UK-based cde Solutions has launched Resolution XBRL, a data integration platform designed specifically to enable firms to meet the FSA's Mandatory Electronic Reporting standards.
The FSA announced last month that mandatory electronic reporting will be introduced in April 2005 for all regulated UK businesses. Firms will be required to submit financial returns electronically - via the Web or system-to-system transfer - using the eXtensible Business Reporting Language (XBRL) format.
Cde says its Resolution XBRL system is one of the first commercially-available products that provides regulatory reporting using the standard. The vendor's Resolution technology provides an enterprise-wide platform to manage all aspects of compliance, from information integration and process deployment to reporting and policy enforcement. The new product extends the platform's capability to process information and export reports in XBRL.
Ray Dutton, CEO of cde Solutions, says the biggest barrier to compliance is the inflexibility of IT systems and the inability to collate, analyse and act on data buried deep in silos is preventing policies and procedures from being implemented and enforced.
"Without an enterprise compliance reporting framework, the FSA's Mandatory Electronic Reporting requirements are simply another technology headache for already overstretched IT department rather than the welcome reduction in the reporting admin burden that the FSA intended," he says.