Workiva provides GLEIF with ESEF compliance

June 30, 2020

First reported on IBS Intelligence, 26 June 2020, by Sunniva Kolostyak.

 

The Global Legal Entity Identifier Foundation (GLEIF) has deployed Workiva’s cloud platform and reporting expertise to create efficiencies and transparency when tagging data in its annual report process.

GLEIF – a non-profit tasked to support the implementation and use of the Legal Entity Identifier (LEI) – had its 2019 annual report showcased by the European Securities and Markets Authority (ESMA) as a paragon for European Single Electronic Format (ESEF)-compliance reporting.

The report is thereby setting the standard for the 5,000+ European companies that must now tag data with Inline XBRL in the ESEF taxonomy for their annual reports.

Dermot Murray, general manager of EMEA at Workiva, commented: “Workiva has a long history of helping customers quickly and successfully achieve compliance when new regulations are introduced.”

“We remain steadfast in delivering the world’s only connected reporting platform and best-in-class customer experience every day. ESMA’s showcasing of GLEIF’s report is further evidence that the continuous availability of the Workiva platform and support team is paramount for European companies as they work towards their timely ESEF compliance deadline.”

The Workiva reporting and compliance cloud platform is used by enterprises across 180 countries, including 75 per cent of Fortune 500 companies and government agencies. Customers are able to connect data from source systems and applications, have it update automatically, tag and validate it under ESEF taxonomy rules and securely create Inline XBRL filing packages at any time and from any place with an internet connection.

“As an organisation focused on trust and transparency, it is critical that our annual report complies with ESEF reporting and serves as an example of industry best practice,” said Stephan Wolf, CEO of GLEIF.

“The Workiva platform was an obvious choice that delivered many efficiencies and has set us up for success in future reporting. We truly valued Workiva’s support and guidance.”

IBS Intelligence – Market Leader in BankTech News, Research and Consulting

Established in 1991, UK headquartered IBS Intelligence is the world’s most trusted source of Financial Technology News, Research & Advisory services. IBSI’s Sales League Table is considered the global industry barometer ranking leading banking technology suppliers. It’s research reports comprehensively cover global suppliers across all Banking Technology & FinTech systems, is also distributed by Thomson Reuters, Bloomberg and S&P Capital IQ. Its Innovation Lab at Dubai brings banks and suppliers together with an opportunity to access the Middle East opportunity and to test & experience global FinTech products within the region. The group company, Cedar is a global management consulting firm with deep expertise in formulating & executing business strategy for financial services clients worldwide with a significant focus on leading their technology and digital transformation.

For the latest news and information, visit the Workiva Newsroom.

Multimedia Files:

View All Press Releases