AI and the Modern GC: Driving Innovation and Mitigating Risk
The role of the modern general counsel has evolved in both scope and prominence. As vital legal and business advisors, today’s general counsel are leading the charge in navigating an increasingly complex macroeconomic, regulatory and geopolitical environment.
lead the way
Featured Insights
AI Accountability and the General Counsel
Social and technological changes have elevated the amount of potential harm a rogue employee can do. Knowing the best approach to take can minimize the fallout and even mitigate future risks.
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More Than Mere Survival: The General Counsel's Role in Moving Beyond Crisis
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In-house counsel should coordinate inside leaders and outside advisors to respond to a crisis. But they also have a role in longer-term response.
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Missteps the General Counsel Should Avoid in the First 48 Hours of a Crisis
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The first 48 hours of a corporate crisis presents a complex web of risks and challenges for the general counsel.
The General Counsel and ESG: From Great Risk Comes Great Opportunity
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As ESG standards evolve, so too does the role of the general counsel, with many already in charge of identifying and tracking certain corporate ESG performance metrics.
Preparing for the Inevitable Black Swan
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The Expert Briefing with FTI Cybersecurity
FTI Consulting is the firm general counsel call on when their most important issues are at stake.
Advisor to 100 of the world’s top law firms
Adviser to 99 of the world’s top 100 law firms
90 of the Fortune 100 corporations are clients
82 of Fortune 100 companies are clients
Advisor to the world’s top 50 banking holding companies
Advisor to 71 of the top 100 private equity firms
Adviser to 50 of the top 100 private equity firms on the Private Equity International 300 list.
8,100+ employees worldwide
Employees worldwide (as of April 2023)
Offices in 85 cities across the globe
Offices in 83 cities across the globe (as of April 2023)
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Navigating Artificial Intelligence
The rapid advance of AI has considerable ethical, privacy, security, transparency, data protection and governance issues surrounding its use — and today’s general counsel find themselves front and center as companies adopt and deploy it. Given their increasingly strategic role, how should today’s general counsel meet the challenges and opportunities offered by AI?
One of America’s Best Management Consulting Firms
Forbes
Consulting Firm of the Year
Who’s Who Legal
#1 Expert Witness Firm on GAR 100 Expert Witness Firms' Power Index
Global Arbitration Review
One of the World’s Best Management Consulting Firms
Forbes
Leader of the Who’s Who Legal Arbitration: Expert Witnesses List
Who’s Who Legal
Global Turnaround Consulting Firm of the Year
Global M&A Network
Crisis Communications Firm of the Year
Global M&A Network
Leader in the Litigation Support Guide
Chambers and Partners
One of America’s Most Just Companies
Just Capital and CNBC
Communications Firm of the Year
The M&A Advisor
#1 U.S. Restructuring Advisor
The Deal
Leader in Crisis & Risk Management Guide
Chambers and Partners
Advisor to 99 of the world’s 100 largest law firms99 of the world’s top 100 law firms
Adviser to 99 of the world’s top 100 law firms
82 of the Fortune 100 corporations are clients
82 of Fortune 100 companies are clients
Adviser to 50 of the world’s top 50 bank holding companies
Adviser to 50 of the world’s top 50 bank holding companies
Adviser to 50 of the top 100 private equity firms on the Private Equity International 300 list.
Adviser to 50 of the top 100 private equity firms on the Private Equity International 300 list.
Employees worldwide (as of April 2023)
Employees worldwide (as of April 2023)
Offices in 83 cities across the globe (as of April 2023)
Offices in 83 cities across the globe (as of April 2023)
All Awards
Meet Our Experts
Meet our Experts
Regardless of scale, every company stands to experience a crisis sooner or later. The difference between survival and extinction often boils down to how effectively the company can react and how it handles the fallout.
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FTI Consulting experts utilized a design thinking approach, collaborating closely with client stakeholders to co-create a tailored solution. This ensured that the platform balanced competing priorities and was rapidly implemented to meet critical needs.
A secure, high-performance infrastructure was built using an Amazon Web Services ("AWS") cloud-based solution, featuring single sign-on and robust capabilities to support the platform's resilience and efficiency.
FTI Consulting developed an agnostic AI infrastructure that leverages a proprietary retrieval-augmented generation ("RAG") system. This infrastructure enables the use of multiple large language models ("LLMs") and the development of AI agents tailored to meet incoming business requirements.
