REGULATORY REPORTING EXPERTS

XBRL M3N®processor

TRANSPARENCY THROUGH TECHNOLOGY

The service oriented architecture with strictly defined inputs and outputs which we follow in our product design has enabled us to isolate the XBRL processor in the form of a product.

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If we could express XBRL in one sentence, it would be – TRANSPARENCY THROUGH TECHNOLOGY.


Truly, the XBRL technology, designed with a purpose of business reporting, brings enhanced possibilities in the transport of complex information due to its architecture.


Primarily, here we think of performing complex validation, cross templates checks, higher data accuracy, all of which old technologies could not have handled in an optimal manner. Only one XBRL instance complies with all stated requirements. The data point model (DPM) and taxonomy which, among other, defines business concepts, templates and validation rules are publicly disclosed by authority bodies which are defining reporting templates and rules, accessible to anyone, and as such enabling all, regardless of the platform, to build their own reporting solution.


It results in increased transparency.


Said technology has found its usage in the USA even earlier, while it is entering the regulatory framework of pan-European financial regulators through the front door, first the European Banking Authority (EBA), and now the European Insurance and Occupational Pension Authority (EIOPA). The current delivery mandatory format applies to level II reporting only by the National Competent Authorities (NCAs), but the indications are clear in view of their existing discretion to choose reporting at the national level, and majority chooses XBRL.


Our cutting edge, high performance XBRL branded MRN® technology is one of a few market tested and positioned valid technologies. The same technology is used for the creation, reading, validation on a daily basis by undertakers as well as by NCAs to comply with the level II reporting requirements to central EU bodies.



Concept:

The service oriented architecture with strictly defined inputs and outputs which we follow in our product design has enabled us to isolate the XBRL processor in the form of a product. The components of this product could easily be integrated with the existing IT systems and landscape thus overcoming, with no effort at all, the technology discrepancy in the shortest time possible at low risk. At the same time, there is no need to invest into intensive and expensive building of XBRL competences which are very specific and complex.

The product package provides all that is required for achieving reporting format compliancy, in terms of instance creation, reading and its mapping into a relational model, its visualisation and validation.

In addition, a dynamic reader of a new taxonomy version with its own advanced M3N algorithms will retrieve a new taxonomy version, demonstrate differences compared to the previous one, build a relation model and CRUD forms according to new taxonomy definition.

Our XBRL processor metric:

  • Loading ARS Solvency II instance sized 25MB – 3 sec
  • Validation of ARS Solvency II instance sized 25MB – 3 sec
  • Writing 500.000 lines of XBRL– 3 sec

Tested on Windows Server 2008R2 OS with 8GB RAM, Intel G630, 2.7GHZ, 64BIT Architecture.

Validation is being done in four layers:

  • XBRL 2.1. specifications, Link base and Formula 1.0
  • Taxonomy validation
  • Filing rules.
  • Additional (local, plausibility and activation or deactivation of assertions...)

The base of our solutions is accessible to anyone in the form of service, so that each entity could integrate the XBRL format and upgrade its data sources.


In the long run and due to the economy of scale, we are keeping up with the latest tech standard as well as regulatory changes set by pan-European bodies and their definitions. We release new processor versions at the lowest cost and the risk of noncompliance.

Business application:

This product could find its use in the following business scenarios:

  • When an entity does not want to invest into the development and maintenance of the XBRL technology while having the need for this format in its delivery to the regulator.
  • The product could be of use in building internal reporting solutions in terms of building new templates and versioning the old ones according to effective versions of taxonomy.

In both cases, as those are entities which require high autonomy and control, this approach enables them to overcome the technology gap more easily and to comply with the latest XBRL standards in an optimal way.

Contact for information

Dragan Oremus

E-mail me

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