Laytonsville, Maryland & Phoenix, AZ -- September 18, 2008 -- The Technology Council of the Open Compliance and Ethics Group (OCEG) has established a provisional XBRL jurisdiction following strong interest in the use of XBRL by OCEG members and adoption by the organization's GRC-XML Program working group. With over 13,000 members, OCEG is a non-profit that uniquely helps organizations drive Principled Performance™ by integrating governance, risk management, and compliance (GRC) processes via guidelines and standards, evaluation criteria and benchmarks, and a global community of practice.
OCEG Establishes Provisional XBRL Jurisdiction
Laytonsville, Maryland & Phoenix, AZ -- September 18, 2008 -- The Technology Council of the Open Compliance and Ethics Group (OCEG) has established a provisional XBRL jurisdiction following strong interest in the use of XBRL by OCEG members and adoption by the organization's GRC-XML Program working group. With over 13,000 members, OCEG is a non-profit that uniquely helps organizations drive Principled Performance™ by integrating governance, risk management, and compliance (GRC) processes via guidelines and standards, evaluation criteria and benchmarks, and a global community of practice.
The establishment of a GRC jurisdiction, approved by the XBRL International Steering Committee (ISC), enables OCEG to use the XBRL reporting standard in the representation of OCEG's GRC management standards and process framework. A jurisdiction is granted the right to represent XBRL International (XII) in its area (or area of interest) and is able to provide official support to XBRL projects and initiatives. It is responsible for encouraging the development and adoption of XBRL in its particular discipline. Jurisdictions are initially classed as Provisional and become classed as Established after submitting an updated application to XII.
OCEG has a range of XML initiatives for GRC taxonomy, workflow and reporting under way and is interested in integrating the XBRL Standard in its work. OCEG's initial GRC-XML work group will complete, publish and popularize new GRC-related schema in an Open Standard, under the GRC-XML heading, in 2009. The GRC-XML Jurisdiction will develop the related work groups needed to create and publish additional sub-domains in 2009 and 2010.
OCEG is a nonprofit organization that provides:
- Common Governance, Risk Management and Compliance (GRC) language and structure - a Framework that can be followed to assess risks then design and evaluate controls for them;
- Compliance Metrics - Measurements to ensure performance aligns with company objectives;
- Online Access - a searchable database that provides ready access to key legal requirements (and to the laws and regulations themselves), clearly stated practices to aid with compliance, and tools and resources to make the process easier;
- A community of practice to share ideas, ask questions, and benchmark against peers. OCEG helps organizations drive Principled Performance™.
For more information about OCEG, visit www.oceg.org.
For more information on OCEG, the OCEG Technology Council or contributing to the new GRC-XML jurisdiction contact:
Lane Leskela
OCEG Vice President of Technology Programs
lleskela@oceg.org or 425.385.3000
Avi Fichman
EVP Operations - Development
afichman@oceg.org or 202.234.6234
##