FTI Consulting enhanced data ingestion processes to provide the client with comprehensive legislative insights, including key dates and future developments relevant to their products, ensuring full visibility into the regulatory landscape.
Our team developed global and market-specific dashboards with geographical views and established an automated notification system to keep stakeholders informed of regulatory updates, supported by a centralized repository for legal documentation.
Process
Compass Lexecon expert, Professor Dennis W. Carlton, testified before the federal court that the FTC expert’s economic analysis was flawed, relied on unsupported assumptions and failed to show that the transaction would lead to unfair competition and the foreclosure of Activision Blizzard’s content from Microsoft rivals.
Result
Compass Lexecon’s economic analysis and expert testimony identified deal-specific benefits, including expanded access to Activision Blizzard’s gaming content, lower costs for gamers and increased incentives for investment in game development.
Our Role
Data Privacy
Our consumer goods client needed a unified solution for regulatory monitoring, creating a single source of truth to manage the evolving regulatory landscape. This platform would ensure consistent compliance and support the company’s commercial and operational strategies.
By deploying a digital, data-driven, AI-enabled platform, the client aimed to improve engagement with regulators and ensure compliance with laws across all regions where it operates.
Situation
A leading international consumer goods company retained FTI Consulting to deliver an AI-enabled regulatory monitoring platform as part of a broader monitoring program focusing on regulatory issues relating to their products and reduced-risk offerings, such as product regulation, packaging, advertising and usage restriction.
Regulatory Monitoring Platform: Centralizing Global Compliance
Regulatory Monitoring
Case Study
3. The Impact
2. Our Role
1. Situation
Introduction
The client secured the required funding from its board based on the business case created by FTI Consulting.
The client realized $5.5 million cumulative ROI based on the savings estimated to be realized over the next five years, with a 33% growth of potential anti-money laundering (“AML”) transactions through 2025.
The client’s functional and technical stakeholders gained significant knowledge of the benefits from graph analytics enabled by machine learning.
In 2022, Colonial Pipeline received the Silver Anvil Award of Excellence from the Public Relations Society of America for its communications response to the ransomware attack and navigating a national crisis.
The Impact
Colonial Pipeline
FTI Consulting fully analyzed and validated the financial institution’s current system capabilities and functional and technical constraints.
The team created an in-depth functional and evaluation framework.
The team implemented project management and governance for the proof of concept environment and activities, which included coordination with business and IT teams (applications, infrastructure, infosecurity, supplier management) and product vendors, while identifying the target state product. FTI Consulting provided the client with:
success criteria and scorecard;
a best-fit solution recommendation based on client input and FTI Consulting assessment;
an architectural blueprint and functional target state;
a business case with detailed target state recommendations, including a functional/technical capabilities matrix, and a total cost of operations and cost-benefit analysis; and
an implementation plan that detailed timing, sequencing, high-level architecture and total cost.
The FTI Consulting team supported the development and execution of a crisis communications strategy, produced materials for company stakeholders, supported daily briefings to senior government officials in the White House and Department of Energy and managed the company’s media engagement, which included more than 1,000 inquiries.
FTI Consulting supported the company in the months following the event as it worked through the system hardening and data recovery phases, which included employee, customer and shipper notifications. The team also helped prepare the CEO to testify before two congressional committees about the company’s response to the ransomware attack.
Our client, a financial institution, was in the process of evaluating advanced analytics solutions to help create a strategic platform for entity resolution, transaction monitoring, customer risk scoring and case management. The client had been using costly legacy platforms that were not efficient or scalable and lacked required emerging intelligence.
The client needed a supporting strategic partner to fill the role of an independent advisor and cover project management office (“PMO”) and vendor selection and provide advanced analytics and technology road mapping.
FTI Consulting used machine learning and graph analytics to help a U.S. investment bank enhance its financial crime monitoring.
Financial Crime Compliance Advancement Enabled by Artificial Intelligence and Analytics
Financial Crime
Case Study
FTI Consulting fully analyzed and validated the financial institution’s current system capabilities and functional and technical constraints.
The team created an in-depth functional and evaluation framework.
The team implemented project management and governance for the proof of concept environment and activities, which included coordination with business and IT teams (applications, infrastructure, infosecurity, supplier management) and product vendors, while identifying the target state product. FTI Consulting provided the client with:
success criteria and scorecard;
a best-fit solution recommendation based on client input and FTI Consulting assessment;
an architectural blueprint and functional target state;
a business case with detailed target state recommendations, including a functional/technical capabilities matrix, and a total cost of operations and cost-benefit analysis; and
an implementation plan that detailed timing, sequencing, high-level architecture and total cost.
