Embracing the Qonto Way to enhance the regulatory reporting process
Managing regulatory reporting is like running a Michelin-starred restaurant, except the menu is made up of all kinds of reports and the hungry customers are actually public authorities. As a chef, you face high expectations and attention to detail, on top of a low tolerance for delays. This function is essential for maintaining compliance and building trust with external supervisors. At Qonto, we initiated a transformative journey at the end of 2022, aiming to refine our regulatory reporting processes. This ongoing endeavor led to the development of the Qonto Regulatory Reporting Cockpit, a solution designed to embody the Qonto Way and improve efficiency.
The genesis: identifying the need
Our journey didn’t come without its challenges. Early regulatory reporting initiatives were built from scratch at Qonto, so initially, managing regulatory reporting across different teams resulted in inefficiencies and blind spots. Qonto’s reporting requirements span across France, Germany, Italy, and Spain, and encompass a wide array of report types such as statistical data, financial reports, accounts reporting, and compliance reports. The variability in business definitions for report fields, the cumbersome process of translating legal requirements into business definitions, the lack of a quality assurance framework, plus frequent submission failures due to petty errors, all underscored the need for a unified and efficient approach.
The vision: a one-stop reporting platform
Confronted with these challenges, we envisioned the Regulatory Reporting Cockpit as a comprehensive dashboard for regulatory reports at Qonto. The board was conceived to optimize reporting processes, assign owners, and streamline regulatory requests efficiently. Our goal was to establish a solution that could manage the complexity of regulatory requirements across multiple jurisdictions and report types, ensuring both accuracy and timeliness in submissions. The cockpit also facilitated the comparison of submission times across different reporting periods and the timely involvement of the many stakeholders at Qonto supporting regulatory reporting.
Implementation: building the cockpit
Creating the cockpit required meticulous planning and execution. We started by compiling a list of required reports for each country, identifying report owners, and setting up a regimen for regular follow-ups on regulatory requests. We centralized this information on a Notion page, employing a Kanban approach with cards (reminiscent of a Toyota factory production line) to manage the reporting process efficiently. This approach laid the foundation for a streamlined and efficient regulatory reporting process.
Integration: connecting with visual data management
A key aspect of enhancing the cockpit’s efficiency was its integration with visual data management tools. By leveraging APIs like notion2sheet and utilizing platforms like Metabase, we connected our OKRs with data, enabling real-time monitoring and analysis. This integration allows for data-driven decision-making, facilitating the identification of trends, prompt issue resolution, and informed process adjustments.
The results: ongoing efficiency and compliance
As of May 2024, the implementation of the Regulatory Reporting Cockpit is an ongoing process that has already yielded impressive results. The rate of delayed regulatory reports was halved during 2023 compared to 2022, and we anticipate it will be near zero in 2024. The cockpit enables real-time monitoring of regulatory reports, ensuring they are prepared and submitted without errors. The integration of visual data management tools further optimizes the process, enabling us to track progress and make data-driven decisions.
The Qonto Cockpit: a magnet for talent
The journey of the Regulatory Cockpit is far from complete. Now that our team is on its way to better tackling deadlines, we aim to enhance data quality, document processes, and ensure production is also checked by Internal Control. As we continue to refine and enhance the Regulatory Reporting Cockpit, it’s crucial to highlight the unique opportunities that await potential new members of our Risk & Compliance (R&C) team. Just as the cockpit has transformed our reporting processes, we’re constantly on the lookout for individuals who can bring their expertise and passion to drive further innovation.
Our ideal teammates blend curiosity and expertise
When considering the ideal background for a new team member, prior experience in regulatory reporting — particularly within traditional banks — is a significant asset. This expertise will allow them to appreciate the distinctions between Qonto’s approach and conventional methods, and to tackle the exciting challenges that come with joining our team head-on.
Speaking from personal experience, my own background is a testament to the diverse skill set that thrives within Qonto’s R&C department. With a broad educational foundation spanning politics, sociology, economics, financial analysis, and accounting, I like to think that I bring a well-rounded background to the team. My professional journey includes roles in regulatory reporting, asset and liability management, and M&A in banks, as well as consulting for a regulatory software vendor across Western Europe. This varied experience has equipped me with the adaptability and knowledge necessary to navigate the complex landscape of regulatory reporting.
The Qonto difference: an active, collaborative environment
What sets Qonto’s R&C department apart from other companies? Several key factors make our team truly unique:
- International dimensions. Our team covers all four markets — France, Germany, Italy, and Spain — fostering a diverse, global perspective that enriches our work and decision-making processes.
- Cross-team collaboration. R&C at Qonto is highly collaborative, supporting various teams in achieving their goals while effectively managing risks and ensuring compliance. We work hand-in-hand with our colleagues, breaking down silos and fostering a culture of shared success.
- Dynamic ways of working. We operate at a rapid pace compared to other market players, committed to delivering high-quality results efficiently. This agility allows us to stay ahead of the curve and adapt quickly to the ever-changing regulatory landscape.
- Strategic involvement. As Qonto has established a strong foundation, R&C plays a pivotal role in supporting growth and shaping the company’s trajectory through strategic projects. We are not merely a support function, but a key driver of Qonto’s success.
Join us on a transformative journey
As we continue to revolutionize the Regulatory Reporting process with the Qonto Cockpit, we’re always open to talented individuals with a passion for innovation (and some experience in regulatory reporting). By embracing the Qonto Way, you’ll have the opportunity to make a significant impact, contribute to our international growth, and set a new standard of compliance in securing Qonto’s future.
If you’re interested in making our vision a reality — and ready to be part of a dynamic, collaborative, fast-paced environment — we would love to hear from you. Together, we can take our Michelin-starred compliance work to new heights.
About Qonto
Qonto makes it easy for SMEs and freelancers to manage day-to-day banking, thanks to an online business account that’s stacked with invoicing, bookkeeping and spend management tools.
Created in 2016 by Alexandre Prot and Steve Anavi, Qonto now operates in 4 European markets (France, Germany, Italy, and Spain) serving 450,000 customers, and employs more than 1,400 people.
Since its creation, Qonto has raised €622 million from well-established investors. Qonto is one of France’s most highly valued scale-ups and has been listed in the Next40 index, bringing together future global tech eleaders, since 2021.
Interested in joining a challenging and game-changing company? Take a look at our open positions.
Illustration by Pierre-Alain Dubois.
