The IBM Data Governance Council has asked for industry assistance in creating by year-end an extensible business reporting language (XBRL) taxonomy for the reporting of risk by financial firms.

The data governance group in December announced plans to lead an initiative to use XBRL to provide transparent measurements of risk and real-time exposure. The initial discussions took place during a meeting in New York last week that included representatives from the Enterprise Data Management Council (EDM), Financial Services Technology Consortium, XBRL International—and its U.S. arm—and the Securities and Exchange Commission.

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