Optimising Corporate Risk: Operational, Legal, Fraud and Debt Recovery
Synectics Ltd (www.SynecticsConsulting.com) is a Software • Eight out of 10 Projects come from existing Clients
and Risk Consulting firm based in Cyprus, an island in the • The average payback period for a typical Synectics
eastern Mediterranean Sea. Solution is eight months.
Cyprus is part of the European Union since May 2004 and it Our flagship products for fraud prevention have been in
was a British colony until 1960 when it became an independent successful operation for many years now and they boast savings
state. With over 9000 years of historical heritage Cyprus is of the order of millions of euro every year. Equally impressive
renowned not only for its natural beauty but also for being a is the record of the Debt Recovery System which helps our
modern and successful business centre. financial Clients to increase their recovered amounts by
hundreds of thousands of euro even within the first few months
Synectics is a private limited company with a single business of operations. To enable us to better manage Operational Risk
focus, namely Risk Management in four distinct business areas, we focus on Continuous Improvement rather than routine
Fraud, Operational, Legal and Debt Recovery Risk. It is compliance. It is this perspective that has motivated us to
instructive to note that by design we spend half of our thinking address contemporary business needs such as Quality and
effort in simplifying our products and associated procedures in Knowledge Management. Finally, in the complex and volatile
our Clients. In the process, we always practice Continuous business environment where we have to operate, survive and
Improvement as a way of life. After sales service is the other thrive, legal risk is becoming extremely important and critical
notable characteristic that is being specially valued by our for the unhindered growth of contemporary business entities.
Clients. The other two components of our success are the SafeLaw provides this kind of specialised software legal
emphasis we give to the quality of our deliverables (products support.
and services) and foremost the fact that we truly care about our
Clients and your own business goals always taking in account Our focus on the Payment Card Industry (PCI) has enabled us to
your own environment, culture and constraints. develop a unique all-encompassing Risk Framework for leading
Card Centres which includes solutions for effectively
At the back of our business cards we have included the addressing especially ATM fraud, e-commerce fraud,
Synectics Mission to remind us of why we are in business and counterfeit and CNP fraud, PCI DSS (Data Security Standard),
to explain to our Prospects and Clients why Synectics exists: - ISO 27001, Basel II Operational Risk, Merchant Monitoring
To develop and support effective Products to competently and Control (for improved Profitability and reduced charges and
address: - penalties), Collections and Recoveries, Quality and Knowledge
Risk (Operational, Legal, Fraud, Debt Recovery), and Management.
Productivity areas (Quality & Knowledge Management); For PCI DSS, Synectics is working in close cooperation with
While achieving excellent ROI for our Clients (payback Trustwave the leading PCI QSA (Qualified Security Assessor),
period less than 8 months); the main role of Synectics being PCI DSS Remediation Project
By a Synectics team of professionals working in a Management and Implementation. In this role, should the
stimulating environment; Financial Institution or Processor so decide, Synectics will be
To do so profitably enough to enable Synectics to: - available to undertake the project management and
Fund R&D, motivate the Synectics people and provide a implementation of the Remediation Phase of the Compliance
decent ROI to our Shareholders. Project. Once Trustwave and the customer (either bank or
merchant) complete a Remediation Roadmap or Project Plan,
For these four business areas we have developed substantial Synectics will provide the resource and management to the
know-how and corresponding solutions, which are extremely customer in order to implement the solutions necessary to fix
effective, easy to implement, learn and use and, therefore, have the failed points (or points of remediation). Additionally,
a very good Return on Investment record, the average payback Synectics can provide specific implementation consulting where
period being eight months. needed to put the solutions in place. Synectics added value to
the customer is to provide the resource needed to drive the
We have an enviable record of successful projects in the wider programme forward once the points of remediation are
geographical region. We enjoy an excellent reputation with our identified, thus greatly reducing strain and involvement from the
customers for delivering within schedule and budget and internal staff of the customer. Synectics will contract directly
meeting top management expectations and user needs alike. We with the customer. In summary, while Trustwave adds value to
base our success on three pillars namely, Quality Software, the core PCI DSS the Synectics Solutions address business
Business Knowledge and exceptional after-sales Support. Our aspects one step before (Quality and Knowledge Management)
prime measurements of success are: - and one step after DSS (Risk Management with focus on Fraud
• Repeated sales/assignments from our existing Clients Control and Profitability and Productivity Improvements).
• Strong, unqualified, customer references (our Clients
are our only sales force). SYNSAFE is the Synectics suite of Software Application
• Degree of know-how and technology transfer as Solutions (Products) addressing key issues in the wider area of
acknowledged by our Clients. Risk Management. These Products are listed further below.
They are complemented and supported by other horizontal
Our software are rich in functionality, modular, robust, with products such as SafeKnowledge, SafeQuality, SafeProc and
built-in best industry practice and are priced to offer excellent SafeOffice. All of these products have been initially developed
value-for-money. All these are supported by our excellent for leading Institutions across Western Europe, North America
service record in the field. The measurements that really matter and Australia and have since been upgraded to address wider
to our Clients and Synectics are: - industry needs and enhanced to incorporate best practice.
