XBRL, the Extensible Business Reporting Language, is as an XML financial reporting standard used by banks to report to the FDIC, and by publicly traded companies, mutual funds, and credit rating agencies to report to the SEC. Financial data giants DTCC (providing transaction clearing and settlement) and SWIFT (the global financial messaging network) have embraced XBRL in a project to standardize complex corporate actions such as tender offers, mergers, and dividend payments. XBRL US CEO Mark Bolgiano and the Department of Homeland Security’s Executive Director for Information Sharing (and NIEM Executive Director) Donna Roy will share early success stories, and suggest how XBRL can be to increase transparency and visibility into “big data” in the private and public sectors, and where they intersect. The XBRL / NIEM partnership can provide a unique level of aggregation that the public (and intelligence communities) could use to analyze wasteful spending, possible cases of fraud, or transactions that fund terrorism.
Mark leads the national consortium for XML business reporting standards and started XBRL US Labs, a research and innovation center focused on XBRL (eXtensible Business Reporting Language), an open-source, royalty-free language being adopted globally to provide transparency and global access to the documents and data that drive markets, regulation, and business information sharing.
Hired in 2006 to oversee the startup of the non-profit XBRL US when the US Securities and Exchange (SEC) adopted XBRL as the standard for tagging regulatory reports by publicly traded companies, mutual funds, and credit rating agencies, Mark has spent twenty-five years as a chief technologist/CIO in Washington for organizations such as the MD-IPA (now United Health), The Board of Trade, and the Council on Foundations. In the first two years of operation, XBRL US assembled a small but effective team and successfully crowd-sourced a 15,000-element XBRL taxonomy for Generally Accepted Accounting Principles (GAAP); these tags are now required by SEC rules for regulatory compliance, and the data is now flowing on the SEC EDGAR system.
Since then, Bolgiano has been instrumental in taking the XBRL movement beyond accounting standards and capital markets to the policy, legal, and government domains. His Congressional testimony last year on the use of standards for transparency. XBRL US Labs research partnerships with data infrastructure giants DTCC and SWIFT have produced the world’s firt ISO-aligned taxonomies, and with the NIEM framework for information sharing for the Federal sector, have advanced the cause of open standards harmonization and promises to bridge the world of documents, which he refers to as the “first mile”, with free, universally accessible, structured data in the “last mile”.
Ms. Roy serves as the CIO’s Executive for Information Sharing for the Department of Homeland Security. She is actively is engaged in helping DHS lay the foundation and building blocks for an information sharing environment and drives policy development for the CIO. She served as the Director of the Enterprise Architecture program where she was engaged in ensuring the optimization of the $6.4B IT spend for the Department. Ms. Roy joined the DHS OCIO in December of 2006 as the Director of the Enterprise Data Management Office. As the EDMO Director, she was responsible for the develop a DHS strategy for the management for all data collected, created, used, managed, maintained, shared and stored by DHS and sponsors the implementation of initiatives set forth in the strategy. As a collateral duty, she serves as the Executive Director for the National Information Exchange Model, a DOJ, DHS and Global Justice information sharing initiative.
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