Synetec supporting Help For Heroes

Synetec were proud to continue their support of the Help for Heroes Charity Golf Day again this year. The event was held at the immaculate West Hill Golf Club.

Most importantly the day raised approximately £ 18,000 that goes to the Help for Heroes Charity and their intiatives. 

Click here to see more about the great work being undertaken by Help For Heroes




Golfers who took part

Synetec also sponsored one of the holes

PRISM and the financial services industry – how secure is your data?

You may, or may not have read earlier this week that Palantir Technologies was forced into a robust denial that it’s Palantir Prism software (used for data analysis by banks and hedge funds) was not in any way related to the US governments web surveillance PRISM system.

Now to set the record straight from the start, I’m not a conspiracy theorist and there is absolutely no suggestion that these two software services are in anyway linked, other than sharing the same name.

But the Palantir example, particularly as it was backed in its early stages by the CIA's In-Q-Tel venture capital arm, poses a critical question about the safety of your institutions data –are your systems really secure and can you do more to protect your most valuable asset, your data?

Today’s software systems and technologies have helped the financial services sector become more efficient, allowing operations to become faster and more flexible. The downside is that this flexibility has created an environment were cybercriminals are becoming a very real threat to your business. Until last week, we all knew the government was keeping an eye on us to some degree, but whilst unsubstantiated, it’s safe to say that we now know that the level of intrusion into our personal and professional lives (albeit for legitimate reasons) is on a scale otherwise unimagined.

In the same way, cyber threats are becoming increasingly advanced, and through sheer complexity and volume have the potential to cause serious risk for financial institutions. Only the best of software developers can now claim to offer their clients the peace of mind that they are ahead of the curve, when it comes to understanding and mitigating these risks.

So, where should you start in managing software security risks? Well for starters, understanding your financial institution’s susceptibility to compromise is fundamental to successfully managing your cyber-risk. As a CFO or IT Manager you are no doubt inundated with information about new and highly complex challenges facing your systems. The most successful companies work with their software development partner to jointly manage these risks, because even in the highly regulated financial services environment, being compliant doesn’t guarantee that your data is secure.

The modern financial service business must not only be compliant but must also manage risk, security and governance in line with key legislation such as Sarbanes-Oxley and Gramm-Leach-Bliley. This increasingly important focus on compliance and the global context of financial services, including outsourced/ offshored business functions and increasing government oversight, means your software development takes on a fresh perspective.

Leading software developers like Synetec work to FSA standards and beyond, which many offshore or smaller development houses don’t always understand or stress the importance of. Our systems include complete enterprise-grade data security that reliably and transparently protects your systems data. When appointing developers it is essential to review their security credentials and processes for critical services like system migration to ensure you are not being put at risk.

Whilst scare-mongering serves no purpose, it is important that CFO’s recognise that the threat to their systems is real and pose a risk not only to the financial but also the reputation of their business. Bodies including the World Bank continue to warn that threats to financial sectors remain the most omnipresent form of criminal activity across the global electronic infrastructure.

George Toursoulopoulos is a financial technology specialist and Director at Synetec, one of the UK’s leading providers of bespoke financial services software solutions. George started his career with US-software giant EDS, becoming the youngest manager in the company’s history and has since gone on to lead Synetec where he has continued to deliver world-class solutions for a number of the UK’s most prestigious Hedge Funds and Family Offices. George is a regular conference speaker on the implementation of technology within the financial services industry with a particular focus on delivering ROI and improving key business drivers. George has lectured on Microsoft development and has served as a director on numerous company boards. 

The big issue; bespoke versus off-the-shelf software solutions

Be it Microsoft, Adobe or whoever, the vast majority of the software we buy is 'off the shelf'. Whether consumer or business it’s likely to be the same application that is owned by millions of other users. The result is that it comes with all the advantages and disadvantages of a mass-packaged solution. But when is off-the-shelf a compromise too far?

The reality is that, most of the off-the-shelf software you see, probably started life as a bespoke piece of software; its value was recognised and it was produced for a wider market. You too might be considering having a bespoke application written specifically for your unique business needs, or you simply may not be able to find a product to suit your needs.  What are the advantages of going down the bespoke route? 

