IR Global Hong Kong Member Collaboration

Gwynn Hopkins

Managing Director, Perun Consultants

Ilya Umanskiy and Björn Wahlström of Current Consulting, Dominic Wai of ONC Lawyers and Gwynn Hopkins of Perun Consultants recently collaborated on a podcast for IR Global members.

WATCH HERE:

Topic:  Asset Recovery – Understanding the process and building resilience

Our group discussed asset recovery through the lens of 4 questions:

  • Have you seen an increase in fraud cases with asset recovery needs?  What “pain points” have you noticed?
  • In your opinion, what are some of the driving factors behind current trends?
  • What is your typical process in asset recovery cases?  Where do you start and what’s important to keep in mind?
  • We have a lawyer, a forensic accountant, a certified investigator, and a resilience specialist in this conversation.  How do we collaborate better for the benefit of our clients?
  • Now, to put all this together, what advice can you offer clients to help build resilience against fraud in general and loss of financial assets in particular?

General notes from the conversation:

  • Financial fraud has been on the increase before the pandemic, but has added an extra level of complexity in the last year and a half.
  • Speed of action and awareness of required resources in asset recovery cases continues to be a challenge.
  • Access to law enforcement resources continues to be inconsistent and depends of several factors.
  • While large organizations may have better resources for asset recovery and fraud management in general, medium-size and smaller organizations struggle and often have to write-off losses with significant impact on liquidity, operations, and reputation.
  • Collaboration among practitioners with legal, forensic accounting, investigative, and crisis management backgrounds is necessary to maximize positive outcomes for clients.
  • Prevention of losses through frequent analysis of internal controls is always an optimal solution.


Contributing Advisors

Dominic Wai

Partner, ONC Lawyers