Bank of Mauritius Implements Next Generation e-Filing System Powered by IRIS iFILE
"The Bank of Mauritius (BoM) embarked on their 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 analysis of the 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 quality data that is timely, accurate and easy to analyse 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."