Join the Community

22,881
Expert opinions
43,907
Total members
481
New members (last 30 days)
221
New opinions (last 30 days)
28,959
Total comments

XBRL and the Identity Issue

  0 1 comment

The DTCC/SWIFT/XBRL initiative will I am sure, be a success and be a springboard to a new age of data standards. However, there remains an important issue that needs attention and that is, to protect the identity of the issuer of the taxonomy and the security of the data they issue.

The obvious solution to the identity problem is to create a directory of the issuers of data and may be this should be held in a depository like the DTCC? It certainly should not be managed by a commercial organisation or a network like SWIFT. The reasons are that commercially it could become an expense issue and limit the potential usage and if it is by a network restrictive, accessible to only those on the network. Openness is the key to success but the villain of the piece when it comes down to security aspects.

May be the answer lies in the XBRL identity ownership being managed by a cooperative of utility organisations that have a vested interest in maintaining the security and uniqueness of the directory.

The unique business identity has been banded about for years without any realised solution. IdenTrust were one of the early purveyors of a solution to the identity risk problem but have achieved only modest penetration despite the sound logic and obvious rewards of their solution.

But with XBRL looking like a done deal solution it looks like the identity question will be finally answered.

The security around the data itself is also in the ‘must find an answer for' tray and in Codel the new company backed by BT the solution may be in front of our eyes.

The now question has to be not what or where is the solution, but how does the industry tie it all together?

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Join the Community

22,881
Expert opinions
43,907
Total members
481
New members (last 30 days)
221
New opinions (last 30 days)
28,959
Total comments

Trending

Samuel Crompton

Samuel Crompton Associate Partner (Banking, Resilience and AI) at IBM

The Growing Interest in AIOps: ML and Generative AI Use Cases

Cassy Ramsey

Cassy Ramsey Chief Risk Officer at Aion Bank

Compliance: the secret weapon for BaaS growth

Foday Joof

Foday Joof Risk Management Officer at Central Bank of The Gambia

An Update on The Gambia’s Exchange Rate Market Pressure Index

Now Hiring