Combined powerful solution of FERC Pro and ActiveDisclosure provide an end-to-end filing solution for the new XBRL reporting mandate
CHICAGO, May 27, 2021 /PRNewswire/ -- Donnelley Financial Solutions (NYSE: DFIN), a leading risk and compliance company, today announced it will market FERC Pro, a comprehensive energy compliance and data analytics platform, to serve energy companies reporting to the U.S. Federal Energy Regulatory Commission (FERC). These companies can now employ an integrated and cost-effective approach to meet new FERC reporting requirements quickly, accurately, and informed by data. DFIN will market FERC Pro alongside its new ActiveDisclosure solution, which is transforming SEC and financial reporting with seamless integration, collaboration tools, and built-in dashboards, alongside insightful analytics.
In December 2021, the Federal Energy Regulatory Commission will begin requiring electric utilities, natural gas companies, oil pipeline companies, and centralized service companies to file annual and quarterly reports in a modern XBRL data format. FERC Pro's workflow enables users to follow simple steps to create, modify, validate, file, review, and analyze reports in the FERC's new XBRL data format, without the need to learn XBRL. A shared web-based environment allows collaboration with team members in real time.
"The decision to offer FERC Pro was an easy one for us," said Craig Clay, president of global capital markets at DFIN. "We want to provide our energy-sector customers not just with the best solution on the market for the FERC's new requirement to report in the XBRL format, but also the only platform that allows energy companies to consume and analyze regulatory data. FERC Pro's Data Hub informs energy compliance by putting every number from any XBRL FERC form within easy reach."
To deliver FERC Pro, DFIN has partnered with HData, which delivers and scales RegTech solutions, and IRIS Business Services Limited (BSE: IRIS), a leading global provider of regulatory reporting. FERC Pro combines IRIS' simple, intuitive IRIS CARBON® Filing Solution with a powerful Data Hub, offered by HData. The Data Hub is the only available tool that allows energy companies to use analytics to compare themselves to competitors and peers.
"We are excited to work with DFIN and IRIS CARBON," said Hudson Hollister, CEO of HData. "The combination of ActiveDisclosure and our FERC platform creates a compelling offering for energy companies. By utilizing a filing solution in use in the United States and 38 other countries, together, we can bring a full suite of well-tested features for U.S. energy companies reporting to the FERC."
Starting in December 2021, FERC reporting will switch from PDF-based reporting to a smarter data format, XBRL. FERC Pro is the first platform to offer both modern production of FERC reports and instant consumption of the same data to benefit energy companies, energy-sector investors, federal and state regulators, and all other markets interested in energy finances and operations.
About Donnelley Financial Solutions
DFIN is a leading global risk and compliance solutions company. We provide domain expertise, enterprise software and data analytics for every stage of our clients' business and investment lifecycles. Markets fluctuate, regulations evolve, technology advances, and through it all, DFIN delivers confidence with the right solutions in moments that matter. Learn about DFIN's end-to-end risk and compliance solutions online at DFINsolutions.com or you can also follow us on Twitter @DFINSolutions or on LinkedIn.
About HData
HData's mission is to digitize the interface between the regulatory sector and the private sector. HData's leaders apply over 50 years of experience in XBRL to make life easier for people who comply with regulations, enforce regulations, and use regulatory data.
About IRIS
IRIS Business Services is a global full-service XBRL software, services, and solutions provider. IRIS has over eighteen years of proven expertise providing structured data RegTech solutions that help regulators and entities create, collect, and consume business data. IRIS is a direct member of XBRL International and XBRL US.
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SOURCE Donnelley Financial Solutions