XBRL Risk Reporting Initiative Moving Forward


	XBRL Risk Reporting Initiative Moving Forward

Forbes Markets

3-10-2009 3:23 PM

417 views

tags:

risk, financial reporting, xbrl, ibm data governance council

Forbes Markets says:

The goal is to create a common language that financial firms can use to disclose market, credit and operational risk, and thus make it easier for regulators to evaluate toxic assets and to reduce the potential for risk and fraud.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/a479b5f5-2bc6-4f3c-99cd-b9fa030a4b65/F569361A-C779-41C0-9185-AB918DAC935D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.securitiesindustry.com/news/23223-1.html?pg=1" href="http://www.securitiesindustry.com/news/23223-1.html?pg=1" style="font-size: 11px;">www.securitiesindustry.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.securitiesindustry.com/news/23223-1.html?pg=1"><P>The IBM Data Governance Council has asked for industry assistance in creating by year-end an extensible business reporting language (XBRL) taxonomy for the reporting of risk by financial firms. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.securitiesindustry.com/news/23223-1.html?pg=1">The data governance group in December announced plans to lead an initiative to use XBRL to provide transparent measurements of risk and real-time exposure. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.securitiesindustry.com/news/23223-1.html?pg=1">“The goal is for every regulated financial institution to provide loss-event and tail data to regulatory authorities via an XBRL-based risk taxonomy,” said Steve Adler, chairman of the IBM Data Governance Council. “Such a taxonomy will create standard practices in measuring and reporting risk, which will in turn allow central banks to manage vast databases of loss history and trend analysis.” </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/F569361A-C779-41C0-9185-AB918DAC935D/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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