Banking, Loan and Credit Management and XBRL
Through XBRL, loan and credit management departments can:
- Obtain data quickly and reliably via automated reporting.
- Reduce costs in processing data.
- Compare and analyse financial information much more reliably, fully and effectively using automated processes.
- Track financial performance more quickly and efficiently.
- Reach decisions more confidently and provide a quicker response to clients.
- In particular, Credit Risk Assessment companies are already working within XBRL International on the introduction of XBRL in this area. Credit insurance underwriting decisions depend on high-quality assessment of large quantities of up-to-date information. XBRL enables automated, robust assessment of such data.
To introduce XBRL, departments should discuss filing in XBRL with their clients and also contact software vendors to review options for introducing XBRL in their systems. They may also contact their local XBRL jurisdictions or the Credit Risk Assessment Services working group for advice.