A more efficient, 21st Century approach is to retain all the data in “machine-readable form” rather than converting it into and the back out of a print format. The primary technology that enables the transfer of financial data from statement filers to users is eXtensible Business Reporting Language (XBRL).
The inaugural RegTech Data Summit’s thesis was that regulatory rules, technology, and data must be modernized in a coordinated fashion. If all three areas are modernized in tandem, new RegTech solutions will flourish, reducing reporting duplication, minimizing reporting errors, and enabling automation.
The White House endorsed a data-centric approach to modernizing and restoring trust in government. For data companies and data transparency, the newly-unveiled President’s Management Agenda (PMA) does not disappoint.
The White House has published a plan to transform federal grant reporting from disconnected documents into open, standardized data. We know the road will be long. If the federal grant system were one company, it would be, by far, the world's largest, with over $600 billion in annual revenue.
Progress in RegTech has been seen in the private sector as access to quality data improve. This progress has not been mirrored in the private sector here in the United States, but the potential to improve government efficiency is not far off.
As the Data Coalition celebrated its fifth birthday, our ambitious agenda had taken hold for U.S. federal spending information - and was on its way to transforming the rest of the federal information portfolio as well. Here’s a look at our biggest data reform stories of 2017 and a glimpse of what to expect next year.