You would need to go into the BIOS to adjust the memory speed. There should be a one-click setting to enable the DOCP compatible settings for your memory but I recommend doing some stability testing using something like HCI's memtest as well. If it's not stable you may need to target a lower frequency or do some manual tuning.
As for a BIOS update, it's not usually needed. If everything is working I wouldn't bother but if your memory isn't stable with DOCP you could try an update to see if that helps.
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