The IBM Data Governance Council is exploring the use of Extensible Business Reporting Language (XBRL), a software language for describing business terms in financial reports, to risk reporting. The IBM Data Governance Council is seeking input from banks and financial institutions, corporations, vendors, and regulators to create a standards-based approach to risk reporting.
XBRL could be used to provide a non-proprietary way of reporting risk. According to the Council, XBRL Taxonomy of Risk could serve as a fundamental building block to enable interoperability and standard practices in measuring risk worldwide. Such standards could potentially enable Central Banks to manage databases of loss history and trend analyses that could better inform policymakers and member banks helping to minimize risk and produce better returns.