The FTI Consulting team supported the development and execution of a crisis communications strategy, produced materials for company stakeholders, supported daily briefings to senior government officials in the White House and Department of Energy and managed the company’s media engagement, which included more than 1,000 inquiries.
FTI Consulting supported the company in the months following the event as it worked through the system hardening and data recovery phases, which included employee, customer and shipper notifications. The team also helped prepare the CEO to testify before two congressional committees about the company’s response to the ransomware attack.
Our client, a financial institution, was in the process of evaluating advanced analytics solutions to help create a strategic platform for entity resolution, transaction monitoring, customer risk scoring and case management. The client had been using costly legacy platforms that were not efficient or scalable and lacked required emerging intelligence. The client needed a supporting strategic partner to fill the role of an independent advisor and cover project management office (“PMO”) and vendor selection and provide advanced analytics and technology road mapping.
Situation
FTI Consulting used machine learning and graph analytics to help a U.S. investment bank enhance its financial crime monitoring.
Financial Crime Compliance Advancement Enabled by Artificial Intelligence and Analytics
Financial Crime
Case Study
Our Impact
Our Role
Situation
Introduction
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ARE YOU PREPARED FOR A CYBER INCIDENT?
FTI Consulting Senior Advisor Matthew Layton discusses the main themes at the World Economic Forum through the General Counsel lens.
How Global Issues
Impact the Modern GC
Artificial Intelligence
Safeguarding Through Crises
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AI offers the legal industry revolutionary ways to enhance efficiency, accuracy and strategic decision-making.
Artificial Intelligence: Implications for Litigation, Investigations and Disputes
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In recent years, the use of artificial intelligence and algorithms in business operations has surged, transforming industries from consumer finance to retail goods.
The Price of Innovation: Are Your Systems Putting You at Risk?
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The inconsistent nature of artificial intelligence (“AI”) regulations worldwide presents significant and immediate challenges for organizations and their legal counsel.
AI Compliance in an Uncertain Regulatory Landscape: What General Counsel Need to Know
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General counsel should act as the human in the loop for quality control and oversight of the legal function’s AI adoption.
Use Cases for AI in the Legal Function
The Expert Briefing with FTI Cybersecurity
Read More
Ambiguity surrounds AI accountability, presenting an opportunity for general counsel to step in and assume a lead role for their organization’s AI projects.
AI Accountability and the General Counsel
View All General Counsel Insights
Our experts discuss the wider implications of AI for our clients.
Helping Clients Navigate and Harness the Power of AI
View All General Counsel Insights
Regulatory Monitoring
Adviser to 50 of the world’s top 50 bank holding companies
3. The Impact
2. Our Role
1. Situation
Introduction
Our Role
By providing a unified regulatory monitoring solution, we empowered the client with a centralized platform that served as a reliable single source of truth. This ensured consistent compliance and enhanced the client's ability to navigate an ever-changing regulatory landscape and included supporting legal documents.
The client improved its engagement with regulators, streamlined compliance processes and strengthened commercial and operational strategies.
The client gained better control over regulatory risks, ensured its adherence to laws across all markets and bolstered its overall reputation and strategic positioning through the use of FTI Consulting’s AI-enabled regulatory monitoring solution. The solution allows for seamless comparison with internal policies and facilitates natural language processing, enhancing the overall regulatory compliance process.
Diagnosis
Recommendations
Judge Corley repeatedly referenced Professor Carlton’s testimony in her opinion criticizing the FTC expert’s analysis and acknowledged several post-transaction benefits noted in Professor Carlton’s testimony.
Execution
Judge Corley’s opinion relied on several recent challenges to vertical mergers where judges ruled for the defendants — United States of America v. AT&T Inc., DirecTV Group Holdings, LLC, and Time Warner Inc.; Federal Trade Commission v. Meta Platforms, Inc.; and the FTC ALJ opinion in In the Matter of Illumina, Inc. and Grail, Inc. — all of which are cases where Professor Carlton served as an economic expert for the merging parties.
The Impact
Financial Crime
Tripling Revenue Growth
Execution
Hertz successfully de-fleeted approximately 200,000 vehicles, facilitating the repayment of USD$4.3 billion in debt principal and sold its Donlen business for approximately USD$875 million.
