The Open Compliance and Ethics Group (OCEG) is focused on the enhancement of corporate cultural integrity via the integration of Governance, Risk Management and Compliance processes. The group publishes many useful resources including the Red and Burgundy books for assessing GRC capability and evaluating GRC processes. So what’s that got to do with XBRL?
Turns out that the OCEG has an initiative on the go to develop GRC-XML – a taxonomy to enable and enhance the sharing of information between various technologies that support GRC efforts. Another reminder of one of the primary uses for XML-based taxonomies – as a data interchange mechanism or EDI for the noughties. Who knows…automated linkage between XBRL-based financial reporting software and GRC management software could prove to be a way to streamline or reduce the burden of compliance by making it easier to transfer selected tagged data between the two systems.
Tags: GRC
