IBM moves ahead with risk reporting initiative

What will it take for banks to get behind IBM's XBRL-based risk reporting initiative? The idea is compelling enough. If all banks were to tag and report risk-relevant measures, then a central depository of information about market, credit and operational risk could be built. Which presumably would help regulators and central banks make better risk decisions.

The IBM Data Governance Council, which includes 50 global companies, mostly financial firms--was created three years ago to promote best practices in this field. Will companies really buy in? Securities Information News notes one benefit: After several years of loss data are accumulated, an "open insurance exchange" could be launched that would allow firms to underwrite their operational losses via insurance. Banks would "pay a premium for the coverage, the market would price risk on a near-real-time basis and regulators like the SEC could govern premiums and fair-trade mechanisms." 

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