Recommendations
Hertz successfully negotiated many key aspects of its capital structure, including USD$1.65 billion in funds for general corporate purposes and critical fleet equity needs.
The company’s accountability and responsiveness to regulators improved, and its legal department was equipped with the metrics they needed to address potential enforcement actions.
The company had the processes and access to the data in place to enter a new direct-to-consumer lending business.
FTI Consulting’s work positioned the company to drive a 3x revenue growth with a flat cost basis.
The original PE owner successfully exited midway through the transformation due to the value creation thesis supported by FTI Consulting.
Diagnosis
The Impact
The PE sponsor and company leadership engaged FTI Consulting to design a modern digital loan origination solution on a flexible, secure and scalable data platform that incorporated a suite of AI-enabled capabilities that automated activities, reduced the risk of fraud and enriched data analytics.
Our experts redesigned key business processes with regulatory and compliance considerations and developed a strategic roadmap to execute the transformation mandate.
FTI Consulting was further retained to manage the digital transformation office with the chief executive officer, general counsel, chief information officer and chief operating officer across multiple workstreams involving six business units and eight technology partners.
Overview
Process
FTI Consulting assisted with cash forecasting and liquidity management; oversaw vendor- and supplier-related matters; and prepared a quality-of-earnings report for the sale of Hertz’s Donlen subsidiary.
Result
FTI Consulting’s team of experts managed diligence activities and communications with financial and legal advisors and provided a temporary senior-level accounting resource, among other activities.
Our Role
Data Privacy
Our Role
A leading fintech business, owned by one of the largest global private equity (“PE”) firms, was looking to embark upon a digital transformation to drive revenue growth and improve regulatory compliance. Their current technology, business processes and organization were outmoded and unable to support such transformational growth. By deploying an AI-enabled data platform and redesigned key business processes, FTI Consulting streamlined loan origination workflows, shortened the resolution path for consumer complaints and equipped the legal department with the metrics they needed to address potential enforcement actions.
Despite undertaking various liquidity initiatives, such as reducing vehicle purchase commitments, securing airport concession deferrals and abatements, and implementing furloughs and terminations, Hertz filed for Chapter 11 in May 2020.
Situation
How can AI help a business transform and overcome legacy systems in order to find new paths to growth? FTI Consulting was engaged to help a fintech manage transformation while keeping an eye on compliance.
Tripling Revenue Growth Without Increasing Costs Through Digital Transformation
Tripling Revenue Growth
Case Study
3. The Impact
2. Our Role
1. Situation
Introduction
AI-Driven KYC
Execution
Judge Corley’s opinion relied on several recent challenges to vertical mergers where judges ruled for the defendants — United States of America v. AT&T Inc., DirecTV Group Holdings, LLC, and Time Warner Inc.; Federal Trade Commission v. Meta Platforms, Inc.; and the FTC ALJ opinion in In the Matter of Illumina, Inc. and Grail, Inc. — all of which are cases where Professor Carlton served as an economic expert for the merging parties.
Recommendations
Recoveries from the Madoff Recovery Initiative far exceed similar efforts related to prior Ponzi schemes both in terms of dollar value and percentage of stolen funds recovered.¹
FTI Consulting optimized the processes and strengthened risk management, achieving a 61% reduction in cases escalated by the Second Line of Defense (“2LOD”) back to the First Line of Defense (“1LOD”).
Our experts reduced case turnaround time by approximately 60%, significantly accelerating onboarding timeliness.
By cutting the average case completion time by 48%, our team boosted operational capacity by 30% to 35%, driving down costs and enhancing productivity.
Diagnosis
The Impact
FTI Consulting developed a decision tree with an integrated workflow tool, translating policy and procedure requirements into actionable steps based on client entity type and services. Our team defined critical data elements to streamline workflow mapping and establish an AI model baseline.
Our experts standardized onboarding and lifecycle management across services with integrated processes, policies and data. We deployed accelerators, digitization and automation to meet compliance requirements and support customized reporting.
The team developed custom AI models to minimize human intervention in KYC and regulatory onboarding, utilizing data transformation tools such as Pandas, Apache Spark and Python. Our experts created an AI agent to manage a two-way flow of information, automate tests, solve issues and execute actions with golden sources — single, authoritative sources of information — to ensure that everyone has the same understanding.
Overview
Process
The teams reconstructed books and records, determined amounts deposited and withdrawn from thousands of customer accounts and analyzed hundreds of millions of transactions.
