Sanjoy Sen, Senior Director, ERS answers a few questions on Governance Risk Compliance.
Governance Risk Compliance can be summarized as how an organization understands internal and external stakeholder expectations and then directs and manages activities to maximize performance against those expectations, while managing risks and complying with applicable laws, regulations and obligations.
Technological innovation, globalization, complex regulation and increased accountability at the senior management and board levels have significantly changed the competitive landscape today. Risk management has become increasingly complex due to the new "Network economy" and the emerging risks of e-business driven by the need for online security and customer privacy. The complexity is further exacerbated by an increasing need for knowledge of local laws and customs, unprecedented complexity of the regulatory environment, evolution of trading platforms and markets, pervasive nature of IT, requirement for better risk reporting, increasingly integrated and comprehensive risk management solutions and shortage of skilled personnel.
Our Enterprise risk services practice helps clients manage risk and uncertainty, from the boardroom to the lowest levels in the organisational hierarchy. Our professionals provide a broad array of services that allow clients around the globe to better measure, manage and control risk thereby enhancing the reliability of systems and processes throughout the enterprise.
Deloitte has developed resources and in-depth technical knowledge and skills required to help address your questions and prepare your organization for XBRL reporting. We will work with you to develop a roadmap for XBRL reporting and support development of XBRL integration solutions for your organization.
As a multidisciplinary organization and one of the founding members of the XBRL International Consortium, Deloitte actively participates in XBRL development around the world. Our teams are experienced with a wide range of software tools and third-party service providers and understand their unique strengths and challenges.
Deloitte has structured and established methodologies to aid and fast track the XBRL adoption as per your organizational needs for XBRL adoption.
|XBRL - Essential features- eXtensible Business Reporting Language (XBRL) is an XML-based standard (eXtensible Markup Language) which has the potential to play an important role in the
generation and use of financial information.
|XBRL - The new world of reporting: XBRL, now more than a decade old, was developed to increase the effectiveness and efficiency of the information use. XBRL is a language that leverages Internet technologies for the communication of business information coupled to the metadata (data about data) associated with the information|
|XBRL Filing to Ministry of Corporate Affairs: The MCA introduced a mandate to file balance sheets and profit and loss account alongwith Director’s and Auditor’s Report for the year 2010-11 onwards by using eXtensible Business Reporting Language (XBRL) format.|
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