I wanted to use this short article to highlight some of the main benefits and negatives of the bespoke, vs. the off-the-shelf debate and to recommend that which ever way you chose to proceed- take a few minutes out to talk to a specialist software developer, like Synetec. A simple call with a reputable developer, could point you in the direction of a more cost effective solution or highlight the benefits of a more bespoke solution.

Let’s start with the positives of both:

Off-the-shelf	Bespoke
Development costs for packaged software is spread across the thousands or millions of users and means some solutions can be cost effective..	Normally bespoke software is seen as being costly, but compared to off-the-shelf financial software this is not necessarily the case. Off-the-shelf solutions can be very expensive because of the huge range of functionality that might not be needed. So, bespoke software can in this instance be a far more cost-effective alternative.
Information on the setup and operation of off-the-shelf is relatively easy to find. A simple Google search is a good place to start.	Your software developer should be on hand for all your customer support and training needs - including those crisis moments that require an immediate response.
Due to the mass availability of many packages, simple tasks like file sharing can be far simpler because everyone has the software.	The software is designed to meet your needs and function to match the way you choose to operate and run your systems. It is much more flexible and can be modified and changed over time as your requirements and business practices change.
Your solution is out the box and ready to go straight away, meaning you don't have to spend the time that is taken up with the development process.	Your own bespoke software can be a key differentiator between you and your competitors, giving you a real business advantage.

And now for the challenges:

Off-the-shelf software is built to meet the needs of the masses not your specific business needs, so there will probably be operations that you require, that you simply cannot do with the software.	If you do not own or co-own the source code and the intellectual property to your software you become entirely dependent upon your developer.
In trying to cater for everyone, generic software often has features you may never use which can be complicating and time consuming to learn – both of which add significant cost.	Direct cost isn’t the only prohibitive expense with bespoke software. So is the cost of your time. A large investment of your time is required during the development process in order to produce the best results.
Generic, by its nature means that everyone has the same system- including your competitors. This means you are never likely to gain any real advantage in the market place.	There are still an unacceptable number of inexperienced and non-dependable developers out there who pose serious risks to your business.
If there’s a crisis then be prepared to be kept waiting on hold, as to the large multinational software companies, you are just another number in a queue.
The lack of flexibility means that you may have to adjust your business processes in order to made them ‘fit in’ with the off-the-shelf software. That’s not ideal, the software should fit you, not the other way around.

Having a bespoke software solution developed to meet your business needs can provide you with major business and commercial benefits as well as create significant competitive advantage. The other significant advantage is the relationships you will build with your developer and the peace of mind that comes with having a team of professionals on hand to meet your training, development and service needs.

Synetec’s quick guide to software development buzzwords

Synetec’s quick guide to software development buzzwords

“There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies. The first method is far more difficult.” -C.A.R. Hoare

We’ve all sat in team meetings or conferences being bombarded with technical terms or buzzwords which we’ve never heard before. If we’re honest with ourselves, the IT team are amongst the worst offenders. Coding might be it’s own language but that is no excuse for adding so many terms to the dictionary. So here is Synetec’s short guide to 10 often misunderstood software terms.

1. Agile development

Agile Teams produce software in small stages, keeping code simple, testing it frequently often, and delivering small, functional pieces of the application as soon as they're ready. The focus is to build a succession of parts, rather than delivering one large application at the end of the project.

2. Extreme Programming

Extreme programming is a type of agile development that involves a pragmatic approach to program development. It places emphasis on delivering business results first while taking an incremental approach to building the product.

3. Feature creep

Feature creep is one of the biggest factors in time and cost overruns. It describes changes to scope of the project, usually adding news features beyond the original brief. These additional requirements can result in a significant impact to final cost, quality and schedule of the project.

4. Genetic programming

In artificial intelligence, genetic programming (GP) is an evolutionary algorithm-based methodology inspired by biological evolution to find computer programs that perform a user-defined task.