Result
With the Trustee, the teams investigated more than 16,500 claims, ultimately allowing more than 2,600.
Provided litigation support, including serving as expert witnesses, for more than 1,000 lawsuits, including two actions that reached the Supreme Court of the United States.
Our Role
Data Privacy
Our Role
Our client, a multinational bank, aimed to enhance its KYC program to combat fraud, corruption and money laundering. Recognizing the importance of effective KYC processes for compliance and risk management, the bank sought to digitize and streamline these processes to boost compliance, cut costs, reduce staff workload and enhance customer experience. The bank hired FTI Consulting to create and pilot an AI-driven platform to automate and improve the efficiency of the KYC refresh program.
A Trustee under the Securities Investor Protection Act was appointed to liquidate Madoff’s firm and to recover the proceeds from his Ponzi scheme. ²
Situation
Know Your Client (“KYC”) programs present complex regulatory, technology and workforce challenges for financial services firms as they seek to verify the identity of their customers and assess potential risks. How can companies efficiently and effectively manage compliance, keep up with sophisticated risks and combat potential crimes?
AI-Driven KYC Enhancement for a Global Bank
AI-Driven KYC
Case Study
3. The Impact
2. Our Role
1. Situation
Introduction
Situation
Our Role
Data Privacy
Our Role
The Impact
All Awards
Case Studies
Tripling Revenue Growth
Our Role
Diagnosis
Recommendations
Execution
Judge Corley’s opinion relied on several recent challenges to vertical mergers where judges ruled for the defendants — United States of America v. AT&T Inc., DirecTV Group Holdings, LLC, and Time Warner Inc.; Federal Trade Commission v. Meta Platforms, Inc.; and the FTC ALJ opinion in In the Matter of Illumina, Inc. and Grail, Inc. — all of which are cases where Professor Carlton served as an economic expert for the merging parties.
Execution
Recommendations
Diagnosis
The Impact
In 2022, Colonial Pipeline received the Silver Anvil Award of Excellence from the Public Relations Society of America for its communications response to the ransomware attack and navigating a national crisis.
The client secured the required funding from its board based on the business case created by FTI Consulting.
The client realized $5.5 million cumulative ROI based on the savings estimated to be realized over the next five years, with a 33% growth of potential anti-money laundering (“AML”) transactions through 2025.
The client’s functional and technical stakeholders gained significant knowledge of the benefits from graph analytics enabled by machine learning.
Judge Corley’s opinion relied on several recent challenges to vertical mergers where judges ruled for the defendants — United States of America v. AT&T Inc., DirecTV Group Holdings, LLC, and Time Warner Inc.; Federal Trade Commission v. Meta Platforms, Inc.; and the FTC ALJ opinion in In the Matter of Illumina, Inc. and Grail, Inc. — all of which are cases where Professor Carlton served as an economic expert for the merging parties.
Execution
Recommendations
Judge Corley repeatedly referenced Professor Carlton’s testimony in her opinion criticizing the FTC expert’s analysis and acknowledged several post-transaction benefits noted in Professor Carlton’s testimony.
By providing a unified regulatory monitoring solution, we empowered the client with a centralized platform that served as a reliable single source of truth. This ensured consistent compliance and enhanced the client's ability to navigate an ever-changing regulatory landscape and included supporting legal documents.
The client improved its engagement with regulators, streamlined compliance processes and strengthened commercial and operational strategies.
The client gained better control over regulatory risks, ensured its adherence to laws across all markets and bolstered its overall reputation and strategic positioning through the use of FTI Consulting’s AI-enabled regulatory monitoring solution. The solution allows for seamless comparison with internal policies and facilitates natural language processing, enhancing the overall regulatory compliance process.
Diagnosis
The Impact
Compass Lexecon’s economic analysis and expert testimony identified deal-specific benefits, including expanded access to Activision Blizzard’s gaming content, lower costs for gamers and increased incentives for investment in game development.
Result
Compass Lexecon expert, Professor Dennis W. Carlton, testified before the federal court that the FTC expert’s economic analysis was flawed, relied on unsupported assumptions, and failed to show that the transaction would lead to unfair competition and foreclosure of Activision Blizzard’s content from Microsoft rivals.
Process
FTI Consulting experts utilized a design thinking approach, collaborating closely with client stakeholders to co-create a tailored solution. This ensured that the platform balanced competing priorities and was rapidly implemented to meet critical needs.
