Reporting to the Banking Supervision Department in accordance with the XBRL Standard
HMS offers an advanced and effective solution for the implementation of this requirement.
In step with the Banks Supervisor’s requirement, banks and credit companies are to prepare to transmit to the Banking Supervision Department an array of reports, and to do so in accordance with a new reporting method compliant with the international XBRL standard.
The XBRL standard is used for the reporting of XML-based business information. It was developed by a consortium of governments and regulators and is being used by an array of regulatory bodies around the world, such as bodies exercising supervision over banks, securities authorities, and more.
One main advantage of using the XBRL Standard is the significant improvement witnessed in the quality of the data being reported. This improved quality is assured by making sure that the necessary “data normalization” is carried out, as well as by an array of controls which are being exercised during the data generation stage within the reporting corporations, as well as during data assimilation carried out by the regulator.
On October 19th 2015, the Banking Supervision Department published its final guidelines regarding the transitioning on to using the XBRL reporting method by Banking corporations and by credit card companies. These guidelines are based on the European standards.
The proposed solution
Being a group specializing in Financial IT – HMS devised an advanced and effective solution for this type of reporting, in collaboration with UBPartner – a world leading company in this field.
This is a comprehensive solution for XBRL reporting – operated by utilizing the following two alternatives: