In a recent article featuring Summize's Founder and CEO Tom Dunlop with Law.com, Tom discusses the upcoming Digital Operational Resilience Act (DORA) and what related businesses need to do to future-proof their contracts.
The Digital Operational Resilience Act (DORA) comes into effect on the 17th of January 2025, introducing a set of regulatory frameworks to safeguard the financial sector from ICT risks. DORA’s requirements extend not only to financial entities but also to their ICT third-party providers, requiring all existing contracts to be reviewed and updated. Non-compliance with the DORA can lead to substantial fines, therefore it's important to pay attention to the requirements. Learn more about the requirements and fines via our DORA blog.
As Tom discusses in Law.com's article, the DORA poses significant challenges for in-house legal teams. Contracts with ICT providers must meet the DORA's standards, which include clear service-level agreements, risk management protocols and obligations that are accessible to regulators. With the volume of contracts to review, manually reviewing all contracts will not be plausible task. Tom explains how using a Contract Lifecycle Management (CLM) system powered by AI, can streamline the contract review process. CLM systems, such as Summize, can enable bulk contract reviews, risk identification and automated updates with much greater speed and accuracy than any manual process.
Given the complexity and tight deadline, the time to act is now.
For a detailed look into Tom's discussion with Law.com, take a look at the full article.
