What is ISO 5116-1 about?
ISO 5116 discusses financial and business reporting. ISO 5116-1 provides details for improving transparency in financial and business reporting using the data point methodology. ISO 5116-1 defines the data point methodology for the creation of data point models in the context of European supervisory reporting. Data point models are published by a European supervisory authority. To reflect the defined structures in a machine-readable form, they can be accompanied by an XBRL taxonomy. It is also possible to extend the described methodology to other environments.
ISO 5116-1 is created to support Information Technology (IT) experts in the transfer of content from regulatory reporting to IT systems. ISO 5116-1 assumes that the reader has a working knowledge of multidimensional models. Furthermore, basic knowledge about Business Intelligence is assumed for understanding the rules to be followed when designing a multidimensional database structure for data warehouses.
Who is ISO 5116-1 for?
ISO 5116-1 on methods to improve transparency in financial and business reporting (data point models) is useful for:
- Chartered accountants
- Auditors
- Financial analysts
- National banking supervisors
- Finance professionals
- IT specialists
Why should you use ISO 5116-1?
A Data point model consists of objects that reflect the supervisory metadata and their relations among each other that can be communicated and understood by computers. The objects of a data point model described in ISO 5116-1 facilitate the ease of understanding of the data structure for technicians. ISO 5116-1 also reflects the definitions, rules and constraints to be met when using a data point model as the basis for the generation of a data format, or as the basis for analytical purposes.
ISO 5116-1 intends to support the communication between supervisory experts and IT experts by introducing the concept of data point modelling and its underlying terms. Data point models remain as semantic models, at first technologically neutral, but they are used by IT specialists:
- For generating data formats for the reporting process
- For designing multidimensional as well as relational database structures for the analysis of supervisory data
ISO 5116-1 helps you to understand data point modelling so that you can create your organization’s data point model for supervisory reporting