Insights from XBRL Asia Round Table
The 10th XBRL Asia Round Table was held within a joint program with the Asian Development Bank (ADB) in Tokyo this week. Amongst many other presentations, delegations from the Japanese FSA, the Central Bank of the Russian Federation, the Reserve Bank of India, and the U.S. Federal Deposit Insurance Corporation shared their strategies for regulatory modernisation and digitisation.
The common challenges for financial regulators includes the desire to collect much more granular data in a more timely fashion than many of today’s risk reports. This change would come about in order to increase regulatory awareness of fast moving risks and to enhance the efficiency of data reporting and analysis.
It was clear from the presentations made from regulators from right around the world that this issue is something that is seen as a key issue. Different approaches are being experimented with and we should expect to see a range of efforts to test out these ideas over the next couple of years.
Many of today’s existing processes, infrastructure and capabilities will not be sufficient to cope with the requirements of regulating increasingly complex business activities. This calls for the ecosystem supporting regulatory data preparation and collection to prepare themselves to address this challenge.
We at XBRL International encourage you to share your views on this idea. The upcoming OIM xBRL-CSV specification is our main area of work in this area at present. It allows regulators to continue to clearly define complex, multi-dimensional data and aggregations, create business rules, manage multiple languages and formally validate filings, while taking advantage of the highly compact CSV format. The international technical community is very open to additional ideas as these efforts progress.