BFSI Regulators

The Bank of Mauritius (BoM) embarked on its XBRL journey in 2014. It implemented a next-generation e-filing system, powered by IRIS iFILE, for compliance reporting of all the entities under BoM’s jurisdiction, which included banks, non-banking deposit-taking institutions, money changers, cash lenders, and cash dealers. The system also includes a Business Intelligence (BI) tool that creates standardized and custom reports for the analysis of data received from various banks. Bank of Mauritius partnered with IRIS for its XBRL implementation. The program that started in 2014 was implemented in six phases. While it currently covers 46 filing entities that submit around 92 forms to BoM, the system has been built for scalability and can accommodate additional filing entities and forms going forward.  The implementation has empowered BoM to get rich qualitative data that is timely, accurate, and easy to analyze from the filing entities. The system, coupled with Business Intelligence (BI) tools, provides standardized charts, custom reports, and pre-designed dashboards, helping easy analysis and review.

The Qatar Financial Centre Regulatory Authority (QFCRA), an independent regulator of the Qatar Financial Centre (QFC), upgrades prudential filings to more accurate and automated submissions using IRIS iFILE, an XBRL-based regulatory filing platform.

With more than 38 banks and 25 insurance firms reporting their data to QFCRA at varied frequencies, the challenge was to maintain data integrity and conduct quick analysis for effective, risk-based supervision. QFCRA decided to partner with IRIS and implement iFILE, IRIS’ XBRL-based regulatory filing platform. iFILE helped in effectively handling the various complexities in the process, reducing time and manual effort spent on reporting, and in ensuring consistent, accurate, and transparent data.
Additionally, with the implementation of business intelligence reports, QFCRA can now analyze the data for further business insights or research. The business intelligence reports give QFCRA access to over 700 tables and graphs, along with the capability to perform a risk analysis, make better decisions, detect incongruencies, gain insight into specific patterns or trends, and push the business process forward. It also enables them to drill down, slice-and-dice, and perform year-on-year or month-on-month comparisons of financial data. Parameterized reports also enable comparison between or across banks and insurance firms. With the implementation of a structured data solution like iFILE, QFCRA has effectively strengthened its risk-based approach to prudential supervision.

AfrAsia Bank, Mauritius is a commercial bank serving the Africa-Asia trade corridor, combining its strength and expertise in four core divisions, viz. Private Banking and Wealth Management, Corporate and Investment Banking, Global Business and Treasury.

Under the XBRL mandate of the Bank of Mauritius (BoM) issued in December 2014, all regulated banks of Mauritius were to report their regulatory returns in XBRL. The MS Excel® templates provided by BoM, embedded with validation rules to generate XBRL files, were quite manpower intensive, prone to errors and time consuming. Hence, BoM recommended all banks to adopt Automated Data Flow (ADF) system, thereby reducing/eliminating manual intervention and making the entire process seamless, efficient and transparent.

AfrAsia Bank implemented IRIS iDEAL and became the first Mauritian bank to adopt Automated Data Flow approach for data collection and regulatory reporting.
Read the full case study here to know the benefits AfrAsia Bank drew by implementing IRIS iDEAL.

The Reserve Bank of India (RBI), India’s central bank established in April 1935, regulates the currency and credit system of the country. It oversees a host of critical activities that include monetary policy regulation, supervision of banking and financial institutions and foreign exchange management.

In 2008, the central bank introduced XBRL-based reporting into its already existing Online Return Filing System (ORFS). Powered by IRIS iFILE, this new reporting system would help RBI to achieve significant benefits in the preparation, analysis and communication of business information. The RBI leveraged the XBRL standard for Basel II Reporting System, Section 42(2) Form A return of the RBI Act and for financial statement reporting.

This case study covers RBI’s journey to build a flexible reporting framework for regulatory submissions that can easily be scaled for future regulatory data needs.