Since entering the regulatory reporting sector last year, London-based Arkk Solutions has helped over 200 firms prepare for electronic filing with their XBRL enabled software platform.
The first requirement of the EBA's CRD IV legislation to address has been the need to provide XBRL submissions for COREP reporting. From here the offerings are expected to expand significantly as XBRL becomes the default filing language for many regulatory bodies.
Firms opting to use Arkk's solutions range from small €50k investment managers through to industry leaders including Blackrock, Schroders, Rabobank and Zurich.
Andy Gent, company directors leading the CRD IV product group, comments:
The technology we have built around the CRD IV reporting legislation is our first foray into the regulatory reporting space, so we are delighted with the client uptake.
It seems like a software market ripe for disruption, and customers seem to be enjoying great technology and service at a realistic price. Regulatory compliance is a hard task for most businesses and an ever-increasing cost.
One way we have addressed this is to have more cost effective option of delivering our software as a secure cloud application. An industry first in this sector.
Arkk Solutions' background is in converting documents to iXBRL for filing with HMRC in the UK and Revenue Commissioners in the Republic of Ireland. Processing around 10,000 sets of accounts annually through both their software and outsourced tagging offerings has positioned the business as a leader in sector.
Sticking with the same winning formula of strong customer support and robust technology, Arkk's growth is set to continue in the regulatory sector with solutions for AIFMD and Solvency II poised for release.
Arkk Solutions is running a free webcast, sharing best-practice advice on preparing for COREP reporting based on our experience of client implementations and test filings. To reserve a place click here.