5. Pasta Theory of Programming

The pasta theory of programming refers to the idea that various programming structures are like pasta dishes. An unstructured procedural programming is called spaghetti code, while a more structured and layered programming is called lasagna code, while object-oriented programming is named the ravioli code.

6. Pair programming

Pair programming is an agile software development technique in which two programmers work together at one workstation. One, the driver, writes code while the other, the observer or navigator, reviews each line of code as it is typed in. The two programmers switch roles frequently.

7. Scrum

Scrum is an iterative and incremental agile software development framework for managing software projects and product or application development. Its focus is on "a flexible, holistic product development strategy where a development team works as a unit to reach a common goal" as opposed to a "traditional, sequential approach".

8. Scrum master

The scrum master is accountable for removing impediments to the ability of the team to deliver the sprint goal/deliverables. The Scrum Master is not the team leader but acts as a buffer between the team and any distracting influences. The Scrum Master ensures that the Scrum process is used as intended. The Scrum Master is the enforcer of rules.

9. Shotgun debugging

Shotgun debugging refers to the debugging of a program, hardware, or system problem by attempting multiple possible solutions at the same time in the hope that one of them will work.

10. Sprint backlog

Part of the scrum methodology, at the beginning of each sprint, the team has sprint planning with an end result being a backlog of work that the team anticipates completing at the end of the sprint.

11. Waterfall model

The waterfall model is a sequential design process, often used in software development processes, in which progress is seen as flowing steadily downwards through the phases of Conception, Initiation, Analysis, Design, Construction, Testing, Production/Implementation, and Maintenance.

12. WIP

WIP refers to Work in Progress and is any work that has been started but has yet to be completed. WIP meetings usually involve all stakeholders to ascertain degrees of progress against set objectives.

Does an in-house developer make business sense?

Hiring great people is never easy. I’ve talked a lot about the importance of the relationship between the client and your software developer. But I wanted to turn my attention for a minute to the value of an in-house IT team, and how a trusted developer can support your decision-making process.

The starting point must as always be, “does the decision to employ an in-house IT professional or expand your existing IT team make business sense? What is the ROI?“

The increasing pace of technology and the demand for skilled IT professionals can make hiring the right team a complicated process. If you are a smaller firm, you’ll also be acutely aware that people are your biggest expenditure- so you have to get it right. Like in any profession, simple mistakes can easily undermine your search for IT talent.

Filling a vacancy

Recruiting for a vacancy doesn’t mean simply looking for someone to fill an existing position. Smart firms look at ways to develop the role and how top IT talent can bring added commercial and reputational value to their businesses.

But for those small to medium sized firms, who don’t have a dedicated CTO, there can be a knowledge gap. Too often recruitment is based upon what you think you need, rather than viewing a vacancy as an opportunity for development. I would always recommend speaking to a trusted software developer; use them as a consultant to help you understand your needs and map out a strategy. They are also likely to know people in the industry at all experience levels and be able to provide recommendations or assist in the selection process.

Making the move to in-house

Occasionally firms decide that it makes more sense building an in-house IT team from scratch. I see this most often when a company has had a poor experience with an inexperienced developer or they have reached a point of strategic growth.

Particularly at the start of this process, working with an external software developer can be a great way to support your new internal team, freeing them up to focus on core business needs.

Team players

Whilst the best talent can bring significant benefits to your business, they need to be team players. I would personally take three junior developers on a starting salary, working in a team; than one senior developer at three times their salary, left to their own devices.

If you’re starting with a junior developer, then consider hiring them straight out of university, before bad habits set in. If you’re looking for a more senior position, then build a relationship with your software developer or recruitment consultant so they understand your business needs.

The freelancer versus established staff

Depending on your objectives, directly employing contractors can be both costly and a continuity risk. Employing an established member of staff will require an investment in payroll and infrastructure, but over time they will certainly be cheaper and hopefully more loyal. Consider 6 month probation periods and whether the individual has additional skills, such as social media or marketing, which mean they can pick up other roles within a smaller team.

It is one of the key advantages of working with a specialist software development firm (as opposed to contractors), in that a developer behind the scene may change but you still have a single point of contact delivering results on time and on budget.

