Common Challenges in MBRS Filing for Financial Institutions and Strategies to Overcome Them

The Malaysian Business Reporting System (MBRS) reporting process can frequently feel like negotiating a maze of difficulties in the fast-paced world of financial institutions, where accuracy and compliance are paramount. Financial institutions need help to keep up with the changing world of financial reporting, which is characterised by complicated regulatory obligations and constantly changing reporting standards.

Global financial institutions have spent much time, money, and effort lately improving their reporting procedures. However, they have run into challenges and complexity regarding the MBRS XBRL filing procedure. 

Read more: Who should file in XBRL for MBRS SSM filing?

Challenges Faced by Financial Institutions 

Some of the most common challenges and difficulties faced by organisations are the following:

• Data Quality: Data consistency, completeness, and compliance with the MBRS taxonomy and validation requirements must be ensured by financial institutions. This may be challenging if they need manual data entry or conversion from other formats, like PDF or Excel.

The legitimacy and dependability of financial reports, as well as the possibility of fines or rejection by the authorities, can all be impacted by data quality and correctness.

• Time and Money: Financial institutions must budget enough time and money to prepare and submit their financial reports utilising the MBRS system. This may be difficult if there are strict deadlines, financial restrictions, problems with technology, or mistakes made while preparing or submitting the work.

• Technical Proficiency: Financial institutions must possess sufficient technical proficiency to use the MBRS preparation tool (mTool) and submission portal (mPortal). Additionally, they must comprehend MBRS taxonomy, validation criteria, and XBRL ideas and standards. It could be difficult if they don’t have the training or resources they need to gain these abilities.

Strategies to Eliminate the XBRL Filing Challenges 

Some effective ways through which financial organisations can erase these challenges and find their way to streamlined reporting are: 

• Robust Software Solution: Financial institutions can use software that automates the data extraction, conversion, mapping, validation, and submission of their financial reports utilising the MBRS system. In addition to saving time and money, this can lessen the amount of physical labour, mistakes, and dangers associated with the MBRS filing process.

• Stay Updated: Financial institutions can stay informed about the most recent improvements and modifications to the MBRS system by following the steps below. 
  • They can go to [Suruhanjaya Syarikat Malaysia (SSM)]’s official website, which serves as the platform for MBRS filing in Malaysia. 
  • Participate in online discussion boards, webinars, workshops, or seminars that offer insightful commentary and relevant information about MBRS filing.

• Seek Expert Advice and Assistance: Financial institutions can get professional advice and assistance from people with knowledge and experience in MBRS filing. To assist financial institutions with their MBRS filing difficulties, they can offer guidance, instruction, consultancy, or outsourced services. 

Why Choose DataTracks for MBRS Filing?

Professional firms like DataTracks specialise in regulatory compliance and reporting services. We have a deep understanding of the intricate and evolving regulatory requirements. Our expert team ensures that your filings are accurate, up-to-date, and fully compliant with the latest regulations, reducing the risk of penalties or regulatory scrutiny. To find out more, get in touch with us at +60 392126125 or email us at enquiry@datatarcks.my