Strix now speaks XBRL.
A major convenience for form fillers who are XBRL-lingual.
This add-on module not only automates the creation of the taxonomy, but also allows users to upload their reports to XBRL instance files, pre-populating the majority of data fields automatically. This saves time and reduces the risk of errors, especially for regularly recurring reports.
This add-on module not only automates the creation of the taxonomy, but also allows users to upload their reports to XBRL instance files, pre-populating the majority of data fields automatically. This saves time and reduces the risk of errors, especially for regularly recurring reports.
Automatic taxonomy creation
With each new survey, the DCM automatically creates an XBRL taxonomy. This facilitates the submission of structured data and saves users time.
XBRL instance files
The add-on enables the submission of XBRL instance files that automatically populate a variety of input fields in the DCM form.
Increased efficiency
Especially for regularly recurring surveys with minimal changes, the use of XBRL saves users a significant amount of time.
Versatile data formats
The add-on supports a variety of data types, including numeric, textual, binary and country-specific data.
Developed for financial institutions, Strix™ XBRL Add-on provides seamless integration with Strix’s Data Collection Module, a web platform for survey submissions. Form fillers uploading with XBRL will have efficiency benefits that are recurring with each reporting cycle.
XBRL files may be produced in an automated way using compatible XBRL engines, dramatically reducing the future reporting burden of an entity.
XBRL (eXtensible Business Reporting Language) is an open international standard for digital business reporting that enables the exchange of financial and non-financial data between various stakeholders. It provides a standardized language for defining reporting terms, using tagged elements (taxonomies) to clarify relationships, making reports understandable by both humans and computers. As an XML-based global standard managed by XBRL International, it allows seamless sharing of information across systems and is widely used for fast, accurate, and efficient exchange of financial statements, regulatory filings, and business reports.
Standardization and Consistency
XBRL provides a standardized framework for reporting, ensuring consistency in the data collected across different organizations. This reduces discrepancies and improves the quality of the data submitted.
Automation and Efficiency
With XBRL’s tagging system, data can be automatically processed and validated by computers, reducing the need for manual intervention, bring the same data validation power of Strix, to a fully automated machine-to-machine level. This speeds up the collection process, minimizes errors, and increases the efficiency of data handling.
Interoperability
Data reported using XBRL can be easily shared and integrated across various information systems, making it easier for regulatory bodies to exchange information collected via Strix with other agencies or organizations, even those without Strix, skipping the need for complex conversions or reformatting.
Improved Data Accuracy
The tagging and validation features of XBRL ensure that data reported is more accurate, reducing the chances of errors in financial or non-financial submissions. This is especially important in regulatory contexts where data accuracy is critical, as Strix DCM provide a downloadable taxonomy dedicated to each specific survey prepared by the regulator at a click of a button.
Transparency and Traceability
XBRL allows for a detailed, traceable representation of each data element, making it easier to audit and verify the information provided. This improves the transparency of the regulatory reporting process. The drive toward AI and automation in SupTech may expose accountability risk when automated, black-box elements, are introduced to the regulatory process. This risk are minimized with XBRL for Strix as each rule and routine within the system is documented and planned explicitly.
Cost Savings
By automating the reporting process and reducing the need for manual input, XBRL can lower administrative costs for both the reporting entities and the regulatory bodies responsible for data collection and analysis. The cost-savings generated by Strix are further scaled upwards as form-fillers are able to rely on more automated processes avoiding expensive human intervention at each subsequent reporting cycle.
Faster Data Analysis
Regulatory bodies can process and analyze the collected data more quickly due to the structured nature of XBRL, allowing the regulator to use Strix to monitor data with faster cycles by sustaining higher frequency reporting periods. This allows also for timely decision-making and better responsiveness to regulatory needs or economic changes.
Global Adoption and Scalability
XBRL is a globally recognized standard, meaning that data collected in one region can easily be compared or combined with data from other regions, facilitating international regulatory cooperation and comparison.
Overall, using XBRL for regulatory survey data enhances the speed, accuracy, and efficiency of data collection while enabling better transparency and comparability across different entities and jurisdictions.
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