CIMA adopts SQL Power’s XBRL Power Suite
SQL Power is to integrate its pre-engineered, eSignature ready regulatory platform at the Cayman Islands Monetary Authority (CIMA).
The solution will handle collection, analysis, and reporting of prudential returns and entitlements data submitted to CIMA by up to 40,000 of its regulated financial entities, across banking, trusts, insurance and hedge fund categories, and will unify and streamline CIMA’s regulatory operations across all sectors.
“The best regulatory software in the world meets one of the most complex and sophisticated regulatory business models in the world…and we welcome the challenge,” says Sam Selim, president and SQL Power co-founder. “We’ll be displacing the incumbent XBRL software vendor with a comprehensive end-to-end XBRL regulatory solution that offers business user level self-sufficiency, thus minimising CIMA’s current reliance on outside vendors and consultants.”
CIMA will gain important efficiencies from the implementation - substantially reducing license application timelines, time-to-market around new return development and new business processes re-engineering (BPR), as well as total cost of ownership.
“The vision is to establish Cayman over all other jurisdictions as the customer experience leaders in the industry - particularly around automating the setup of financial entities, managing licensing and streamlining important oversight functions,” says Dan Loney, senior vice president, worldwide supervision at SQL Power. “Our supervision management framework will automate everything from financial data gathering to entitlements processing and will provide substantially deeper and more accurate risk assessment modelling and analytical reporting – it’s all based on XBRL (Extensible Business Reporting Language), the worldwide standard for disclosure in the 21st century, further ensuring data reliability.”
The XBRL Power Suite incorporates an XBRL Analytics platform (powered by MicroStrategy) providing CIMA with a maintenance free, real-time and mobile-enabled analytics solution that will serve early warning analytics, alerts, reports and dashboards to CIMA analysts, decision makers and executives.
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