Conclusion

Hiring the right person for the right job increases productivity and avoids having to deal with non-performers down the road. Experienced managers have job specifications accounting for specific short-term priorities and long-term organizational objectives.

In a realistic business setting, not everyone is busy all the time. If you hire a developer with secondary skills; you can get your development done in-house while having support on hand in other parts of your business- when you need it.

Why your developer should be a part of the team for the long-haul

I regularly talk about the relationship between my clients and Synetec, as being one of the most critical two-way partnerships their business will ever enter into. My clients IT systems are so integral to the day-to-day operation of their businesses that they simply couldn’t exist without them. That degree of trust and reliance makes Synetec arguably even more ingrained in their business than for instance, their lawyer or accountant.

So, what happens after you cut the ribbon on your new software system?

It goes without saying that even after testing and handover, any new system needs a level of ongoing training and support. I always recommend that when you negotiate the initial scope of work with your developer, you should always insist on at least a 90 day support package. This will help you and your staff get to grips with the system at your own speed; comfortable in the knowledge that support is only a phone call, email or a face-to-face meeting (if locally-based) away.

Manage change and reduce risk

While post-launch support is important, longer-term relationships can create real lasting value. These types of support packages are tailored to the individual clients needs and provide both peace of mind and on-call expertise. At Synetec we regularly work with clients where a previous outsourced-developer has gone ‘AWOL’ or where a key member of the client’s in-house team has left after years- leaving a significant knowledge gap in the business. Having an existing relationship with a reputable developer like Synetec means that you both minimise disruption and reduce risk.

Ongoing upgrades and training for bespoke and off-the-shelf systems

Regardless of whether your software product is bought off-the-shelf and installed by you or is a bespoke system, it is inevitable that it will require upgrading from time to time. A strong customer support programme is important, not only to ensure that you receive immediate assistance when those glitches occur (often at the most inconvenient time) but that potential problems can also be proactively mapped and managed.

An important piece of advice is to remember to also take into account the number and nature of users in your company and your in-house HR or training resources. Is your IT system simple enough that it only requires basic user training? Do you have in-house training expertise? If not, your support contract should contain provision for an on-demand training programme for staff (whether new starters or existing staff) being trained on the latest upgrade.

Reduce pressure on your in-house team

Another, often overlooked benefit, is that having a support contract in place can significantly reduce pressure on your internal resources. Synetec’s bespoke support services are developed to help your business to streamline processes, reduce costs, improve performance, and remain both flexible and up-to-date. This type of support relationship reduces pressure on your in-house IT team, meaning they can focus on immediate or strategy-based projects. If like most businesses you’re trying to balance efficiency while remaining at the leading edge of your industry- engaging with specialists like Synetec could produce financial and performance benefits.

Whether Sheffield or Sri Lanka your development team has to be onsite

You probably read the story earlier this year about an American software developer, who outsourced his entire job to a Chinese firm. He paid them 20% of the salary he was earning and instead spent his days sat around the office watching ‘cute cat’ videos on YouTube. Whilst one or two of you may have shaken your heads in disbelief; I bet many more applaud his ingenuity!

This type of incident is probably a one-off, but it raises the question about monitoring your outsourced developer and whether they can reasonably and responsibly outsource part of your system. Regardless of where in the world they are; do they need to be onsite in a controlled environment or can they be a freelancer sat working from a bedroom?

As a client, your decision to outsource your software development- is of-course- a strategic management decision and not just another way to cut costs. Apart from lowering costs, it enables you to achieve business objectives through operational excellence, making best use of expertise and reduce pressure on existing resources. But whether it is Sheffield or Sri Lanka; how do you ensure you’re not being exposed to unnecessary risk?

One of the things that set Synetec and other quality providers’ apart- is that we never outsource. We believe it is necessary to work closely and in partnership with our clients, to ensure the best solution. All of our development is done in our London offices and we are always available to meet in person or at the end of a phone, should you want to talk. Your data is safely and securely managed. Employees don’t go home with data; they don’t send confidential data via email and new starters and leavers are rigorously managed. This clarity is part of a company culture that encourages transparency and excellence.

