Konfer, a Silicon Valley-based company specialising in Agentic AI, has unveiled its new DORA Compliance Controls Catalog, aimed at helping EU financial institutions meet the January 2025 deadline for the Digital Operational Resilience Act (DORA). The announcement marks a significant step towards streamlining compliance processes and enhancing operational resilience within the financial sector.
The Konfer DORA Control Questions Catalog is designed to simplify the complex requirements of DORA. Using advanced AI, Konfer’s solution translates the extensive regulations into actionable control questions. These questions are crafted to not only assess compliance but also integrate responses from teams to provide a comprehensive view of an organisation’s operational resilience. This approach helps in identifying potential vulnerabilities and improving risk management processes.
Debu Chatterjee, CEO of Konfer, emphasised the practical benefits of the new tool. “The Konfer DORA Controls Catalog offers more than just a translation of compliance requirements. It is designed to help EU financial institutions implement the necessary controls across their teams and operationalise compliance efficiently,” Chatterjee stated. “Our tool removes the guesswork and provides ICT and compliance leaders with a clear framework for conformance, facilitating swift value realisation as the January 2025 deadline approaches.”
Under the DORA regulations, IT leaders and compliance executives within EU financial institutions are required to assess and specify the elements necessary for subcontracting ICT services that support critical or important functions. This responsibility includes collecting responses from third-party vendors, analysing them, and identifying potential vulnerabilities. Konfer’s AI-powered tool aims to simplify this process by offering a comprehensive view of third-party vendors’ compliance, allowing for proactive upgrades and maintenance of resiliency.
Konfer has also partnered with the law firm Osborne Clarke Netherlands to enhance DORA compliance support for its clients. The collaboration involves integrating Konfer’s Clear tool into the firm’s services to provide clients with detailed advice on compliance requirements, identify gaps, and offer a confidence score.
Johannes de Jong, Financial Regulatory Partner at Osborne Clarke Netherlands, expressed enthusiasm for the partnership. “We are excited to work with Konfer and leverage their Clear tool to accelerate our clients’ DORA compliance processes,” de Jong said. “The tool enables rapid upload of compliance documents and provides a Clear scorecard, offering valuable insights for ICT contract management.”
The Konfer DORA Compliance Controls Catalog is designed to integrate seamlessly into existing workflows and connect with both internal and external ICT systems. The AI-driven suite can quickly identify compliance gaps, adapt to updates in compliance mandates, and alert IT and compliance leaders accordingly.
Financial institutions can download the DORA Compliance Controls Catalog from Konfer’s website at Konfer AI.
The launch of this tool underscores Konfer’s commitment to advancing compliance technology and supporting EU financial institutions in navigating the regulatory landscape effectively. As the January 2025 deadline approaches, Konfer’s innovative solution promises to play a crucial role in enhancing operational resilience and ensuring regulatory adherence within the financial sector.
