Regulators

Regulators throughout the world are faced with common challenges related to business reporting and risk management. Challenges include adapting to new rules and standards such as International Financial Reporting Standards (IFRS) and Basel II, as well as increased demands to do more with tightening budgets.  Authorities responsible for taxation, supervision and registration of every sector must improve the efficiency of compliance while increasing the accuracy and transparency of the information they collect and report.

To increase their efficiency and effectiveness, regulators around the world are migrating their processes onto the Internet. Many regulators already offer web-based forms into which regulated entities can enter their information. While this enables regulators to access reported data in an automated manner, there are still challenges in verifying the accuracy and quality of the data. Regulators around the world have discovered that using XBRL can result in an order of magnitude improvement in accuracy and efficiency of collecting and reporting of data.

UBmatrix offers enterprise-class software products such as the UBmatrix Processing Engine and Enterprise Application Suite that will meet the performance requirements of the most demanding regulatory agency. We also have global network of partners to help with implementation and the experience successfully implementing the largest XBRL-based applications to date.

Benefits of implementing an XBRL-based approach:   

• Greater reliability and faster processing of submissions resulting in more timely, accurate and informed regulatory assessments
• Reduced or eliminated manual data re-entry, lowering data quality problems associated with transcription errors
• Improved access to financial information reported by regulated entities through a format which enhances information re-usability