Regulation not a problem for Lombard XBRL
22 August 2014 London
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Lombard Risk Management has gained comprehensive support for multiple versions of XBRL taxonomies as the European Banking Authority’s requirements continue to be released.
The operational reporting requirements of firms under common reporting and financial reporting regimes are further complicated by the phased introduction of additional reporting challenges including the asset encumbrance reporting.
These changes, and taxonomy adjustments from the regulator to deal with inconsistencies, mean that firms have to cope with the live environment that will include more than one taxonomy.
Lombard Risk’s XBRL REPORTER solution is designed to use the correct taxonomy when compiling regulatory transmission based on the data being submitted.
James Phillips, Lombard Risk’s regulatory strategy director, said: “REPORTER can hold many taxonomies as are needed for current or historical resubmission purposes, yet there is no client action required as this is all transparent – the user only needs to select the regulatory submission and the date to which it relates, and the correct XBRL taxonomy will be used.”
“It’s also worth noting that Lombard Risk is the only supplier in the market with a free-of-charge tool, XBRL Checker, which checks the XBRL produced (whether this is from our system or not) against the taxonomy, and also visualises regulatory XBRL in a readable format.”
The operational reporting requirements of firms under common reporting and financial reporting regimes are further complicated by the phased introduction of additional reporting challenges including the asset encumbrance reporting.
These changes, and taxonomy adjustments from the regulator to deal with inconsistencies, mean that firms have to cope with the live environment that will include more than one taxonomy.
Lombard Risk’s XBRL REPORTER solution is designed to use the correct taxonomy when compiling regulatory transmission based on the data being submitted.
James Phillips, Lombard Risk’s regulatory strategy director, said: “REPORTER can hold many taxonomies as are needed for current or historical resubmission purposes, yet there is no client action required as this is all transparent – the user only needs to select the regulatory submission and the date to which it relates, and the correct XBRL taxonomy will be used.”
“It’s also worth noting that Lombard Risk is the only supplier in the market with a free-of-charge tool, XBRL Checker, which checks the XBRL produced (whether this is from our system or not) against the taxonomy, and also visualises regulatory XBRL in a readable format.”
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