Professional Advisers Crisis and Risk Management - 2021 Global-Wide p.1 UK p.19 USA p.33 - Diligencia
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Chambers Professional Advisers Crisis and Risk Management 2021 Global-Wide p.1 UK p.19 USA p.33 chambers.com
Chambers Professional Advisers Crisis and Risk Management 2021 Global-wide chambers.com
Global-wide www.chambers.com
How lawyers are ranked Contents:
Every year we carry out thousands of in-depth inter- Business Intelligence & Investigations
views with clients in order to assess the reputations
Pre-Transactional Advisory (Investigative Due Diligence) p.3
Pre-Transactional Advisory (Technology-Led Due Diligence) p.6
and expertise of business lawyers worldwide. The
Crisis Management p.7
qualities we look for (and which determine rank-
Cybersecurity Risk p.8
ings) include technical legal ability, professional
Environmental, Social & Governance Risk p.11
conduct, client service, commercial awareness/
Political Risk p.15
astuteness, diligence, commitment, and other qual- PR & Communications Crisis Management p.17
ities most valued by the client.
Leaders’ Profiles in p.18
An Introduction to Business Intelligence & Investigations: Pre-Transactional
Advisory (Investigative Due Diligence)
Contributed by G3
The global M&A landscape has evolved. How have investigation stand the accuracy of an order book puffed up ahead of a sale, for
firms responded? example, or a potential change in government policy in a strate-
A wall of liquidity has driven competition for a diminishing pool of gic sector that may impact an investee company’s ability to sell
quality assets. Valuations have gone up, transaction timeframes to China. The ability of an intelligence firm to discreetly source
come down, and the penalties for structuring the wrong deal such sensitive information helps to remove uncertainty around a
grown more acute. As the risks have evolved, so has investigative business model. More importantly, an information advantage may
diligence. This article looks at some of the ways in which sophisti- also give a buyer confidence to lean a little more aggressively into
cated investigation firms have responded to the new challenges. a valuation, which ultimately may enable it to win the asset.
One long-term trend is the demise of the traditional mainstay A further trend has been the shift by dealmakers into emerging
of the industry: the open-source investigation. This legacy prod- markets to chase growth as well as maintain returns as competi-
uct – scraping information from the public domain, mostly as a tion for assets closer to home intensifies. This shift is further driv-
backward-looking, box-ticking exercise – has been on the wane ing demand for investigation firms who can provide intelligence
for years and is now largely redundant as a meaningful exercise in markets where clients have no track record or established net-
in investigative due diligence. While it is often a cheap option and work of their own. In addition, the increased competition for as-
is favoured by some sections of the investigation industry as an sets is shrinking the timeline for providing intelligence on targets.
easily delivered and scalable product, the findings are often little Dealmakers now looking to “pre-empt the pre-empt” are making
more than a deal team’s analyst can provide through a few hours the historic five-to-six-week timeline to provide an investigation
of online research. With the volume of misinformation in the pub- report look leisurely in the face of demands now to execute in 10
lic domain and the growth of artificial intelligence platforms that to 15 days. Investment committees and company boards, them-
can automate much of the work – never mind the sheer scale of selves under pressure to ensure deals are in line with the height-
material that is now out there – it’s clear that the usefulness of this ened ESG and other governance standards of their pension fund
kind of research for exploring the nuances of a potential transac- limited partners or public market shareholders, cannot rely on
tion is limited. high-level, light-touch reports in most markets. However, when
As open-source research has become more commoditised and the markets are new, or the deal has been cobbled together in
compliance-focused, dealmakers are turning to firms that can short order, they are vital.
deploy a source network. These networks – formed of contacts The investigation industry has been resilient in most market
on the ground with trusted access to the target – can cut through conditions, and the Covid-19 pandemic is no exception when it
the online noise and offer dealmakers a vital competitive edge. comes to deal-related intelligence. With the opportunities for
Scoping can range from identifying the real decision-maker in a travel limited, deal teams have struggled to physically meet tar-
close-knit family that is selling their business, through to intelli- get management teams. Other intelligence that a deal team would
gence around the rival bidder universe. The latter especially, once historically rely on has also been constrained: M&A advisers, law-
the preserve of the clubroom and the ‘old boy’ network, is moving yers and consultants previously sitting in target companies’ offic-
to the discreet investigator, whose deep international and sectoral es and working their own networks traditionally provided informal
networks can provide multi-angled insights and understanding. information feeds that were critical in packaging a deal. Investi-
Investigation firms have also been moving towards providing gators, with their network of local contacts, have been actively
more commercially-relevant intelligence on a deal. The core in- filling these information gaps. With the confidence teams now
vestigative offering to deal teams has traditionally been – and for have around making deals remotely, investigation firms can prove
many firms remains –defensive: investigators are asked for insight a long-term solution for the executive who sees the value in using
into the reputation and integrity of the target management team independent personal insights from trusted, reliable third parties.
and business, with the main consumers of the resulting product As they continue to adapt to the demands of the investment in-
typically being compliance departments. However, the demands dustry, investigation firms should remain a feature of deals for
from private equity and corporate/M&A dealmakers are broaden- years to come.
ing. A deal team modelling a target company may need to under-
2www.chambers.com Business Intelligence & Investigations Global-wide
Business Intelligence & Investigations
Pre-Transactional Advisory (Investigative Due Diligence)
awarding of major tenders, and was able to bench- around the world.”
Business Intelligence & Investigations
mark its reputation and track record in compar- Notable practitioners
Pre-Transactional Advisory
ison with sector and regional peers. Nick Barnes is a London-based director of the
(Investigative Due Diligence)
Notable practitioners company and is a key contact.
