Much is being written about the introduction of XBRL into the regulatory reporting arena, often likening it to another Y2K scale of issue requiring hundreds of consultants, new software solutions and technical expertise. Some vendors claim it is an issue that internal auditors and compliance managers will find difficult to understand. So should financial institutions be worried about the planned introduction of XBRL by the FSA over the next several years?
STB's customers certainly don't need armies of people, technical experts or expensive new software. STB's core technology is ready and waiting for the introduction of XBRL and customers will receive FREE upgrades of their STB-Reporter solution as and when the FSA commences this new style of reporting (which will be at different times for different types of regulated firm).
Group CEO Michael Thomas states, "There will inevitably be some different information that needs to be mapped and processed from source systems into the XBRL format, as the FSA is only going to introduce XBRL alongside planned changes in the underlying reporting requirement. However, that is what STB is already performing for some 140 regulated firms in the UK alone, so the additional changes can readily be accommodated. As regards the introduction of XBRL itself, customers should have no worries at all."
"STB will provide the structured outputs needed by the regulator as a standard upgrade of our products. We are already an Approved Vendor for provision of data to the regulators and intend to remain just that. Also, we already have experience of implementing XML, which is now required by the Monetary Authority of Singapore, so we know the scale of the task we are looking at, and it really isn't something that is concerning us or our customers."