The need for speed
In business as in life, when a
difficult situation presents itself, it can be tempting to delay
fully engaging with it. One hopes it might go away, or at least that
it will turn out to be straightforward to resolve at some undefined
point in the future – by which time, of course, it tends to have
got worse.
It's something that the forensic services team at BDO feel strongly about. When they are brought in on a matter early, they are at their most valuable and get the best results. Professional fees notwithstanding, there are very few circumstances in which it is cost effective or strategically wise to delay engaging the specialists.
'Apart from anything, we'll help identify the issues that need to be dealt with in the first place,' says Kaley Crossthwaite, a Partner in the BDO Forensic Services team. 'A law firm may wait until they think they understand the full scope of a matter, or until litigation is imminent, before bringing us in – but there may well be important factors that they haven't spotted that are critical to dealing with the problem.'
This initial phase is not a costly one. 'If we can get involved early we'll come in and do a free diagnostic of the situation,' Kaley continues. 'It allows us to set out what we see as the key issues, and to discuss what further information or research might be needed to deal fully with things. We can help manage the client's expectations by looking at some timescales and giving an idea of the costs that may be involved.' The more detailed the picture that can be established, the easier it will be to manage and the more effective the actions that can be taken.
'We're also better able to identify any potential barriers or hurdles in the way of a successful action,' adds Kaley. 'As well as adding value in terms of solutions we look to improve the process itself.'
Failing to act in time has real consequences. Conversely, early instruction can lead to a speedy and successful resolution. Kaley mentions one particular case where BDO were involved at the very beginning. 'We were called in on day one and worked really closely with the lawyers. We found the smoking gun straight away, obtained an international freezing order over the suspect on day two, helped identify the assets and then within three months had recovered some three-quarters of the total amount that had been stolen over a 12-year period.
'The joined up approach we were able to take with both the legal advisors and the client from the start paid dividends. And the benefits of this approach are true for every single area we work in, whether it's a black hole investigation, fraud, acting as expert witnesses or anything else.'
In the end it all comes down to information – specifically, getting as much of it as soon as possible and then knowing what to do with it. 'Information is control, after all,' concludes Kaley. 'And the more control you have over a case, the greater your chances of success and the happier your clients. That's where we can help.'
