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Webinar Overview
The Digital Operational Resilience Act (DORA) is an EU regulation that aims at strengthening the IT security of financial entities such as banks, insurance companies and investment firms and to make sure that the financial sector in Europe can stay resilient in the event of a severe operational disruption. In this on-demand webinar, we explore how organizations are addressing the DORA compliance requirements using Contract Lifecycle Management (CLM).
Watch on-demand below.
DORA Compliance Through CLM
Speakers
Jonny Badrock
SVP, Chief Legal Engineer, Consilio
Gaurav Bansal
Senior Director - Professional Services & Customer Success, Sirion
Marc Becker
Director - Head of Process Excellence, Deutsche Bӧrse
Aisling Hubbard
Solutions Lead, LOD, a Consilio Company
Rahul Sharma
RVP - Nordics & DACH, Sirion
Julius Siska
Senior Account Director, Sirion
The Highlights
How CLM Can Help Financial Institutions Prepare for DORA
With DORA set to take effect in January 2025, financial institutions are gearing up to meet new regulatory requirements. Our recent webinar explored how CLM platforms can streamline DORA compliance efforts.
Here are the top actionable takeaways:
1. Leverage AI for Contract Analysis
This one is a no-brainier. Why?
Businesses may need to review thousands of ICT-related (information and communication technology) contracts to ensure DORA compliance. Using AI within a CLM platform can save significant time and resources. It can help extract relevant clauses, identify gaps, and even suggest remediation language, dramatically reducing the manual review hours it would take to make DORA updates to all of your contracts.
2. Automate Compliance Reporting
DORA mandates ongoing reporting on various attributes. A CLM system can automatically extract many of these data points from contracts and integrate with other enterprise systems to provide a single source of truth for compliance reporting. This automation simplifies the reporting process and reduces the risk of errors.
3. Manage Third-Party Obligations
DORA will require businesses to closely monitor their ICT service providers’ obligations. A CLM platform’s obligation management module can track these requirements, send timely reminders, and facilitate evidence collection and approval workflows to ensure ongoing compliance.
4. Streamline Incident Management
DORA emphasizes the importance of ICT incident management. CLM systems can provide smart workflows to record, track, and manage incidents in real-time. This centralized approach improves response times and provides a clear audit trail for regulatory reporting.
5. Ensure New Contracts Meet DORA Requirements
When negotiating new ICT contracts, CLM platforms can automatically analyze draft agreements for DORA compliance issues. The system can flag potential problems, suggest compliant language, and help streamline the negotiation process.
Start With AI Contract Management Before DORA’s Deadline
While DORA compliance presents implementation challenges for large enterprises, bringing in a CLM platform to help manage the workload and speed up manual takes will significantly ease the burden. By automating contract analysis, reporting, obligation management, and incident tracking, organizations can more efficiently meet regulatory requirements and improve their overall operational resilience.
As the January 2025 deadline approaches, now is the time for financial institutions to assess their readiness and consider how technology solutions like CLM can support their DORA compliance efforts.
Schedule a call with us today to get started implementing an AI-native CLM platform in time for the DORA deadline.
When it comes to contract management, business teams have often historically “set it and forget it” — but a contract can be a vital source of business insight when managed well.
Additional Resources
AI Contract Negotiation: Benefits & Best Practices
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