A secure, high-performance infrastructure was built using an Amazon Web Services ("AWS") cloud-based solution, featuring single sign-on and robust capabilities to support the platform's resilience and efficiency.
FTI Consulting developed an agnostic AI infrastructure that leverages a proprietary retrieval-augmented generation ("RAG") system. This infrastructure enables the use of multiple large language models ("LLMs") and the development of AI agents tailored to meet incoming business requirements.
FTI Consulting enhanced data ingestion processes to provide the client with comprehensive legislative insights, including key dates and future developments relevant to their products, ensuring full visibility into the regulatory landscape.
Our team developed global and market-specific dashboards with geographical views and established an automated notification system to keep stakeholders informed of regulatory updates, supported by a centralized repository for legal documentation.
Overview
Our Role
Our consumer goods client needed a unified solution for regulatory monitoring, creating a single source of truth to manage the evolving regulatory landscape. This platform would ensure consistent compliance and support the company’s commercial and operational strategies.
By deploying a digital, data-driven, AI-enabled platform, the client aimed to improve engagement with regulators and ensure compliance with laws across all regions where it operates.
Situation
A leading international consumer goods company retained FTI Consulting to deliver an AI-enabled regulatory monitoring platform as part of a broader monitoring program focusing on regulatory issues relating to their products and reduced-risk offerings, such as product regulation, packaging, advertising and usage restriction.
Regulatory Monitoring Platform: Centralizing Global Compliance
Regulatory Monitoring
Case Study
The Impact
Our Role
Situation
Introduction
Hertz successfully de-fleeted approximately 200,000 vehicles, facilitating the repayment of USD$4.3 billion in debt principal and sold its Donlen business for approximately USD$875 million.
Execution
Recommendations
Judge Corley repeatedly referenced Professor Carlton’s testimony in her opinion criticizing the FTC expert’s analysis and acknowledged several post-transaction benefits noted in Professor Carlton’s testimony.
The company’s accountability and responsiveness to regulators improved, and its legal department was equipped with the metrics they needed to address potential enforcement actions.
The company had the processes and access to the data in place to enter a new direct-to-consumer lending business.
FTI Consulting’s work positioned the company to drive a 3x revenue growth with a flat cost basis.
The original PE owner successfully exited midway through the transformation due to the value creation thesis supported by FTI Consulting.
Diagnosis
The Impact
FTI Consulting’s team of experts managed diligence activities and communications with financial and legal advisors and provided a temporary senior-level accounting resource, among other activities.
Result
FTI Consulting assisted with cash forecasting and liquidity management; oversaw vendor- and supplier-related matters; and prepared a quality-of-earnings report for the sale of Hertz’s Donlen subsidiary.
Process
The PE sponsor and company leadership engaged FTI Consulting to design a modern digital loan origination solution on a flexible, secure and scalable data platform that incorporated a suite of AI-enabled capabilities that automated activities, reduced the risk of fraud and enriched data analytics.
Our experts redesigned key business processes with regulatory and compliance considerations and developed a strategic roadmap to execute the transformation mandate.
FTI Consulting was further retained to manage the digital transformation office with the chief executive officer, general counsel, chief information officer and chief operating officer across multiple workstreams involving six business units and eight technology partners.
Overview
Our Role
A leading fintech business, owned by one of the largest global private equity (“PE”) firms, was looking to embark upon a digital transformation to drive revenue growth and improve regulatory compliance. Their current technology, business processes and organization were outmoded and unable to support such transformational growth. By deploying an AI-enabled data platform and redesigned key business processes, FTI Consulting streamlined loan origination workflows, shortened the resolution path for consumer complaints and equipped the legal department with the metrics they needed to address potential enforcement actions.
Situation
How can AI help a business transform and overcome legacy systems in order to find new paths to growth? FTI Consulting was engaged to help a fintech manage transformation while keeping an eye on compliance.
Tripling Revenue Growth Without Increasing Costs Through Digital Transformation
Tripling Revenue Growth
Case Study
The Impact
Our Role
Situation
Introduction
Hertz successfully de-fleeted approximately 200,000 vehicles, facilitating the repayment of USD$4.3 billion in debt principal and sold its Donlen business for approximately USD$875 million.
Execution
Recoveries from the Madoff Recovery Initiative far exceed similar efforts related to prior Ponzi schemes both in terms of dollar value and percentage of stolen funds recovered.³
FTI Consulting optimized the processes and strengthened risk management, achieving a 61% reduction in cases escalated by the Second Line of Defense (“2LOD”) back to the First Line of Defense (“1LOD”).
