Lombard Risk adds new features for validation of EBA XBRL COREP Reports to XBRL-Checker

Lombard Risk adds new features for validation of EBA XBRL COREP Reports to XBRL-Checker
27.06.2014 01:00 am

Lombard Risk adds new features for validation of EBA XBRL COREP Reports to XBRL-Checker

Risk Management

Lombard Risk Management plc (Lombard Risk), a leading provider of integrated regulatory reporting, compliance and collateral management solutions for the financial services industry, presented the updated version of XBRL-Checker. The latest version will be able to visualize the XBRL regulatory reports defined 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 on-line application for firms to gain insight into the error messages produced by on-line submission systems - to better understand where the XBRL validation 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 a number of documented differences between the EBA’s technical standards and that of taxonomy, 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 REPORTER Portal, a web-based solution used by many of our clients for EBA reporting, already provides real-time web and excel download visualisation of XBRL and regulatory returns. We wanted to offer a similar facility to an even wider audience – including firms using other regulatory reporting methods – using their XBRL as the only data source." "Since its launch, XBRL-Checker is being used by a significant number of firms daily to help ascertain where the errors in their XBRL reports are … this new visualisation functionality will make it even easier to view or reconcile their returns by providing the corresponding return template with all the data cells populated from the XBRL supplied data file."

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