Here are 6 key things to consider:

1. The importance of being there

Never under estimate the value of not only being able to keep an eye on ‘what’s going on’ but also of direct human interaction and the opportunity to share thoughts and ideas.

2. Have you considered the hidden cost?

IT ‘offshoring’ may entail extra hidden costs, including things such as international travel expenses, out-of-hour costs when working across time-zones and developing infrastructure to support off-site operations.

3. Have you done your due diligence?

If you were investing £100k in shares- I’m certain you’d research whom you were investing in. The same applies to your developer; don’t just rush to get someone in at the sacrifice of due diligence.

4. How does your contractor fit into your business?

If you don’t have a direct relationship with your developer, how do you build a relationship? If your developer doesn’t care about your business, they’re probably not going to put their heart and soul into the project. You have to accept, that a better more lasting relationship, might cost more but in return produce longer-term quality and support.

5. Does your data output meet required standards?

Whilst some financial services software may not have to comply with any regulatory standards, the system may be required to produce data that does. Are you prepared to gamble your businesses reputation on your developers’ integrity?

6. Operations and logistics

As in any contractual relationship, there is always the quality-of-service risk. Many offshore sites are characterized by high rates of employee turnover and poor starter and leaver processes. Vendors may also take advantage of poorly worded contracts or lack of technical knowledge, to try and get round deficiencies.

Conclusion

Regardless of whether it’s your HR, finance functions or software development, when you outsource any work to another organisation, there is a degree of risk. Add in a different geographic location and you cut down on the opportunity for face-to-face interaction. Take it further abroad and different socio-political environments, business cultures and ethics, all mean that risk is inevitable.

These risks can however be managed by working closely with the developers and monitoring through benchmarking and regular audits. Moreover the most powerful risk management tool is approaching your outsourcing as a long-term partnership.

5 Lessons from Findus on Managing Your Software Supply Chain

So unless you’ve been on another planet the past few months; you’ll have no doubt been chewing over the probability that your supermarket value beef burger may have contained horsemeat. For most the bigger shock was the revelation that these cheap and unappetising burgers contained any beef at all. Therein lays a critical lesson; not quite “buy cheap, buy twice” but rather “buy cheap and prepare yourself for some nasty surprises down the line”.

At the centre of the horsemeat scandal have been the complicated cross-EU supply chains, which have aptly demonstrated that no one, from the government, to food regulators, to manufacturers like Findus, actually seem to know where their meat originally came from.

With commercial software underpinning the IT infrastructure that businesses and governments rely upon for their most vital operations, enterprise customers need to be concerned about understanding their developers and their supply chain.

But while many of the criteria for the selection of product suppliers and system developers are the same, there are key differences. Product development for instance is usually completed in advance of an acquirer's product and supplier assessment. While for bespoke system development, you as the customer can and should be actively monitoring both the contractor and product supply chain risks during development.

Remember, a software supply chain can affect all aspects of your system, not just delivery and costs but system assurance, security and ongoing performance. To help you better manage your strategy, here are the top 5 things to consider from the experts at Synetec:

1. You get what you pay for

As market demands for more competitive costs have increased, so a distributed approach to software development is evolving, with platforms like oDesk allowing access to developers around the globe. But while paying $3 an hour for a developer abroad, may appear to save you money, you have to consider not just the financial risk but also the hidden cost. Consider whether you have the time to write an extra detailed brief or the capacity and expertise to manage the project on a daily basis in addition to what the cost/ benefit analysis of playing project manager will be.

Think also what you lose out on; be it an understanding of general business practices or the lack of added value, you have to accept that this approach is not buying you a relationship with a developer who is interested in your business- it is buying you a line of code.  

2. Manage your integrated solutions

Commercial software from a reputable developer should almost always be built at a central controlled location. Engaging with specialised developers like Synetec means you are buying into an established, credible and traceable business relationship- not just a product. This is doubly important because software systems often require different areas of expertise and increasing the distribution of development activities globally, creates additional risks to product security and your commercial brand.

