In order to solve these impediments, in early 2004, the Securities and Exchange Commission (SEC) recognized the untapped potential of eXtensible Business Reporting Language (XBRL)—an XML based format developed specifically for collecting organized and well defined data. Over the past decade XBRL has evolved to become the Global standard for collecting clean, consistent and complete financial data. Embracing this Global standard by developing a multilingual, eSignature-ready Supervision Management Framework to provide compliance organizations with pre-validated, consistent, accurate filings and better oversight is Toronto, Canada based SQL Power Group.
We intend to make asignificant difference inhow Governments collect and consume data
Over the years, SQL Power has evolved into a Global regulatory software firm and a compliance visionary. From designing financial returns and workflows to license applications and requests, SQL Power works closely with regulators across the Globe to manage every aspect of the information supply chain. The company’s multilingual, e-signature ready regulatory platform— the XBRL Power Suite, enables regulators to collect clean and consistent financial information from regulated entities. The platform’s end-to-end rules-based architecture enables businesses to easily define their data collection and business rules needs (the taxonomy) and publish it to the rest of the system to enable real time data collection and validation. “The taxonomy reflects the latest set of business rules and is utilized throughout our system, from data collection and validation right through to real time analysis of the submitted data,” Selim adds.
SQL Power’s system is dynamic and enables the collection of any data (both financial and non-financial).
So how has this dynamic platform helped regulators around the world? For instance, after struggling with XBRL Adoption and end-to-end automation for four years, the Cayman Islands Monetary Authority (CIMA) turned to SQL Power to help automate all their business functions: from License applications, to change requests to financial data collection and analysis. SQL Power helped CIMA overcome these challenges using its platform to automate over thirty eight financial returns in less than six months, making the client more productive and self-sufficient in the process.
In addition to automating every aspect of Financial and Non-Financial regulation, the company has used its own system to automate every business function at SQL Power including: budgeting, sales forecasting, time-sheet submission, invoicing, employee and customer satisfaction surveys and software ticket tracking. “Our system is very flexible and enables users to automate any business function and workflow associated with it,” adds Selim.
By providing the best and most comprehensive platform for regulation and compliance worldwide, the company now plans to deploy their platform in other sectors. “We will continue to focus on our regulatory solutions so that they can be used outside of financial regulations as well. The flexibility in our platform can be used to automate business functions for an entire government (and its set of ministries), and we intend to make a significant difference in how Governments collect and consume data,” concludes Selim.