About regulation
Lloyd’s of London has taken a great lead of transforming the periodic Accounts and Schedule 3 reports lodged by its Syndicates to XBRL / inline XBRL format beginning January 2025. This initiative is aimed at bringing in standardization and comparability, improved data validation and extraction, better accessibility, and data-driven audit by Lloyd’s of London.
Our solutions
A. DataTracks Outsourced Service
DataTracks provides an end-to-end service of converting your necessary regulatory reports in Word or PDF or Excel formats to XBRL / inline XBRL format. With a pool of experts on board having proficiency on UK GAAP, DataTracks boasts strict adherence to quality of XBRL tags.
i. Features
- iXBRL Proficiency
Our in-house reporting software has the capability to generate XBRL / iXBRL reports in various reporting frameworks. The tagging engine is consistently up to date with the changes in taxonomies and corresponding validation rules.
- Rich-design Capability
You do not need to draft your statutory reports in multiple formats – one for the market in rich design and another for regulatory submission. Our software accepts rich design PDF and produces iXBRL outputs, whereby the same design layout is retained.
- We’re with you
Our Account Managers intently help you navigate through the new reporting requirement that involves change to the report preparation process, output format, and validation rules.
- Quick Turnaround Times
Our experienced crew of experts can deliver the XBRL-tagged output in as little as 3 days for the first time conversion and within a day for revisions enabling you to meet the filing deadline with ease. Have last-minute changes? We can deliver these changes within few hours, enabling you to file comfortably within the deadline.
- Service Delivery Standards
We are certified for ISO 27001:2022 Information security management, ISO 9001:2015 Quality management system by TUV of Germany. As per ISAE 3402 guidelines, we are audit compliant with service organisation controls.
- Online Reviewers’ Guide
We deliver our outputs through Online Reviewers Guide (ORG), that allows you to preview the reports, execute validation, review tagging decisions and even make comments or suggest changes to the document, and compare between multiple versions. ORG facilitates powerful collaboration between internal and external users and auditors in signing-off on the reports.
ii. Benefits
- A pool of trained GAAP experts assuring best element selection
- Error-free XBRL conversion
- Industry leading Turnaround time
- Seamless handling of last-minute changes
- Ability to handle large volume of documents in short filing window
- Invite auditors to review and sign-off using our online platform (ORG)
B. DataTracks Self-Managed Disclosure Management Solution SaaS
DataTracks Rainbow is a standalone software application that allows users to input documents in multiple formats, including complex PDFs, Word, and Excel. It supports real-time collaboration, XBRL tagging, and generates XBRL/iXBRL outputs that maintain the original document’s appearance.
i. Features
- Quick, easy compliance
With our bolt-on approach of reading PDF (including rich design layout), allowing the XBRL tagging on top, and generating the XBRL/iXBRL whilst retaining the same rich design, filers need not make significant changes to their current processes.
- Easy XBRL tagging
Effortlessly create and manage XBRL documents using our intuitive tagging interface for both structured and textual data. Maintain XBRL consistency over time by seamlessly carrying forward tags from previous reports.
- Collaboration and co-authoring
Prepare compliance reports in collaboration with multiple people from different locations working simultaneously on the same document, by directly uploading, manual input or copy-pasting of data. Highlight and insert comments on the document where discussion is required. Track all changes to the document and accept/reject changes.
- Integration with data source
Streamline your data management process with our Autolink feature. Easily connect to your ERP systems and other data sources, including offline spreadsheets, to import data and maintain data integrity. Updates are effortless with a simple click, and your XBRL tags remain intact.
- Regulated data access
Our auto-scalable architecture allows for unlimited user growth without sacrificing performance. User privileges are carefully managed through user groups and authority levels to ensure secure access to the application.
- Online Reviewers’ Guide
Extend XBRL/iXBRL files to internal or external auditors through our Online Reviewers Guide (ORG) platform, that allows users to preview the reports, execute validation, review tagging decisions and even make comments or suggest changes to the document, and compare between multiple versions.
- Certified software
Backed by XBRL International certification, our software delivers error-free XBRL/iXBRL reports. Our ability to rapidly incorporate regulatory updates minimizes the risk of filing rejection.
- Security Standards
We are certified for ISO 27001:2022 Information security management, ISO 9001:2015 Quality management system by TUV of Germany. As per ISAE 3402 guidelines, we are audit compliant with service organisation controls.
ii. Benefits
- iXBRL reports at the click of just a few buttons once the set-up is completed.
- Accepts rich design PDFs and retains the layout in the iXBRL output.
- Certified XBRL software.
- Multi-user architecture without a compromise in the performance.
- Ability to integrate with various data sources on a need-basis by customers.
- Invite auditors to review and sign-off using our online platform (ORG).
DataTracks RainbowTM DMS With Ease
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