Our experts reduced case turnaround time by approximately 60%, significantly accelerating onboarding timeliness.
By cutting the average case completion time by 48%, our team boosted operational capacity by 30% to 35%, driving down costs and enhancing productivity.
The Impact
With the Trustee, the teams investigated more than 16,500 claims, ultimately allowing more than 2,600.
Provided litigation support, including serving as expert witnesses, for more than 1,000 lawsuits, including two actions that reached the Supreme Court of the United States.
Result
The teams reconstructed books and records, determined amounts deposited and withdrawn from thousands of customer accounts and analyzed hundreds of millions of transactions.
Process
FTI Consulting developed a decision tree with an integrated workflow tool, translating policy and procedure requirements into actionable steps based on client entity type and services. Our team defined critical data elements to streamline workflow mapping and establish an AI model baseline.
Our experts standardized onboarding and lifecycle management across services with integrated processes, policies and data. We deployed accelerators, digitization and automation to meet compliance requirements and support customized reporting.
The team developed custom AI models to minimize human intervention in KYC and regulatory onboarding, utilizing data transformation tools such as Pandas, Apache Spark and Python. Our experts created an AI agent to manage a two-way flow of information, automate tests, solve issues and execute actions with golden sources — single, authoritative sources of information — to ensure that everyone has the same understanding.
Overview
Our Role
Our client, a multinational bank, aimed to enhance its KYC program to combat fraud, corruption and money laundering. Recognizing the importance of effective KYC processes for compliance and risk management, the bank sought to digitize and streamline these processes to boost compliance, cut costs, reduce staff workload and enhance customer experience. The bank hired FTI Consulting to create and pilot an AI-driven platform to automate and improve the efficiency of the KYC refresh program.
Situation
Know Your Client (“KYC”) programs present complex regulatory, technology and workforce challenges for financial services firms as they seek to verify the identity of their customers and assess potential risks. How can companies efficiently and effectively manage compliance, keep up with sophisticated risks and combat potential crimes?
AI-Driven KYC Enhancement for a Global Bank
AI-Driven KYC
Case Study
The Impact
Our Role
Situation
Introduction
Regulatory Monitoring
Financial Crime
AI-Driven KYC
Wells Fargo
Regulatory Monitoring
Select a Case Study
Financial Crime
Tripling Revenue Growth
AI-Driven KYC
Wells Fargo
Artificial Intelligence
Safeguarding Through Crises
Artificial Intelligence
Safeguarding Through Crises
Select a Topic
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Cyber risks and threats related to advanced technologies such as artificial intelligence, blockchain, cryptocurrency and metaverse en...
The General Counsel and ESG: From Great Risk Comes Great Opportunity
Read More
The first 48 hours of a corporate crisis presents a complex web of risk and challenges for the general counsel.
Missteps the General Counsel Should Avoid in the First 48 Hours of a Crisis
Read More
In-house counsel should coordinate inside leaders and outside advisors to respond to a crisis. But they also have a role in longer-term response.
More Than Mere Survival: The General Counsel's Role in Moving Beyond Crisis
Read More
Regardless of scale, every company stands to experience a crisis sooner or later. The difference between survival and extinction often boils down to how effectively the company can react and how it handles the fallout.
Preparing for the Inevitable Black Swan
Read More
On June 15, 2023, FTI Consulting and WSJ Custom Events invited Deputy Attorney General Lisa Monaco to speak on the general counsel’s role as...
When the Black Swan Comes From Within
Case Studies
¹ Securities and Exchange Commission v. Bernard L. Madoff, U.S. District Court S.D.N.Y. (Dec. 11, 2008).
² Securities and Exchange Commission v. Bernard L. Madoff, U.S. District Court S.D.N.Y. (Dec. 15, 2008).
¹ Aaron Katersky, “More funds recovered for victims of Bernie Madoff,” ABC News web site (Dec. 9, 2022).
Luckin Coffee
Luckin Coffee
¹ Securities and Exchange Commission v. Bernard L. Madoff, U.S. District Court S.D.N.Y. (Dec. 11, 2008).
² Securities and Exchange Commission v. Bernard L. Madoff, U.S. District Court S.D.N.Y. (Dec. 15, 2008).
³ Aaron Katersky, “More funds recovered for victims of Bernie Madoff,” ABC News web site (Dec. 9, 2022).