Leading Firms
Oliver Gorton is an experienced corporate inves-
Band 1
tigator and has led several complex pre-transac- The Risk Advisory Group
Alaco *
tional investigations. He is a key contact. What the team is known for The Risk Advisory
G3 *
Group is a well-established player in the business
Hakluyt
G3 intelligence market and is well regarded for its
The Risk Advisory Group
See profile on p.28 broad capabilities in investigations and security
Wallbrook
What the team is known for G3 is an elite busi- management. Its multidisciplinary global footprint
Band 2
ness intelligence firm providing clients with dis- and breadth of geopolitical research experience
Blackpeak
creet, bespoke, commercial insight to help boards offer a unique depth and quality to its reporting to
Control Risks *
of directors, C-suites and deal, legal and compli- clients. Its in-house specialists produce thorough
FTI Consulting *
ance teams make better decisions. Operating out analyses of the reputational and regulatory risks
Greyhawk Intelligence Group *
of London, G3 is industry sector-agnostic and associated with potential business partners or
Nardello & Co. *
global in its capabilities, with extensive experi- investment counterparties.
S-RM *
ence in many jurisdictions and the capacity to Strengths “One thing that really stands out to us
Band 3
build networks to meet a client’s demands. Most is their expertise in oil and extractive businesses
Berkeley Research Group, LLC
of the firm’s staff consist of a mix of full-career issues in Africa and in the CIS. They did an out-
Charles River Associates
intelligence, banking and legal backgrounds to standing job for us and put together a team with a
Diligencia Group *
ensure a wider strategic offering in its advice. level of insight that knew exactly what was going on
Exiger Group
Strengths “G3 is extremely resourceful in judicially and politically. We found them be second
GPW
obtaining information – we trust them entirely. It’s to none. Compared to other firms, they’re top of the
K2 Integrity
very helpful to have a report from them to back up list.”
Kroll, a division of Duff & Phelps
any statement where we’re saying this is a credible “I have worked with The Risk Advisory Group for
Mintz Group * and robust counterparty in a transaction. We also more than a decade. They are my go-to third-party
* Indicates firm with profile.
appreciate that they don’t create an aura of panic. investigative agent when it comes to international
Alphabetical order within each band. Band 1 is highest. There’s no terrible dread if they find something; reputational background diligence, particularly
they’re very balanced in any situation and will keep with respect to individuals and entities in countries
Band 1 you in the loop.” where my firm does not have language capabilities
“The reason we use G3 is that they give us an addi- or boots on the ground.”
Alaco tional flavour above and beyond the regular red flag Notable practitioners
See profile on p.24 checks. G3’s reports typically include anonymised Hannah Gilkes is a director and head of business
What the team is known for Based in London, quotes from their sources, but they also present it intelligence for Africa. She is a key contact.
Alaco is a business intelligence firm with mar- in a way that’s not just a transcript. There’s thought
ket-leading capabilities in investigative due dili- gone into what matters in the quotes and an anal- Wallbrook
gence. Its compliance and transaction advisory ysis of potential red flags. I’d describe their work as What the team is known for Wallbrook is a
practice enables clients to maximise opportuni- a perspective, rather than just a written report – it’s highly respected business intelligence firm with
ties and minimise risk with respect to upcoming got a commercial angle to it all.” a global team across its headquarters in London
transactions or existing investments. The firm Notable practitioners and offices in New York, Dubai, Switzerland and
serves significant global financial services cli- Michael Bevan is G3’s chair and is a key contact. Hong Kong. Pre-transactional advisory is handled
ents, as well as international corporations, law through its business intelligence and integrity
firms, family offices and international develop- Hakluyt due diligence practice, often working closely with
ment institutions. Alaco’s crypto-focused subsid- What the team is known for Headquartered in its acclaimed ESG and human rights practice. As
iary, Alaco Analytics, helps clients identify risks London, Hakluyt is a strategic advisory firm with the only certified B Corp in the industry, Wall-
specifically in the digital asset sector. offices in San Francisco, Dallas, New York, Frank- brook places ethics and strong governance at the
Strengths “Alaco’s due diligence output across the furt, Mumbai, Singapore, Tokyo and Sydney. The forefront of its practice. It is one of the largest
board is fantastic. It’s what they’ve done for years firm advises senior business executives, non-ex- independent and wholly employee-owned intelli-
and you’d have to put them at the very high end ecutive directors, corporate general counsels and gence firms providing due diligence services.
of the scale for that. If I was a bank or a corporate law firms on commercial issues and risk-based Strengths “Frequently, Wallbrook has learned
looking to get some due diligence done I’d go to analysis of their business decision-making. Hak- more for us about the target at the quoting stage
Alaco in a heartbeat.” luyt has an extensive stable of directors and board than other vendors may find in their final report.
“They understand the reason as to why enquiries members with storied careers and senior posi- That allows us to better tailor the ultimate scope of
are being asked of them. Alaco understand the tions in global finance, business and government. work that needs to be done early on, and it’s a real
‘so what’. Many companies in this space have a Strengths “For senior decision makers Hakluyt value-add of theirs.”
tendency for a cut-and-paste approach in just are still the first call that’s made because they’re “Their client relationship management is second
reporting what’s out there, whereas Alaco answer incredibly well connected, both in terms of the to none. You get a sense of reassurance that you’re
the ‘so what’ and provide something meaningful to board they have and the practitioners there. If really getting taken care of, it’s a blue-chip top law
you as a client.” you want to know the government’s perspective in firm quality kind of client relationship. In turn, we
Work highlights Alaco was mandated by a pri- Qatar, for example, they can get you that informa- engage Wallbrook because of their commitment to
vate equity fund to conduct pre-transactional tion to help support your investment decision.” ethics and conduct. I know that Wallbrook are proud
due diligence into a South African-registered “Don’t ask how they got the information, that’s of the stance they take on that front.”
construction and engineering company with oper- how they roll. They’ll send you something, and the Notable practitioners
ations across EMEA. Alaco was able to evidence next time you open it up it won’t be there. They do James Hunt is a managing partner in Wallbrook’s
any hidden beneficiaries within the company’s great work but it’s a little like watching a spy show. London office, where he oversees the firm’s
ownership structure and the extent to which the I think Hakluyt is kind of amazing; their people have day-to-day operations and guides the long-term
company was exerting undue influence over the two degrees of separation from cabinet members strategy of the business. He is a key contact.
