In March 2004 the FSA announced Mandatory Electronic Reporting (MER) will be introduced on 1 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 XBRL (eXtensible Business Reporting Language) format.
Resolution XBRL is one of the first commercially-available solutions that enables regulatory reporting using this standard.
cde Solutions’ Resolution technology provides an enterprise-wide platform to manage every aspect of compliance from information integration and process deployment to reporting and policy enforcement. Resolution XBRL extends the platform’s capability to process information and export reports in XBRL.
Resolution overcomes the technology barriers that contribute most to the cost and complexity of corporate, statutory and regulatory compliance. The platform allows organisations to gain better visibility and control of their operations through enhanced reporting and, in turn, ensure that compliance and best practice policies are enforced from the bottom up. Resolution enables internal and external reports to be created, maintained and delivered in a more cost- effective, efficient and timely manner.
“The biggest barrier to compliance is the inflexibility of IT systems. The inability to collate, analyse and act on data buried deep in silos within the organisation is preventing policies and procedures from being implemented and enforced from the local level up,” said Ray Dutton, CEO at cde Solutions.
“Financial services firms are already struggling to get their IT systems in shape to achieve the December 2005 deadline for compliance with Sarbanes-Oxley and Basel-II. Mortgage lenders and general insurers face even bigger hurdles as they too join the FSA regulatory regime on 31 October 2004. 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.”
cde Solutions is a leading developer of business solutions for corporate compliance.
www.cdesolutions.co

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