Lombard Risk visualises XBRL errors
27 June 2014 | 2460 views | 0
Source: Lombard Risk
Lombard Risk Management plc (Lombard Risk), a leading provider of integrated regulatory reporting, compliance and collateral management solutions for the financial services industry, announced today the latest version of XBRL-Checker with additional features for visualising the XBRL regulatory reports specified by the European Banking Authority (EBA).
Firms have until 30th June to produce, test and submit the new XBRL regulatory reports in order to be compliant with the latest EBA Common Reporting (COREP) rules.
On 19th May Lombard Risk released "XBRL-Checker" as an ABSOLUTELY FREE on-line application for firms to gain insight into the error messages produced by on-line submission systems - to better understand where the XBRL error lies and resolve it quicker. Since then, Lombard Risk REG-Xperts have identified that firms continue to find submitting XBRL reports challenging as the files are large and difficult to read by eye, therefore problematic to check before submission.
There are known, documented differences between the EBA's standards and that of the local regulator, creating great concern as to whether the XBRL being generated contains the correct and complete data.
Nick Davies, Chief Technical Officer at Lombard Risk says:
"Lombard Risk REPORTERPortal, a web-based solution used by many of our clients for EBA reporting, already provides visualisation of XBRL regulatory returns. We wanted to offer this facility to an even wider audience - including firms using other regulatory reporting methods.
Since its launch, XBRL-Checker is being used by a significant number of firms to help ascertain where the errors in their XBRL reports are … this new visualisation functionality will make it even easier."
To use XBRL-Checker, which is available FREE for a limited period of time, register an email address and type in the regulators' validation error. Lombard Risk XBRL-Checker immediately displays which regulatory returns are in scope and which validation formula failed. If requested it will even email back a template showing the exact cells on the return(s) that have the problem - so the compliance and IT teams can pinpoint exactly where and why something was wrong. To access the new visualisation feature, select the "Try XBRL Visualiser" and upload an XBRL file.