3Global-wide Business Intelligence & Investigationswww.chambers.com
Band 2 communications. viding strategic advice to guide its clients’ negoti-
Strengths “The key advantage that FTI have would ation strategies and investment decisions.
Blackpeak be the wide reach of the organisation as a whole. Strengths “I typically engage Nardello on behalf
What the team is known for Blackpeak is an The breadth of resources can be incredibly pow- of private equity and corporate clients to undertake
international investigative research and risk advi- erful to leverage and is not usually found in their business intelligence work in relation to mergers
sory firm originating out of East Asia. Its offices competitors, who are typically set up as leaner, spe- and acquisitions of companies. The work is always
include Hong Kong, Singapore, Tokyo, Shanghai, cialised service shops.” multi-jurisdictional and requires coordination of
Beijing, Guangzhou, London, Washington DC and “We’ve had a very positive cooperation with FTI so sensitive and complex information from different
New York. The firm is well accustomed to con- far. We’re very impressed by their skills, capacity, countries and different industrial sectors. They are
ducting in-depth research and analysis to help in-house variety of tools and their expertise to be responsive, insightful and commercially astute, with
investors test their investment hypotheses and able to help us. It definitely helps that they’re in dif-
good judgement, and are a pleasure to work with.”
evaluate fraud and corruption risks in specific ferent areas of the world and are truly global. They “With Nardello & Co., as with top law firms, clients
entities, as well as assessing the reputation and have no resources to envy at other firms, FTI has it should focus on the value not the cost. A client can
management style of a target company’s leader- all in-house.” save a lot of money by commissioning poor-quality
ship team. Work highlights work product from other firms or they can spend
Strengths “Blackpeak spring to mind, particu- The global risk and investigations practice (GRIP) money wisely and hire one of the best boutique
larly in the Far East. They do a lot of due diligence is supporting the internal fraud and investigations firms in the industry. The first time we hire Nardello
work, and their Asia-focused practice makes them unit at a European public financial institution by & Co. on behalf of a client, we sometimes have to
a gateway for clients in the US and elsewhere into conducting due diligence reviews of its global explain our choice. The next time we hire them, we
Asia – that’s their angle.” investments. This process includes research to don’t.”
“Blackpeak’s consistency in coverage of various identify and address potentially illicit practices, Work highlights A distribution company engaged
jurisdictions over time indicates that they follow a including fraud, corruption, political connections Nardello & Co. to conduct investigations of its sup-
good process with property quality checks.” and collusion. pliers of personal protective equipment, revealing
Notable practitioners Notable practitioners fraudulent and criminal offences. Nardello & Co.’s
Hong Kong-based Sean Chen is a managing Alexandra Knatchbull is a managing director in teams in Europe and Asia quickly helped the
director of Blackpeak and a member of the firm’s the firm’s GRIP and is based in FTI’s London office. client to vet a number of other possible suppliers,
executive committee. He is a key contact. She is a key contact. so that the client could fulfil its urgent need to
obtain the necessary quantities of PPE.
Control Risks Greyhawk Intelligence Group Notable practitioners
See profile on p.25 See profile on p.29 Sabina Menschel is partner, president and chief
What the team is known for Control Risks is a What the team is known for Greyhawk is an operating officer of Nardello & Co. and is based in
well-established specialist risk consultancy with independent corporate intelligence boutique pro- Washington, DC. She is a key contact.
a respected reputation and a significant global viding investigative due diligence to its clients,
footprint. Through its compliance, forensics and among a wide range of related intelligence ser- S-RM
intelligence department, the firm is equipped vices. The firm’s primary transaction-supporting See profile on p.32
to support clients in major transactions through services are integrity due diligence and market What the team is known for S-RM is a Lon-
detailed intelligence about management team entry analysis. Greyhawk operates globally, with don-headquartered global risk and intelligence
dynamics, to extensive research into an operating a particular focus on EMEA, the CIS and offshore consultancy. The firm’s deal advisory team
entity in a high-risk country, to policy-focused jurisdictions. The firm has notable experience in delivers complex pre-transactional due diligence
analysis about a consequential piece of regu- capital markets, advising regularly on bond issues to several of the world’s largest private equity
lation. Control Risks also has a separate com- and IPOs on major European or US exchanges. houses, corporate/M&A teams, international
pliance-focused due diligence practice called The firm is based in London. financial institutions, banks and governments.
Vantage. Strengths “Greyhawk is highly professional and The team operates globally but has particular
Strengths “Control Risks assisted us by putting very responsive. The team are ready to start work expertise gathering intelligence in Asian and
multiple people on the ground in a hostile environ- at a moment’s notice and deliver to extremely tight sub-Saharan African markets. The firm’s investi-
ment. They have this physical security background timelines. They’re effective in delivering high- gators are supported by its cybersecurity experts,
as a firm, which can be very helpful. Our difficult quality information for both commercial strategy who can identify cyber risks inherent to acquisi-
data collection matter in this instance was helped reasons but also for the purpose of KYC and AML tion targets. S-RM’s international offices include
by that capability. I’d say Control Risks were one of checks. They’ve been able to help us in every Euro- Cape Town, Hong Kong, Rio de Janeiro, New York
the few firms who’d be able to provide that.” pean jurisdiction that we have needed them for.” and Washington, DC.
