Latvian success story
Artis Smits, from the Latvian financial supervisor, FCMC, showed off an end-to-end data collection, validation, rendering and analysis system at the 2015 XBRL EU meeting in Madrid. It takes European Agency taxonomies and constructs forms for data entry as well as Business Intelligence templates and reports for use by supervisors. The Latvian regulator has implemented Solvency II and CRD IV reporting using this taxonomy-driven approach. It allows financial institutions to submit XBRL directly, or use forms generated from the taxonomy, and applies the validation rules contained within that taxonomy. Off the shelf tools and a relatively short period of systems integration has resulted in an affordable system that allows this supervisor to navigate the changes in European regulation very effectively.