Regulatory organizations worldwide have struggled with the adoption of these new standards; implementing those changes into existing systems is a major challenge, often creating substantial delays and requiring expensive outside consultants; even organizations that have modified their regulatory system are still overwhelmed by the daunting task of analyzing larger volumes of data being collected.
SQL Power Group, a globally integrated application software firm specializing in XBRL based financial data collection and analysis, is helping organizations keep current with the latest changes in reporting standards, legislation, and business trends while providing a real-time analytics environment for quick and timely analysis of the latest filings.
“The XBRL Power Suite is an eSignature ready regulatory solution that is geared towards rapid deployment and business user self-sufficiency,” says Sam Selim, CEO and co-founder. “It is designed to insulate both filers and regulators from the complexities of XBRL, supporting international best practices for automated Data Collection, Returns Management, and Analytical reporting. One of our major differentiators is our Analytics platform, powered by MicroStrategy, it enables real-time decision-making, and provides substantially deeper and more accurate risk assessment modeling and analytical reporting. The solution also enables data mining and knowledge discovery, testing and confirming cause and effect hypothesis and leading indicators; so if an organization is trending towards disaster the regulator knows about it well in advance and can intervene in a timely fashion,” says Selim.
“One of our key international clients uses our system to handle collection, analysis, and reporting of prudential returns and entitlements data submitted by over 30,000 of its regulated entities, across Banking, Trusts, Insurance and Hedge-Fund categories.
The XBRL Power Suite is an eSignature ready regulatory solution that is geared towards rapid deployment and business user selfsufficiency
“SQL Power is building the technology to change the way organizations gather, control, mine, consume, and report against information, and the way to do that successfully is with the right group of highly skilled professionals– and we’ve got the best in the business. It is imperative to realize the importance of choosing the right people while crafting a solid team,” says Selim. Selim, an avid soccer player, is a person who knows the importance of having a strong team, whether in sports or in business. “A well-conceived system or strategy is of course essential but the secret is having the right players in the right positions, each empowered to make adjustments to the strategy to take advantage of opportunities as they present themselves,” he adds. “Obviously, we’re in the software business, therefore it’s a critical that the strategy or system consists of a strong design, development, and testing methodology. The modularity of our architecture gives us better control over the interdependencies as the application grows in complexity–since innovation is really our hallmark, this approach gives our development teams’ greater autonomy and flexibility in terms of innovation–ultimately accelerating our time to market.
What we’re really saying is that the strength and uniqueness of our intellectual capital is what drives our success,” adds Dan Loney, “and by intellectual capital I’m not only referring to the software but to the entire team responsible for development and support of the product. The innovation happens when you can completely trust these folks and give them the autonomy to make decisions.”