The XBRL and iXBRL data collected by regulators gives access to a wealth of information, from which can be revealed the trends, correlations, clusters and other insights needed to monitor individual reporting entities and to verify the overall health of markets.
CoreFiling support the two main approaches to the in-depth review of the data contained in XBRL filings:
- Transformation and storage of data in databases for access by third party Business Intelligence systems. This finely grained analysis of up to date financial and statistical data offers regulators a deeper understanding of the forces at work in the market, allowing a faster response to adverse changes.
- Sophisticated, rules-assisted manual review of key documents. This can be used to scrutinise closely the individual filings and highlight any anomalies that may call for further investigation.
- Magnify® is a desktop review tool for XBRL and Inline XBRL, which combines automated validation with manual checklists.
- Sphinx® is a business rules language designed to provide easy-to-read data validation logic for complex XBRL validation applications. It was, however, designed to be used by business experts, not technical experts. Sphinx rules are created in SpiderMonkey® and processed by Magnify®.
- The True North® SQL Connector allows transformation between XBRL and a relational database. Regulators both large and small will find this helpful, managing the data either from within their RDBMS or taking advantage of ETL tools to load the data into a data warehouse, from where Business Intelligence tools can take over and perform more sophisticated analysis.