Who Are Synectics Solutions?
Synectics Solutions is a leading provider of fraud prevention and risk intelligence solutions, trusted by over 160 organisations across financial services and government as their first line of defence. Focussed on data analysis, predictive analytics, and real-time screening, it helps its clients identify and mitigate fraud, financial crime and money laundering.
Key Benefits for Synectics Solutions
- Increased TPRM efficiency and scalability.
- Enhanced collaboration between internal teams on supplier oversight.
- Deepened visibility into extended supply chain dependencies.
The Challenge: TPRM Scalability and Automation
Prior to adopting Risk Ledger, Synectics Solutions’ Third Party Risk Management (TPRM) process was manual, time-consuming, and difficult to scale.
According to Steve Sands, Information Security Consultant and Data Protection Officer at Synectics and Chair of the BCS,The Chartered Institute for IT’s Information Security Specialist Group: “TPRM was a laborious, manual process. It was based on customised questionnaires, using spreadsheets. It was not a scalable process.”
The Compliance team, supported by a supplier management committee, owned the process. Each new supplier required a tailored assessment, and business owners were responsible for final approval. While this approach ensured thoroughness, it was not sustainable as the business grew and regulatory expectations intensified.
Crucially, Synectics Solutions recognised that while their suppliers did not have access to sensitive client data - reducing the risk of direct data breaches - certain supplier services were nonetheless deemed critical to operational availability. Any disruption could thus have a significant downstream impact on their clients’ ability to prevent financial crime and comply with regulations.
Specifically, in the words of Steve Sands, “some supplier services are critical from an availability perspective to Synectics Solutions”.
Key Drivers for Change
Three primary challenges prompted Synectics Solutions to seek a new approach:
Scalability: The manual, spreadsheet-based TPRM process could not keep pace with Synectics Solutions’ rapid growth or the increasing volume and complexity of supplier relationships.
Transparency: There was a need to create a comprehensive, consistent supplier profile that could be easily shared with clients and prospects, supporting transparency and trust.
Consistency: The company wanted to standardise supplier management processes and risk assessment methodologies to ensure a uniform approach across the business.
The Solution: Adopting Risk Ledger
By implementing Risk Ledger, Synectics Solutions transformed its TPRM programme into a scalable, collaborative, and transparent process. The platform enables its Compliance team to automate supplier assessments, standardise due diligence, and maintain a dynamic, up-to-date supplier profile accessible to clients and prospects.
In terms of the efficiency gains made, Steve highlighted:
I’d estimate that we spend less than half the time to onboard a new supplier using Risk Ledger than using previous processes.
Steve Sands, Information Security Consultant and Data Protection Officer, Synectics Solutions
Navigating a Changing Regulatory Landscape
As a critical third-party provider to the financial sector and government in the UK, Synectics Solutions is closely monitoring the UK’s evolving regulatory environment. With the introduction of the Critical Third Parties (CTP) regime and ongoing updates to operational resilience and financial crime regulations - including the Financial Conduct Authority’s (FCA’s) 2025-2030 strategy and the forthcoming Cyber Security and Resilience Bill - demonstrating robust TPRM has never been more important.
Synectics Solutions anticipates possible designation as a CTP. According to Steve, this is “looking likely as we are currently registered under the previous NIS regulations.”
A designation as a CTP would bring new challenges: the need to evidence compliance to both clients and oversight bodies. Risk Ledger’s flexible platform supports these requirements, enabling Synectics Solutions to provide clear, auditable records of its own risk management activities with regard to its critical third parties.
Enabling Greater Supply Chain Visibility
One of the implicit goals of the new operational resilience regulations, such as DORA in the EU and the Bank of England’s, Financial Conduct Authority’s and Prudential Regulation Authority’s own rules in the UK, is to increase transparency across the financial industry’s supply chain and identify concentration and systemic risks. As Steve points out: “We recognise the importance of transparency and ongoing monitoring of supply chain risks”.
By joining Risk Ledger, Synectics Solutions has enabled its clients to gain greater visibility into their own extended supply chains, fostering a culture of openness and ongoing monitoring that benefits the entire sector. Moreover, Steve stressed that:
when onboarding a host of new Financial Services clients, we found the ability to create a profile specifically for the service we were delivering to be very useful.
Steve Sands, Information Security Consultant and Data Protection Officer, Synectics Solutions
Enhanced Collaboration Between Teams
Risk Ledger has also transformed the way different teams within Synectics Solutions collaborate on third-party risk management across the organisation. By enabling seamless integration of relationship owners into key review and approval stages, Risk Ledger ensures that all relevant stakeholders are actively involved, resulting in more informed and agile decision-making.
According to Steve, “more people are now engaged with the process. Supplier relationship management is more straightforward as we involve relationship owners in Risk Ledger supplier reviews and approval stages.”
This enhanced collaboration not only drives efficiency but also strengthens overall supply chain risk oversight throughout the organisation.
Looking Ahead: The Future of TPRM
Highlighting the growing importance of effective TPRM, Steve believes that
TPRM will increase in focus as businesses recognise the criticality of third party services to their own products and services. The forthcoming Cyber Security and Resilience Bill will further increase the need to proactively manage third party risks.
Steve Sands, Information Security Consultant and Data Protection Officer, Synectics Solutions
The Bill, expected later this year, will require regulated firms and their suppliers to demonstrate robust, proactive risk management. Continued innovation in platforms like RiskLedger - particularly around automation, risk insights and collaboration - will be key to meeting these challenges.
By adopting Risk Ledger, Synectics Solutions has fundamentally transformed its approach to third-party risk management. The shift from manual, fragmented processes to a scalable, transparent, and collaborative model has enhanced operational resilience, supported regulatory compliance, and strengthened trust with clients.
As the regulatory landscape continues to evolve, Synectics Solutions is well positioned to lead on transparency, supply chain visibility, and best-in-class risk management in the fight against financial crime.