“There aren’t that many firms in this industry that “We’re very happy with Greyhawk’s provision of Strengths “Typically we use S-RM for background
have a truly global footprint; Control Risks has a tailored advice and intelligence to assess political, due diligence on entities and reputational checks
proper global business.” security and regulatory risks in connection with for potential investment targets. We’ve found that
Notable practitioners new market entries in Africa.” the work they’ve done for us has been at a good
Henry Smith is head of Control Risks’ business Notable practitioners level of depth to give us confidence that they’ve got
intelligence and due diligence practice in EMEA. Steven Haynes is a co-founder of Greyhawk, a strong sources which really get under the skin of
He is a key contact. highly experienced business intelligence practi- the issues that we need them to.”
tioner and a key contact. Notable practitioners
FTI Consulting Natalie Thomas Stafford is head of deal advisory
See profile on p.41 Nardello & Co. at S-RM and is a key contact.
What the team is known for FTI Consulting is a See profile on p.45
publicly traded company holding offices in all What the team is known for Headquartered in
major financial capitals and offering globally New York, Nardello & Co. is a global investigations Band 3
diverse, multidisciplinary teams with in-country firm staffed with highly experienced former US
experiences and expertise. Its global risk and federal prosecutors, international lawyers, former Berkeley Research Group, LLC
investigations practice can provide clients with law enforcement personnel, intelligence opera- What the team is known for Berkeley Research
investigative due diligence services that draws tives, forensic accountants and former journalists. Group’s global investigations and strategic intelli-
on an extensive network of credible sources, The firm places paramount importance on the gence practice supplies companies, their counsel
ensuring intelligence is viewed in its appropriate quality of its staff, its commitment to the highest and other advisers with critical information to
local context. Given FTI’s competencies in other professional and ethical standards, and its exclu- make informed business and compliance deci-
business areas, the firm can offer clients several sive focus on complex investigations. Nardello sions. The firm is deeply experienced in providing
related post-transactional services, such as eco- develops bespoke strategies that address the investigative due diligence, corporate investi-
nomic analyses, forensic accounting and strategic needs of the business unit and the deal team, pro- gations, compliance consulting, quality of earn-
4www.chambers.com Business Intelligence & Investigations Global-wide
ings analyses and merger integration support. can find for you. They’re document retrieval experts gative due diligence capabilities. K2 supports its
BRG’s historic strength as expert witnesses pro- and are real specialists at it.” clients in cross-border transactions by providing
vides clients with significant in-house technical “Their thing is document retrieval, but that has to the necessary research, intelligence, analysis
knowledge to be utilised for the purpose of its be understood in the context of parts of the world and investigative expertise to support the client
pre-transactional advisory practice. where it’s not easy to get these records. Diligencia through the entire process.
Strengths “BRG is the firm we trust most for work best in jurisdictions where there’s a lack of Following the late 2019 merger of K2 Intelligence
investigations, especially in cases where we need clarity and the firm will provide that clarity through and Financial Integrity Network, the firm changed
detailed company background reports with respect their language, cultural skill and understanding of its name to K2 Integrity.
to cross-border investment or for compliance due the local business environment.” Strengths “K2 is very responsive and competent
diligence.” Work highlights A client was undertaking inves- across international due diligence matters.”
Notable practitioners tigative research relating to a dispute with a Notable practitioners
Arnold Castillo is a managing director of the firm company registered in Algeria and was looking to Anna Gumowska is a managing director at K2
and is based in Miami, Florida. He is a key contact. establish a formal connection between the com- Integrity in its investigations and risk advisory
pany and a former shareholder. Despite the par- practice. She is based in London and is a key con-
Charles River Associates ticular difficulties of uncovering share ownership tact.
What the team is known for Charles River Asso- details in Algerian records, Diligencia was able to
ciates is a Boston-headquartered consulting firm demonstrate a clear and formal link between the Kroll, a division of Duff & Phelps
that provides economic, financial and strategic entities under investigation. What the team is known for Kroll is a well-estab-
advice to accounting firms, corporations, law Notable practitioners lished New York-headquartered business intel-
firms and governments around the world. The firm Nouri Bakkali is the managing director and ligence and investigations firm with a globally
offers its investigative due diligence services out founder of Diligencia. He is a key contact. recognised brand and almost universal market
of its forensic services practice and risk, investi- recognition. For more than 45 years, investors,
gations and analytics practice. Exiger Group financiers and lawyers have taken advantage of
Strengths “They’re building a very strong team all What the team is known for Founded in 2013, Kroll’s investigative due diligence capabilities to
of a sudden and are in the process of really estab- Exiger assists clients across its 11 global offices assist in their decision-making. The firm’s global
lishing themselves. The firm is doing a lot of IPO due with over 650 employees. The firm provides cli- experts include former prosecutors and members
diligence.” ents with a full suite of due diligence services, of law enforcement, forensic accountants, cyber-
“CRA do a little bit of everything, with particular from automated risk management solutions to its security professionals, data analysts, former busi-
expertise in providing due diligence to hedge Exiger Managed Services team, which provides ness journalists and intelligence specialists.
funds.” outsourced Exiger analysts acting as an extension Strengths “Kroll does more complex investigations
Work highlights Prior to selling its APAC oper- of a client’s compliance team. The firm’s clients than most firms, and due diligence is a major part
ations to a Chinese-led consortium of buyers, a include public sector organisations and compli- of their business today, more so than it was in the
US-based global food company sought assistance ance, risk, operations, investment and fundraising past.”
evaluating prospective buyers and selecting the teams. “Kroll’s size and extent of operations means we
best fit. Members of the CRA team leveraged Strengths “I know some of their employees have keep them on retainer for these difficult questions.
in-country expertise to provide a comprehensive come directly out of the investment banking world, We value them as a key provider of investigative due
assessment of each bidder, examining their food so they report on that part of the market quite well.” diligence, particularly in Asia-Pacific.”
industry experience as well as their political affil- Notable practitioners Notable practitioners
iations and how these relationships could affect John Melican is Exiger’s Americas regional leader Tom Everett Heath is the global head of business
the company’s in-country operations. and the firm’s global head of financial crime com- intelligence and investigations at Kroll. He is a key
Notable practitioners pliance. He is a key contact. contact.
