Compliance

Banks in the United States reporting to the FFIEC, European banks reporting to their central bank supervisor in their country, companies reporting to the Dutch Ministry of Finance or firms looking to file under the US SEC current Voluntary Filing Program faced with the requirement to generate XBRL instance document to comply with regulatory requirements. These are just a few examples where regulatory requirements drive organizations to acquire XBRL capabilities to meet their compliance requirements.

Once organizations make the effort to report externally in XBRL, further benefits accrue. As Gartner states, "Assess and encourage the adoption of XBRL by your regulators". Evaluate how adoption of XBRL for external reporting can be used to promote more consistent, timely and accurate internal corporate performance reporting.

UBmatrix provides both solutions for specific reporting requirements and the software and tools to meet any XBRL-based compliance requirement. xBReeze Compliance Reporting Edition for COREP/FINREP allows European banks to submit the required financial and prudential information as required by Committee of European Supervisory Banks. UBmatrix also offers software products such as the UBmatrix Processing Engine and Enterprise Application Suite that can be used for developing compliance applications. We also have global network of partners to help with implementation and the experience successfully implementing XBRL-based compliance solutions.

Benefits of compliance reporting using XBRL-based approach:   

• Greater reliability and faster processing of submissions
• Reduced or eliminated manual data re-entry, lowering data quality problems associated with transcription errors
• Improved access to financial information through a format which enhances information re-usability internally