & Healthcare, Mobility & Infrastructure, Retail & Consumer, Tech, Media & Comms, The Built Environment, and Workforce Solutions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240910605198/en/
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