Peter Nolan is a vice president and the co-leader
of the risk, investigations and analytics practice. GPW Mintz Group
He is a key contact. What the team is known for GPW is a well-re- See profile on p.44
spected and longstanding business intelligence What the team is known for Mintz is a due dil-
Diligencia Group and investigations firm operating out of its three igence and investigations firm whose primary
See profile on p.26 offices in London, Dubai and Singapore. The firm business is driven by providing insight on pre-hire
What the team is known for Diligencia provides provides clients with investigative due diligence, background checks, third-party due diligence,
clients with reliable, verifiable legal entity data alongside its extensive litigation support, asset corporate due diligence and corporate social
as a foundation for their due diligence casework tracing and recovery, and political risk practices.responsibility investigations. The firm originated
in the Middle East and Africa. Moreover, the firm Its clients consist of sovereign entities, corpora-out of New York, founded by its namesake Jim
offers tailored corporate intelligence to clients tions, financial institutions, pension funds, private
Mintz, and has expanded to 16 offices over eight
which require more investigative, in-depth ser- equity and hedge funds, legal firms and high net time zones.
vices. Its flagship online platform ClarifiedBy.com worth individuals. Strengths “It’s a firm founded by journalists.
provides clients access to credible information on Notable practitioners They’ll get you the information you want effectively
organisations and individuals, enabling identifi- Bruno Vickers heads the firm’s Asia and Middle in the way a top journalist would do it.”
cation of ultimate beneficial owners, legal iden- East practice and is based in Singapore. He is a “You’re always under the impression that Mintz’s
tifiers, links to ruling families in the region, and key contact. client base is great – better than ours, to be frank.
compliance screening. The firm is headquartered The firm really focuses on due diligence now, more
in Oxford, with additional offices in Tangier and K2 Integrity than almost anything else.”
Dubai. What the team is known for K2 Integrity is a risk, Notable practitioners
Strengths “Diligencia have always been our go-to compliance, investigations and monitoring firm. Randy Phillips is a partner and heads Mintz
shop for any corporate document across the Middle The firm has significant technology capabilities Group’s activities across Asia. He is a key contact.
East. They do offer bespoke research, although to support its forensic accounting, cybersecurity,
their strength is in the documents and records they corporate intelligence, asset tracing and investi-
5Global-wide Business Intelligence & Investigationswww.chambers.com
Business Intelligence & Investigations
Pre-Transactional Advisory (Technology-Led Due Diligence)
Business Intelligence & Investigations
fessional services firms through its proprietary Shufti Pro
software offering, Videris. By focusing on speed, What the team is known for Established in 2017,
Pre-Transactional Advisory
accuracy, security and transparency, Videris Shufti Pro is an identify verification specialist.
(Technology-Led Due Diligence)
allows clients to utilise wide-ranging open-source From its offices in Sweden, Cyprus, the UK and
Leading Firms
data through one tool, which is automatically Dubai, the company provides comprehensive KYC,
Arachnys
analysed, visualised and comprehensively logged real-time facial recognition, document or address
Argos
to provide full auditability and standardised verification, and AML screening. Shufti Pro’s veri-
Blackdot Solutions
reporting. fication is clear and immediate, with results of its
Dow Jones & Co
Strengths “Blackdot’s Videris product is able to due diligence process returned in less than 60
Refinitiv
pull together data from multiple different sources seconds.
Shufti Pro
and package it for you, and then turn it into useful Notable practitioners
Steele Compliance Solutions
charts. They’re very good and we really rate what Shahid Hanif is the company’s founder and chief
Thomson Reuters
they do.” technology officer. He is a key contact.
Alphabetical order within each band. Band 1 is highest. Notable practitioners
Mark Stevens leads Blackdot’s client engagement Steele Compliance Solutions
Leading Firms team and is a key contact. What the team is known for Steele’s ethics
and compliance platform encompasses human
Arachnys Dow Jones & Co researchers and automated risk management
What the team is known for Headquartered in What the team is known for Dow Jones & Co is tools and due diligence services to assist its
London, with an additional New York City office, one of the world’s pre-eminent business and clients in business critical decisions. The com-
Arachnys provides its clients with market-leading financial news companies, and publishes some of pany aims to simplify compliance management
KYC and AML data, through machine learn- the world’s most-watched stock indexes. Its risk through its in-house solutions and configurable
ing-powered automated screening and a par- and compliance division combines a large, multi- fixed-price, fixed-scope global offering.
ticular investigative focus on beneficial ownership lingual team of researchers with industry-leading Diligent, a governance software provider,
structures. Its search capabilities cover over 98 automation and AI tools. Whether it’s anti-money announced an agreement to acquire Steele Com-
languages in multiple languages across 220 juris- laundering, counter-terrorism financing, sanc- pliance Solutions in February 2021.
dictions. Automated adverse media screening, tions, anti-bribery and corruption, or international Strengths “Steele Compliance has pretty good
transaction monitoring and fraud detection are trade compliance, Dow Jones can provide exten- market share for this.”
additional features of Arachnys’s suite of API. sive technology-led due diligence, third-party risk
Arachnys was acquired, in March 2021, by the management and sanctions compliance for its Thomson Reuters
US-based AML RightSource, a provider of AML, clients. What the team is known for Thomson Reuters
KYC and BSA compliance solutions. Strengths “Dow Jones is a serious contender for is a Canada-based global media conglomerate
Strengths “The technology is now here to allow this market.” that offers a comprehensive range of regula-
some firms to really differentiate themselves. tory intelligence, compliance management and
Ten years ago to be quick you had to outsource Refinitiv risk assessment products to banking, financial
to people who were quick at this; now you have What the team is known for Dual-headquartered services and insurance clients. To assist its cus-
Arachnys who are purely tech-driven and AI-led.” across London and New York City, Refinitiv is a tomers in mitigating risk and in conducting inves-
“Arachnys should be recognised for their work in global provider of financial market data and infra- tigations, the company offers such services as
this space.” structure. The company has an extensive suite of PeopleMap, which provides automated public
Notable practitioners more than 130 data, analytics, trading and risk records searches, and Clear ID, which can detect
David Buxton, CEO and founder, is an experienced assessment tools. Its risk intelligence database fraudulent identities quickly by running flag
investigator and a key contact. platform World-Check compiles information from checks against 31 major jurisdictions’ records.