Managing this risk requires you to identify not just your developers but their suppliers and any related parties they are using including; software from original equipment manufacturers; software built to specification that they themselves outsource to further external contractors, or which is sourced from repositories of Open Source Software (OSS).

3. Do your due diligence

Effective integrity controls mean that your developer closely manages the internal processes for accessing software components during the development, integration, testing and release of your software. Remember when doing your due diligence to consider… are the facilities where code is being developed secure? Are the developer’s data centre where code is stored secure and are communications between distributed teams monitored and controlled? Whilst postcode isn’t everything, it is a strong indication of the stability and credibility of the business. Take a look at our check-list of things to look out for when hiring a developer <link>.

4.  Check staffing policies

People are central to your software development success as well as one of the greatest sources of risk. Risks related to staff with malicious intent are not just confined to virtual employees in far flung locations, so as part of your due diligence, be sure to review your suppliers new staff and leaver policies. Different business functions are usually performed by different people. They require different levels of access to key assets, be that working on supplier sourcing, new product development and testing, or product delivery. Remember also that as nice as a NDA is, it’s probably not going to count for much- especially if your developer is in a foreign jurisdiction.

5. Ensure rigorous testing

Experienced developers manage internal and external supply chains effectively, including how they procure code from their suppliers; how they screen and test code; and how code is integrated and tracked throughout the development, testing and delivery processes. This is important both for security reasons and the quality of the code. Through a series of controls, developers assure that the software components they use are authentic and properly tracked along the supply chain. This can be through systems including online product registration, certificates of authenticity and tamper-proof product packaging. 

…

Every business has a budget and it is only fit and proper that you look for the most cost effective software solutions; but be aware of the hidden dangers. While most people have brushed off the prospect of having eaten horsemeat in their burgers as unfortunate or even amusing, the lasting damage of this supply chain melt down will have no long-term impact on the end consumer. If however your business critical software system fails you, the implications may be harder to swallow.

George Toursoulopoulos is a financial technology specialist and Director at Synetec, one of the UK’s leading providers of bespoke financial services software solutions. George started his career with US-software giant EDS, becoming the youngest manager in the company’s history and has since gone on to lead Synetec where he has continued to deliver world-class solutions for a number of the UK’s most prestigious Hedge Funds and Family Offices. George is a regular conference speaker on the implementation of technology within the financial services industry with a particular focus on delivering ROI and improving key business drivers. George has lectured on Microsoft development and has served as a director on numerous company boards.

Synetec confirms quality at heart of service with appointment of Delivery Quality Manager

In an industry where reputations are built and lost on the quality of product and delivery, Synetec Software have made a significant statement of intent, with the appointment of Anna Starikova as their new Delivery Quality Manager.

Anna, who holds a Masters Degree in Information Technology, joins the rapidly expanding Synetec team from Lizard Soft. Anna’s pan-European experience, providing in-depth expertise and analysis of system delivery, adds yet further depth to a Synetec team already viewed as a market leader in enterprise-quality bespoke software development.

In her role as Delivery Quality Manager, Anna will be responsible for managing the delivery of all projects and ensuring that the quality of those projects meets and exceeds Synetec’s exacting standards and their client’s expectations. Her role will oversee management of resources, reporting, testing, requirements gathering, client interaction and support during the software development lifecycle.

Synetec’s established quality culture is central to its brand reputation and an organizational environment where quality is viewed as everyone’s responsibility. Anna’s experience will strengthen their incorporated knowledge base of best practice and continue the expansion of their world-class quality management systems.

Synetec is a financial software development company based in central London with unrivalled experience in providing IT services and solutions.

For over a decade, Synetec has worked with some of the UK’s largest Hedge Funds, Asset Managers and Family Offices to deliver a range of premier IT solutions. With expertise in equities, FX and fixed income; Synetec has a proven ability to develop systems for both front-office and middle-office.

Their in-house team of Microsoft Certified Developers work in both VB.Net and C#; constantly delivering exceptional, high quality projects, on time and on budget.