Synergy is the energy that powers the success in compliance reporting today!
As humans, we are wired to adapt. If there is one thing that the COVID pandemic has taught us, it is the recognition of adaptability as one of our key strengths as humans. Changing how we do business, we are all now getting used to home as a workplace and striving to assimilate information from disparate sources to finish a task at hand.
In the world of compliance reporting, where speed and accuracy as the cornerstones of a successful submission to regulators, this concept of collaborative working takes center stage. A platform that allows for a seamless, secure, and synergistic environment is invaluable. And at DataTracks, we understand that.
Datatracks’ Glacier uses a DPM (Data Point Model) to facilitate easy conversion of financial data into XBRL and make reports ready for submission to the FERC. It is an easy-to-use, nimble and intuitive application, hosted on a secure cloud that helps you deliver compliance reports.
Collaboration is one of Glacier’s pillars of function. Read on to see how it works to consolidate all your variable sources of information and inputs to give you a seamless remote working experience.
It is essential to ensure that the data being entered, worked on, and finally submitted is accurate. Therefore, Glacier allows a user to:
- Control edit access with granular permission settings across form pages, data inputs, and even XBRL tag changes.
- Protect company sensitive information or proprietary data with confidential footnote settings that help control viewability.
- Work hand in hand on a single dataset across roles such as SMEs, legal team, tax experts, and finance – real-time and from anywhere.
- Leave a comment against a particular element or data point on the report to highlight and discuss potential changes with the team internally.
Track and Approve
With Glacier, you can transform your internal controls for a more efficient report preparation process. Track every change, from changes in the field to the user who made the change. All of it is recorded for a permitted user to view and note at any time. All tasks, comments, and functions are tracked by the user, by filing, and by the field.
Remote working requires comparisons for admin purposes, roll backs, error corrections, or key insights. Glacier allows one to capture all modifications and see a history of all data changes with a single click. This helps link the data in a filing to its source. It facilitates viewing each field’s value from a company’s past periods, giving you key insights to leverage for your business growth.
The version compare feature of Glacier allows reverting to an older version of a saved filing, making it easy to continue work as desired.
Ensure an accurate submission that does not end up being rejected, right from your place of work, where ever that may be. Perhaps the most helpful feature, Glacier comes with a built-in validator powered by Arelle that pre-validates a report before submission, thus minimizing the chances of an unsuccessful filing.
In addition, Glacier’s inbuilt validation provides results comprehensively with an ability to trace back to the templates facilitating swift error corrections. The validator runs checks on calculation, tagging, spelling, taxonomies, business rules, as even cross-tagging both within and between reports. It also comes tuned to check for FERC and XBRL standard rules to ensure an error-free submission.
Glacier has been developed by a team of XBRL experts at DataTracks, with extensive experience in delivering specialized solutions for regulatory reporting requirements worldwide.