international financial watch lists, government Strengths “They’re the big one. Thomson Reuters
Argos records and media searches, providing clients has the advantage of the quality of their resources;
What the team is known for Based in Seoul in with a comprehensive solution for assessing, the company’s bread and butter is dealing with
South Korea, Argos assists financial institutions managing and remediating risk. information and so they have access to some great
and corporate entities in meeting their legal, reg- In January 2021, Thomson Reuters and private resources.”
ulatory and operational requirements. The com- equity funds affiliated with Blackstone completed
pany’s software provides compliance with current their sale of Refinitiv to London Stock Exchange
FATF, GDPR and OFAC guidelines. Its AI-based Group.
ID verification platform allows users to uncover Strengths “Refinitiv are important players in this
forgery detection through facial recognition and market.”
document verification technology. “They’re now the go-to for data-led due diligence
Notable practitioners checks.”
Wonkyu Lee is the founder and CEO of Argos, and Notable practitioners
is a key contact. Andrea Remyn Stone is chief customer proposi-
tion officer at Refnitiv and chief product officer
Blackdot Solutions at London Stock Exchange Group. She is a key
What the team is known for From its office in contact.
Cambridge, England, Blackdot Solutions assists
banks, governments, major corporates and pro-
6www.chambers.com Crisis Management Global-wide
Crisis Management
Crisis Management firm also offers clients a market-leading white Notable practitioners
Leading Firms collar crime practice staffed with a number of Adam Siegel (New York) and Geoff Nicholas
very senior former U.S. government officials. (London), co-heads of the firm’s global investiga-
Clifford Chance LLP
Other areas of complex cross-jurisdictional work tions practice, are key contacts.
Covington & Burling LLP
include climate change litigation, cybercrime and
DLA Piper LLP
Freshfields Bruckhaus Deringer
pharmaceutical crises. Herbert Smith Freehills
Notable practitioners What the team is known for Herbert Smith Free-
Herbert Smith Freehills
Eric Holder (US) and Maree Gallagher (Dublin) are hills is relied upon by multinational businesses for
Sidley Austin LLP
key contacts. its lawyers’ deep sector expertise and crisis expe-
Alphabetical order within each band. Band 1 is highest.
rience across numerous jurisdictions worldwide.
DLA Piper LLP The firm leverages robust global capabilities
Band I What the team is known for DLA Piper is reg- in corporate investigations and anti-corruption,
ularly selected by global organisations as the employment, and projects and energy in order
Clifford Chance LLP named response team for multi-jurisdictional to assist clients in navigating highly sensitive
What the team is known for Clifford Chance’s crisis situations, and by global insurance policies reputational or operational crises across Europe,
global crisis management offering brings and corporate protocols as the go-to adviser for APAC, the UK, the USA and beyond. The firm also
together the firm’s traditional cross-jurisdictional incidents occurring in international jurisdictions. boasts a pioneering international practice in the
strengths in corporate investigations and dispute Alongside its significant UK and US practices, the volatile area of business and human rights law.
resolution, financial services, and projects and firm enjoys a strong reputation across Europe, Notable practitioners
energy. More recent areas of corporate risk such Latin America and the APAC regions. Sectors Damien Byrne Hill and Greg Mulley, co-heads of
as business and human rights and climate change include aviation, manufacturing and construction, crisis management, are key contacts.
also form significant practices. The firm boasts a technology and consumer goods.
particularly strong presence in Europe, Asia and Notable practitioners Sidley Austin LLP
the Middle East alongside respected capabilities Neil Bowker, UK head of the firm’s litigation and What the team is known for Across multiple
in the Americas and Africa. regulatory group, is a key contact. global jurisdictions, Sidley Austin’s crisis man-
Notable practitioners agement and strategic response practice has
David DiBari (Washington, DC) and Luke Tolaini Freshfields Bruckhaus Deringer assisted clients with diverse challenges including
(London) are key contacts. What the team is known for Freshfields boasts business-critical threats. Alongside matters led
consistently strong crisis and issue management from the UK or USA, the firm also has well-re-
Covington & Burling LLP practices in the UK, Europe and the USA. The puted teams of experts in APAC, across Europe
What the team is known for US heavyweight Cov- firm has provided trusted counsel to businesses and in the Middle East. Advice is often closely
ington & Burling offers a broad international crisis undergoing restructuring and insolvency, and has coordinated between jurisdictions, where the
response practice spanning the USA, Europe, Asia assisted international corporations navigating client operates internationally or investigations
and Latin America. Recent work involving con- major regulatory investigations, product liability are being conducted cross-border.
siderable international activity includes product claims and public scandals. Its lawyers are also Notable practitioners
recalls in the automotive, food and consumer experienced in supporting clients through sen- Sara George and Ellyce Cooper are key contacts.
products industries, including significant regula- sitive whistle-blower complaints, catastrophic
tory follow-up across multiple jurisdictions. The operational disasters and serious data breaches.