• Nine out of 10 Projects we do are assigned to us Synectics retains the ownership and intellectual property rights
(without going through the usual bid processes) for all of the Products below.
Synectics Suite of Risk Management Solutions
• Oracle 10g or later (the 3-tier web-enabled architecture has replaced Client/Server Product
SafeBank Effective Control of fraudulent transactions within Core and Peripheral Banking Systems. SafeBank is
quietly analysis transactions (usually in the background, mostly in batch mode although for time critical
issues a real-time on-line operation is also supported).
SafeGuard Timely and accurate Control of fraudulent transactions in banking cards operations (any card for issuing,
ATM and Merchants for Acquiring, Chip and e-commerce technologies). Extremely effective, especially
for skimmed cards, easy to understand, quick to implement (2-4 weeks), flexible to protect your card
operations from prevailing fraud schemes. Has been interfaced to many switches and cards management
SafeGuard DIAP Dynamic Intervention in the Authorisation Process. DIAP, actively performs fraud checks on every
payment card transaction in real-time and pre-emptively declines high risk transactions according to
various highly parameterised rules. Allows the prevention of fraud losses before the commitment or
transfer of funds. Extremely effective with a proven track record for E-Commerce and ATM
SafeGuard AFPS ATM Fraud Prevention System. Timely and active monitoring of ATM transactions built on the proven
and successful Fraud Detection Engine of SafeGuard. Ideal for transaction Processors serving more than
one ATM or Merchant network, can successfully calculate the Common Compromise Point (CCP) in
case of skimmed cards. Easy to understand and easy to implement, provides affective, flexible and
scalable protection. It can optionally integrate with DIAP to block various ongoing fraud schemes such
as ATM Milking incidents.
SafeMerchant Merchant Monitoring and Control is a niche product to address contemporary needs of leading
Acquirers. While SafeGuard focuses specifically on the prevention of Fraud, SafeMerchant looks at your
acquiring business from a wider perspective, giving you a powerful insight into acquiring aspects such
as monitoring merchant profitability and proactively reducing the risk for charges and fines on
exceeding thresholds, etc
SafeNet Internet Banking is on the rise but so is the risk for fraud losses. Like the early days of card fraud,
internet fraud is currently a highly unpredictable risk where the current low volumes of transactions as
well as the small amounts at stake make managers quite complacent against the risk of fraud in their
internet banking operations. SafeNet addresses exactly this need by providing comprehensive protection
against internet banking fraud with a very attractive licence and implementation services investment.
• Developed on ASP, .Net 2.0, C# - back end engines running on Oracle 10g or MS SQL 2005:
SafeLoss Operational Risk Management as per Basel II with emphasis on Continuous Improvement rather than
compliance. With a practical focus and emphasis on banking fundamentals, SafeLoss is a useful tool in
managing Operational Risk and reducing internal waste within your Institution. With recent surveys
indicating that such waste in financial institutions in North America and Western Europe are as high as
50% one realises immediately the importance of SafeLoss since any savings will automatically appear as
net increases in your bottom line figures.
SafeQuality Quality Support System (QSS) supporting concurrently multiple standards such as PCI DSS, ISO 9000,
(QSS) 14000, 17000, 27000, TQM, EFQM, etc. Twice funded by European Research Funds, SafeQuality is a
complete solution for any size of organisation from the very small to multinational enterprises.
SafeKnowledge Practical System to collect, improve and disseminate knowledge within your Institution. Seamless
(KMS) operation and simplicity of use are the features to facilitate maximum exploitation of your in-house
knowledge, an answer to the perennial “If we only knew what we know”.
SafeProc A niche product to assist medium, large and very large enterprises to efficiently manage (streamline)
their processes. SafeProc includes functionality from SafeQuality which is necessary and sufficient to
manage audit reviews and non-conformities as well as documentation pertaining to multiple concurrent
• Developed on Domino and Lotus Notes as well as Oracle 10g:
SafeDebt Our Debt Recovery Flagship Product produces savings of the order of hundreds of thousands of euro
even within the first half year of operations. The System focuses on the later stages of bad debts recovery
and it can be tailored to reflect the country’s legislation and legal procedures as well as your Institution’s
internal processes. SafeDebt incorporates best practice in debt recovery as practiced in Europe, North
America and Australia.
SafeLaw This is part of Law Office Management and Administration System (LOMAS) a successful suite of
Information Technology Solutions for leading Law Offices as well as for Internal Legal Services
Divisions of large Institutions. It addresses specific areas of legal activities such as Contract
Management (Drafting and Execution), Incorporation and Management of Companies, Intellectual
Property (Patents, Trademarks, etc) Management, etc.
Service - Quality – Innovation – Value-for-Money
Please call Marketing at +357 22 780888, or fax us at +357 22 780558
41 Metochiou Street, P.O. Box 20020, CY-1600 Nicosia, Cyprus
email: email@example.com, http://www.synecticsconsulting.com
Why Synectics<> February 2010