Presentation on theme: "Jon Wisnieski Senior Information Systems Specialist XBRL at FDIC."— Presentation transcript:
Jon Wisnieski Senior Information Systems Specialist XBRL at FDIC
FDIC/2 Current Situation FFIEC Collaboration Unisys Design, develop, host, maintain Central Data Repository Secure, web enabled, on-line correction XBRL was the data enabler CDR launched on October 1, 2005 We experienced success!
FDIC/3 Issues Post validation Non-cohesive metadata distribution Difficult to synchronize metadata Metadata changes required weeks 70% of data met edit requirements 34% of reports required call backs Data published 8 weeks after No FFIEC official system of record
FDIC/4 Solution Pre-validation of data required Responsibility of data ownership Provide minimum data requirements XBRL used to synchronize data Financial Metadata Internet based On-line data correction Centralized data repository
FDIC/5 Results After Implementation Received data sooner Publish data earlier Improved data quality All validity edits are met Staff work per bank decreased Financial Analysts finish assignments faster
FDIC/6 How Do We Measure Success? Received data sooner Legacy: 1 st submission weeks after quarter-end CDR: 1 st submission within 16 hours of quarter-end Publish data earlier Legacy: Multiple days after receipt CDR: One day after receipt Result: Receiving data earlier means analysts can use data earlier and make better decisions sooner
FDIC/7 How Do We Measure Success? Improved data quality Legacy: 66% clean coming in CDR: 95% of data ‘clean’, some accepted with explanations - b anks include written explanations with submitted to explain data nuances Result: Expectations of data are documented, required, and met All validity edits are met Legacy: 70% CDR: 100% Result: All data adds up accurately
FDIC/9 How Do We Measure Success? Staff work per bank decreased Legacy: 450 to 500 banks per analyst CDR: 550 to 600 banks per analyst Results: less staff required to validate data Financial Analysts finish assignments faster Legacy: 48 days after report date CDR: 41 days after report date Result: complete work faster Result: Staff are responsible for more banks—require fewer staff—agencies save money
FDIC/10 Everyone is Reading the Same Data! Taxonomy = authoritative source, used by all Rules for what data to report Relationships between data Presentation Report Instructions Data quality standards Communication between all parties improved Banking agencies Call Report Software Vendors Financial institutions Back to Contents
FDIC/11 Additional information is available at: www.FFIEC.gov/FIND Additional Information Back to Contents
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