7Global-wide Cybersecurity Riskwww.chambers.com
Cybersecurity Risk
Cybersecurity Risk agencies in meeting national security objectives. very happy with their work. CRA are extremely
Leading Firms “In New York City, if you don’t know Rocco, you don’t responsive, good with clients and very professional,
Alvarez & Marsal *
know anyone in cyber,” says one source. A satisfied and the way they approach a situation can mean
Berkeley Research Group, LLC
client adds: “He’s tenacious, he gets the job done, the difference between success and disaster. When
Charles River Associates
his expertise is top, and he has incredible reach you’re in the middle of a crisis, being able to work
into the intelligence agencies, which matters. Very effectively with an extremely stressed client and a
Control Risks *
few people have those contacts on speed dial.” “He law firm is critical. It takes certain skill sets and per-
CrowdStrike
has the ability to instil confidence into executives in sonalities to get that right –CRA has that in spades.”
FireEye
the direction we’re taking and in the advice that he “CRA are in the top bracket of companies for this.
FTI Consulting *
gives,” reveals an interviewee; “his knowledge of They’ve got a methodology and protocol that makes
PGI
business is supreme, not just cyber risk.” sense. There’s consistency in the work product and
Stroz Friedberg, an Aon Company
in the way they approach clients.”
Leading Individuals
Berkeley Research Group, LLC Work highlights CRA assisted a client that
Brown Thomas Berkeley Research Group, LLC
What the team is known for Headquartered in had experienced a large-scale business email
Ferrante Anthony J. FTI Consulting *
California, Berkeley Research Group offers con- compromise event which impacted its global
Grillo Lorenzo Alvarez & Marsal *
sulting services to international financial institu- operations in 27 countries. CRA organised and
Grillo Rocco Alvarez & Marsal *
tions, private equity firms, hedge funds, elite law executed the collection and preservation of the
Hardin Bill Charles River Associates firms, major corporations and regulatory author- related, high-value data located across the globe.
* Indicates firm / individual with profile.
ities. BRG’s global investigations and strategic Notable practitioners
Alphabetical order within each band. Band 1 is highest. intelligence practice provides expert-led cyber- Bill Hardin is a Certified Public Accountant, Certi-
security risk advisory services in preparation for, fied Fraud Examiner and a certified Project Man-
Band I during or after major cyber breaches. agement Professional who acts as vice president
Strengths “They’re professional, experienced, of CRA’s forensic services team out of Chicago.
Alvarez & Marsal dedicated and very good team players. BRG will Hardin’s skill set is multifaceted, with extensive
See profile on p.39 get hold of the best resources available within the experience gaining and training learnt in areas of
What the team is known for Alvarez & Marsal is firm to assemble a suitable group to assist you. Our finance, operations and software development.
a global professional services firm historically experience has been really good, and they’ve solved He is accustomed to serving clients in all manner
centred on turnaround management, corpo- our problems. Our first option for this sort of work of issues, including ransomware, data extortion,
rate restructuring and operational performance is BRG.” business email compromise, malware outbreaks
improvement. In recent years cybersecurity has “We have a significant legal practice assisting cli- and insider threats.
become a core strength of its offering, and now ents with data breaches, so we need help on the
A&M offers its expertise in cyber risk advisory technical side to get under the hood and figure out Control Risks
services, cyber resilience and readiness prepara- exactly what’s happened. They hand us the tech- See profile on p.25
tion, and incident response investigations. nical puzzle pieces so we can put together the legal What the team is known for Control Risks is a
Strengths “I tend to lean towards Alvarez & Marsal picture. They’re perfect for the right-sized mandate, specialist risk consultancy headquartered in
for the most important and most complex cyberse- when you don’t want 30 people and 100 pages of London, with additional offices in every time zone
curity matters. The team brings a wealth of knowl- documents to sign off.” and an extensive global footprint. Leaning on its
edge, energy and experience to every engagement. Notable practitioners half-century heritage of risk management experi-
They earn our trust through their dedication and a The “excellent” Thomas Brown is a managing ence, Control Risks’ global cybersecurity practice
demonstrable sense of ownership to help identify director and global leader of BRG’s cybersecu- delivers security, compliance and resilience sup-
and remediate our risks.” rity and investigations practice, and an “extremely port to its clients. Its key services include active
“In cybersecurity there are a lot of very skilled com- intelligent expert in the field who approaches chal- online threat monitoring and cyber due diligence
panies from a technical point of view but it’s very lenges creatively with his client’s best interests in risk assessments, as well as crisis management
difficult to find one which has that but also has a mind,” according to sources. With the vast expe- and incident response.
more risk-based, strategic approach. That’s why we rience accumulated during his time as a federal Strengths “We couldn’t rate them highly enough.
reached out to Alvarez & Marsal; they delivered on prosecutor in the US Attorney’s Office for the Control Risks were calm, reassuring and author-
that.” Southern District of New York, Brown is now a itative, which really helped in the early phases of
Notable practitioners veteran in managing cyber risk, investigating the incident investigation. They were professional
Lorenzo Grillo (see p.18) is a deeply experienced cyber incidents and assisting in compliance with and courteous but also knew when to disagree and
practitioner of information technology and secu- standards and regulations. “I think Tom has great guide us in a different direction when warranted. We
rity, operating out of A&M’s London office. He has technical chops and an incredibly strong legal felt their experience really helped steer us through
a proven track record of helping top management background,” says an interviewee; “that skill set it all.”
teams to evaluate, design and execute cyberse- is incredibly helpful. He shows up and gets the job Work highlights Control Risks was engaged by a
curity risk management programmes. “Lorenzo’s done.” “Tom provides top-notch work,” adds a sat- global manufacturing company to help manage
executive standing is great,” says a client; “he’s isfied client. a major ransomware incident that involved the
very comfortable in talking straight to CEOs. One potential loss of business-critical design data
of his great skills is being able to translate the Charles River Associates and the total disruption of operations globally.
complexities of cybersecurity to non-technical What the team is known for Charles River Asso- The firm advised the client through a negotiation
people.” “He knows everything about cyber,” adds ciates is a global consulting firm that provides that successfully obtained the decryption key to
an interviewee; “Lorenzo has 360-degree vision its expertise to major law firms, corporations, recover the business-critical data.
