SEC Commissioner Announces new Office of Data Strategy

In an important speech on Apr 14, SEC Commissioner Kara Stein acknowledge the dominance of data in the current financial regulatory and reporting environment. She said that the new office would need to address the use of the different data standards, and determine their most effective usage.

There has been a persistent movement towards data as opposed to traditional paper reports for several years now and as the movement matures, its implications are becoming clearer. The new office as well as the propose new audit trail, CAT, are clear signs of the new implications as the importance and dominance of data evolves. XBRL and other standards are central to the effective utilization and management of the data that is growing in leaps and bounds. Click this link for the speech.