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Lombard Risk Management has released an updated version of its software for monitoring the eXtensible business reporting language (XBRL) that can visually identify errors in XBRL regulatory reports mandated by the European Banking Authority (EBA), according to a company statement.
XBRL allows financial services firms to present key information in a hypertext mode so that it can be collected, shared, processed and stored much more efficiently than manual or semi-automated systems. In 2009, XBRL got the blessings of the SEC, which thinks highly of the interactive data formatting qualities of the language and has mandated that publicly listed companies use it for their financial statements and via their corporate websites.
The initial version of XBRL-Checker was released in May as a program that allows financial institutions to identify errors in their submissions to the online system used by the EBA Common Reporting (COREP) for regulatory reports. COREP rules have since changed and firms have until June 30 to submit reports compliant with those changes.
Lombard’s developers have found that many financial services firms find submitting XBRL reports challenging, due to the large size of files and the difficulty of scanning them by eye. That makes them difficult to check for errors before submission, according to a Lombard statement.
Lombard is a vendor of regulatory reporting, compliance and collateral management solutions.
Need a Reprint?- Read More:
- Lombard Risk Management
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