of the cyber market and knows all of the solutions accountancy firms and governments internation- Notable practitioners
and standards to work by.” “He’s very professional,” ally. It launched its forensic services practice in James Owen is head of Control Risks’ cybersecu-
notes another source, “but he’s also got charm late 2015, focusing on forensic accounting, cyber- rity practice in EMEA and is a key contact.
and personality. He’s got a certain gravitas.” Rocco crime and digital investigations. CRA is able to
Grillo (see p.18) is a hugely respected figure deploy cross-trained teams of professionals who CrowdStrike
among his enormous commercial sector clients can immediately respond to complex cybercrime What the team is known for CrowdStrike is a
and multiple government agencies, including and data breaches, assess exposure levels and leading cybersecurity firm, offering cloud-based
the FBI and secret service. He provides tech- take corrective action to return business activities endpoint detection and response, a compre-
nical advisory services and strategic guidance to to normal. hensive antivirus package, and a live 24/7 virus
C-suite and board members, as well as assisting Strengths “They’ve been top-notch, we’ve been hunting service. From its headquarters in Cali-
8www.chambers.com Cybersecurity Risk Global-wide
fornia, CrowdStrike serves Fortune 100 compa- FTI Consulting nology-agnostic, providing clients with impartial
nies, major banks, healthcare providers and some See profile on p.41 advice on products and facilitating the appro-
of the largest energy companies, among others. What the team is known for FTI Consulting is a priate services to meet the client’s needs.
Its flagship product, the CrowdStrike Falcon plat- multinational professional services company Strengths “The work PGI produces is of a consist-
form, is a lightweight API that can provide auto- with over 116 offices in 28 countries. Its cyberse- ently high quality, and the initiative they take in
mated threat detection and response. curity offering provides independent cyber and coordinating and delivering work has certainly set
Strengths “CrowdStrike are brilliant, we regularly risk management advisory services, centred on them apart from other providers. Since engaging
use them. They are focused a bit more than most on cyber readiness, incident response and complex them we’ve been reluctant to look elsewhere.”
breach response, and I’d say they’re a level above investigations. FTI’s multidisciplinary expertise “Some of the work that PGI does with us actually
most in the market.” and cross-industry experience allows the firm to overlaps with legal work, such as some aspects of
“An excellent competitor.” engage with some of the most challenging global GDPR compliance. I find I prefer to work with PGI
“You feel like CrowdStrike could handle a national cybersecurity problems. FTI’s core business com- more than our law firm, as they work much more
security issue in a way that others couldn’t.” petency in crisis communications can be a com- collaboratively with us to help develop policies that
Notable practitioners plementary adjunct to its cybersecurity services. fit our business.”
Adam Meyers is a senior vice president of intelli- Strengths “I have used a number of cybersecu- Notable practitioners
gence at CrowdStrike, and leads the threat intel- rity firms and I consider FTI one of the very best. Meredith Patton, a former Australian intelligence
ligence line of the business. He is a key contact. They have scale, speed and top-notch leaders in the and cybersecurity officer, is PGI’s director of
field.” cyber operations and is a key contact.
FireEye “FTI Consulting was distinguished among other
What the team is known for FireEye is a publicly firms we worked with primarily by its ability to lev- Stroz Friedberg, an Aon Company
traded cybersecurity company headquartered erage global knowledge and resources in a timely What the team is known for Aon Risk Solutions,
in California. FireEye sells technology products, and efficient manner.” the global risk management business of Aon plc,
including endpoint security appliances and threat Notable practitioners acquired the hugely respected Stroz Friedberg,
intelligence packages, as well as providing Soft- Anthony Ferrante (see p.18) is a senior managing a global risk management firm. Combining Aon’s
ware-as-a-Service. A number of acquisitions by director and the global head of cybersecurity at standards-based cyber assessment capabilities
FireEye, including of Mandiant in 2014, boosted FTI Consulting. “I know Anthony, he came out of the with Stroz Friedberg’s cybersecurity governance
the firm’s cybersecurity reputation considerably. FBI and is proper cyber,” reveals a market insider. and advisory services positions the company as a
The firm has also gained significant market atten- “He’s got a great ability to assemble a team, manage leading player in global cyber risk services.
tion after a series of investigations uncovering complex technical investigations, meet intense and Strengths “These guys are subject matter experts.
high-profile hacking groups; in December 2020 changing client demands, and do it all with a great They exclusively do cyber work and on a much
FireEye reported the SolarWinds supply chain attitude,” says a satisfied client. Prior to joining larger scale than most.”
attack on the US National Security Agency. FTI, Ferrante served as director for cyber incident “We found them to be incredibly knowledgeable
Strengths “There are very few organisations that response at the US National Security Council and and experienced. They were extremely helpful, not
have the technology stack, the threat intelligence, as chief of staff of the FBI’s Cyber Division. only in educating us about the technical aspects
the 24/7 availability and the managed defence that of what had occurred within our systems but also
FireEye offer. They’re a different breed because of PGI in putting together an extremely comprehensive
their deep engagement within the public sector.” What the team is known for Protection Group report we were able to put forward to regulators.
“We’d work with FireEye, they’re exceptionally International (PGI) operates out of Bristol and We think highly of them.”
good. They have the stronger brand and reputation London in the UK. It is a specialist digital risk “Stroz has a strong instant cyber response offering.”
than most. I’d put FireEye at the top, honestly.” consultancy that primarily seeks to build client Notable practitioners
Notable practitioners capability through service delivery and training. Adam Bixby is a managing director and practice
Jurgen Kutscher is the executive vice president PGI assists government bodies and corporate cli- leader of the security testing practice within Aon’s
of Mandiant’s services delivery, overseeing the ents with security testing, incident response and cyber solutions group, based in New York City. He
company’s delivery of all consulting and managed information assurance services certified to UK is a key contact.
services for FireEye. He is a key contact. government and industry standards. PGI is tech-
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