Last time, I discussed the need for smaller financial institutions to take a serious look at the XBRL credentials of COREP software vendors offering low-end XBRL solutions and highlighted the advantages of trusting XBRL expert CoreFiling and our flexible, easy, inexpensive Seahorse® solution. However, larger banks and financial organisations needing a tightly integrated global reporting framework will require a more strategic approach.
Here, the need for proven XBRL expertise becomes even more crucial, but many traditional banking software vendors have little or no XBRL expertise and rely on externally sourced plug-in modules to cater for the XBRL data conversion. Such modules often rely on hard-coding methods to detect the XBRL taxonomy against which the reporting documents are created. This may result in a lack of flexibility and agility to respond when regulations change and the taxonomy alters.
Depending on the client situation, CoreFiling deliver robust yet flexible solutions in the form of either packaged applications, the XBRL Disclosure Management Platform™ (XDMP), or commercial-off-the-shelf (COTS) components integrated into a client environment. Our solutions are taxonomy driven and built so that new versions of the taxonomy can be dropped into the system without the need for hard re-coding each time.
For example, the XDMP solution is the culmination of a highly focused development effort by CoreFiling in conjunction with its partner EMC, experts in document management, and a major consultancy firm. It is based on COTS components and, just like Seahorse, it is underpinned by the True North® XBRL processing and validation engine, widely regarded as the most conformant and powerful validator on the market; the UK’s Financial Conduct Authority has chosen True North for its EBA reporting requirements and validation of the COREP and FINREP filings it receives from the UK financial market.
CoreFiling’s long-standing commitment to the furtherance of the XBRL standards and our active participation in the XBRL consortium that oversees the development of the XBRL specifications means that we have an exceptional understanding of XBRL technology, which in turn informs our development process. Based on our extensive experience and insight, we are ideally placed to help our clients implement successful, flexible and compliant solutions.
Even if your traditional vendor is still struggling to produce XBRL documents in time for you to meet your COREP obligations, there’s no need to feel stuck. CoreFiling offer a safety net in the form of Seahorse to help filers overcome the immediate XBRL reporting obstacle.