Of all the decisions companies face, risk evaluation is perhaps the most fundamental. Yet, in the midst of an Internet-driven information revolution, most companies' risk-assessment processes are still manual, data restricted and paper based. The upshot? The vitally important task of risk evaluation itself is quite risky. XBRL Web services is changing those processes, enabling companies to overcome the practical limitations on how much information can be included in both initial and ongoing risk assessments and how frequently they can be performed.
Whether the risk assessment is for lending, covenant-compliance monitoring, asset quality, customer penetration, claims ratios, product innovation or strategic management decisions, XBRL Web services can make risk assessment processes cheaper, easier, faster more comprehensive and, ultimately, capable of producing results that are up to date, even up to the minute.
Benefits of deploying XBRL web services
By XBRL Web services enabling storage and analytical applications associated with risk determinations and providing third parties with XBRL Web services enabled forms in which to enter their information, companies receive ready-to-use data. The ability to skip manual preparation and move information directly into analytical software immediately upon receipt provides key benefits that can lower risk exposure, including: