web based interactive regulatory filings xbrl canada conference oct. 17, 2013 dico’s...
TRANSCRIPT
WEB Based Interactive Regulatory Filings
XBRL Canada Conference Oct. 17, 2013
DICO’s Implementation of XBRL
Bill Foster Vice President
Presentation Overview
Who is DICO? Profile of regulated Institutions Monitoring & Statistics before XBRL Decision to go to XBRL Monitoring & Statistics with XBRL System Components Lessons learned
Who is DICO?
Agent of Government of Ontario Mandate: protect depositors of Ontario
Credit Unions and Caisses Populaireso Solvency Regulatoro Deposit Insurer ($100,000)
Statistics gatherer French Language Services Act
(everything must be bilingual)
Ontario Sector Profile by Size
Peer Group
($ millions )
2000 2Q012
Assets
$M
% of
assets
# of
II
Assets
$M
% of
assets
# of
II
> $ 1 B - - - 15,072 43 5
>$50M - < $1B 11,100 76 68 18,642 53 84
< $50 M 3,496 24 275 1,283 4 59
Total 14,596 100 343 34,997 100 148
4
Profile of Regulated Institutions
5
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
0
200
400
600
800
1000
1200
1400
1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010
$ M
illi
on
s
# o
f In
sti
tuti
on
s
Sector Consolidation: 1977 - 2011
# of Institutions Average Assets
Monitoring & Statistics (before XBRL)
Paper based (1980’s to late 90’s)o Over 950 reporting entities in late 80’so Information quarterly due to high volumeso Up to 300 fields of data – “key punched” by DICOo Data accuracy and data cleansing – a significant
problemo Poor timeliness of report informationo Limited reports - pre-programmed by IT Dept.o Limited ability to directly query data
Monitoring & Statistics (before XBRL)
Electronic – late 1990’s - 2010o distributed in-house developed visual basic
application – filed from dedicated computer at reporting entity (Quarterly, Monthly and Annually)
o Up to 300 fields of data
o Ability to upload financial data from banking system
o 100% data accuracy – extensive validation routine a pre-condition to filing)
o Dynamic reporting with user defined peer groups
WHY XBRL?
Existing system lacked flexibility and scalability needed to address:
Diversity in size and complexity of institutions Significant ongoing consolidation of
institutions Monitoring of new business products and
activities
THE XBRL PROMISE
Scalability / Flexibility
Thin client – work on all operating systems (including dial-up internet access)
Easily change filing frequency & specs at “entity” and “forms” level (one size does not fit all)
Accommodate DICO’s legacy systems
Do everything existing system does and more!
MAJOR FUNCTIONS
Gather Information
Process and Store Information
Report Information
Support SQL / Lotus Notes legacy system
DICO’s Current XBRL System
DICO custom taxonomy Enterprise Application Server - Notes based
user authentication tied with XBRL Reporting Window specifications
Web forms generator tags and verifies data at Forms level
XBRL Processing engine (data validation) Reporting - DICO’s Legacy System
INFORMATION GATHERING
XBRL Reporting Window Secure log-in / authentication utilizing DICO’s
existing Lotus Notes based Authorized Contacts database
Institution specific “Reporting Window” o Reporting periodo Input form(s) specifications o 1st level data fill-in and verification
INFORMATION GATHERING (continued)
XBRL Web Based Forms Systemo Tags over 700 fields of data – filed monthly
(or quarterly) and annually from any computer - individual user authentication
o Ability to upload financial data from banking system
o Scalable through DICO entity specific specifications and “trigger” fields in forms (Capability in place but not currently utilized)
INFORMATION GATHERING (continued)
Data Accuracy
100% accurate – two stage electronic verification (form level and final validation) - a pre-condition to filing.
o 573 fields have a rule re required contento 121 fields are auto totals or sub totalso 12 fields are auto fill from external “lookup”o Validation: 263 caution & 73 error rules
INFORMATION PROCESSING
XPE Processing Engine.
XBRL Tagged information is passed from the Web Based Forms System to the XPE Processing Engine.
o Data is validated before filing can be completed
o Completed filing is “shredded” and passed to Oracle XDA (proprietary) database
o Data posted to XDA is then also posted to legacy SQL database.
MID PROJECT CHANGE IN DIRECTION
The original project specifications called for the development of a reporting module by UBMmatrix, the project contractor.
Meanwhile, SQL Power, (the project sub- contractor) developed “XBRL Analytics” a drag and drop report writer / query tool.
DICO agreed to change the project specs to utilize the XBRL Analytics reporting capabilities.
MID PROJECT CHANGE IN DIRECTION (Continued)
Because XBRL Analytics is driven off a different database than the Oracle XDA, we are currently loading both the XDA and the XBRL Analytics databases from the XPE processing engine.
We are running parallel data transfers to our legacy SQL database to verify the accuracy of the data load into the XBRL Analytics database.
MID PROJECT CHANGE IN DIRECTION (Continued)
User testing: compare XBRL Analytics reports against our legacy SQL / Lotus Notes reports
Legacy individual and user designated peer group financial and performance reports continue to be available to DICO and its constituents on demand over DICO’s secure web site
Once user testing of the parallel databases is complete, we will commence user testing of the various XBRL Analytics reports
REPORTING INFORMATION NEXT STEPS
Legacy reports to be replaced by updated reports based on XBRL database
Longer term: DICO will migrate away from reliance on its SQL database and COGNOS by redirecting the Lotus Notes Corporate Information System data calls to the XBRL Analytics database.
LESSONS LEARNED
DON’T BE A :
LESSONS LEARNED
REALIZING UPON THE PROMISE OF XBRL IS FAR MORE DIFFICULT / COMPLICATED THAN WE WERE FIRST LED TO BELIEVE Taxonomy: No suitable standard for our
requirements – Finrep Correp > DICO Complex validation taxonomy requires very
complicated hard coding Implementation of XBRL for regulatory use is
still largely uncharted territory Il ne parle pas français
LESSONS LEARNED
Work closely throughout the project with your integration partner who must:o thoroughly know his businesso the products he is integrating o have a very good understanding of your
business.
Acknowledgments
DICO’s XBRL system employs a combination of “off the shelf” and custom applications developed by Edgar Online (UBMatrix) and SQL Power with integration provided by SQL Power. These companies are working together to provide DICO with what we understand is a first of its kind XBRL, Dynamic, Regulatory Filing and Reporting Solution
Questions