Regulatory reporting and compliance software specialist Lombard Risk Management has launched the latest version of its online application XBRL-Checker, with additional features for visualising the eXtensible Business Reporting Language (XBRL) regulatory reports specified by the European Banking Authority (EBA).
Firms have until 30 June to produce, test and submit the new XBRL regulatory reports to complywith the latest EBA Common Reporting (COREP) rules.
Last month Lombard Risk released XBRL-Checker as a free online 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. It has since 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 concerns as to whether the XBRL being generated contains the correct and complete data.
“Lombard Risk REPORTERPortal, a web-based solution used by many of our clients for EBA reporting, already provides visualisation of XBRL regulatory returns,” said Nick Davies, the company’s chief technical officer. “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 firms to help ascertain where the errors in their XBRL reports are and this new visualisation functionality will make it even easier.”
Firms can use XBRL-Checker, which is available free for a limited period of time, by registering an email address and typing 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.
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