White Collar Crime
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While corporations are beefing up governance and internal controls to comply with the Foreign Corrupt Practices Act and mitigate bribery activity, many of the processes are still manual, onerous and inefficient.
How Can AI Help Tackle Bribery Payments?
Read More
The general counsel is no stranger to the problem of white collar crime. The stakes have risen as rapidly evolving technology such as AI, digital assets and the virtual world expand.
Future-Proofing White Collar Crime Defenses
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The ever-growing catalog of sanctions from federal agencies can trip up any organization. Even the most diligent companies can go astray.
Watch Out for These "Hidden" Sanctions Traps
Read More
The DOJ is pushing companies to police themselves, voluntarily report misconduct and improve compliance programs.
Carrots and Sticks: Understanding the DOJ’s New Voluntary Self-Disclosure Policy
The Expert Briefing with FTI Cybersecurity
Read More
European and UK regulators are increasingly focusing on the financial crime risks within the payments sector.
All of these call on payments institutions, electronic money institutions (“EMIs”) and registered account informational service providers to do more to protect customers’ funds and the integrity of the financial system.
Payment Firms Under the Microscope — Do Your Financial Crime Controls Stand Up to Regulatory Scrutiny?
View All General Counsel Insights
Senior Managing Director Jon Chan on why the top three things that should be front of mind for law firms are AI, AI and AI.
Looking Ahead: The Future of Law Firms and AI
Senior Managing Director Nick Hourigan on using AI in advanced analytics to solve problems in the context of investigations and litigation.
AI and Augmented Investigations
White Collar Crime
White Collar Crime
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As ESG standards evolve, so too does the role of the general counsel, with many already in charge of identifying and tracking certain corporate ESG performance metrics.
How Can AI Help Tackle Bribery Payments?
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The general counsel is no stranger to the problem of white-collar crime. The stakes have risen as rapidly evolving technology such as AI, digital assets and the virtual world have introduced new methods of crime.
Future-Proofing White Collar Crime Defenses
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The ever-growing catalog of sanctions from federal agencies can trip up any organization. Even the most diligent companies can go astray.
Watch Out for These ‘Hidden’ Sanctions Traps
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The DOJ is pushing companies to police themselves, voluntarily report misconduct and improve compliance programs.
Carrots and Sticks: Understanding the DOJ’s New Voluntary Self-Disclosure Policy
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Social and technological changes have elevated the amount of potential harm a rogue employee can do. Knowing the best approach to take can minimize the fallout and even mitigate future risks.
Payment Firms Under the Microscope – Do Your Financial Crime Controls Stand Up to Regulatory Scrutiny?
All Awards
Senior Managing Director Meredith Brown looks at the ambiguity surrounding AI accountability and presents an opportunity for general counsel to step in and assume a lead role.
Expert Perspective: AI and the General Counsel
Senior Managing Director Nick Hourigan on using AI in advanced analytics to solve problems in the context of investigations and litigation.
AI and Augmented Investigations
Senior Managing Director Meredith Brown looks at the ambiguity surrounding AI accountability and presents an opportunity for general counsel to step in and assume a lead role.
Expert Perspective: AI and the General Counsel
What is most important when implementing new technology like AI? Senior Director Nathalie Baker on three key things legal functions should think about.
Three Considerations for Legal Functions Adopting AI
Our experts discuss the wider implications of AI for our clients.
Helping Clients Navigate and Harness the Power of AI
M&A AND ANTITRUST
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While corporations are beefing up governance and internal controls to comply with the Foreign Corrupt Practices Act and mitigate bribery activity, many of the processes are still manual, onerous and inefficient.
How Can Artificial Intelligence Help Tackle Bribery Payments?
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The general counsel (“GC”) is no stranger to the problem of white-collar crime. The stakes have risen as rapidly evolving technology such as artificial intelligence (“AI”), digital assets and the virtual world...
Future-Proofing White-Collar Crime Defenses
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Few things can incite more stress and urgency for general counsel and compliance teams than a Hart-Scott-Rodino (“HSR”) second request. Second requests are comparable to a crisis event, spurring the need for transacting parties to process, review and produce large quantities of documents to regulators in a matter of only weeks or months. The timing, costs and overall success of a deal can hinge on an organization’s ability to properly comply with related merger clearance investigations across jurisdictions. What can general counsel expect when pursuing M&A in this environment?
How General Counsel Can Navigate Merger Scrutiny and Protect Deals
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Traditional due diligence programs account for financial, commercial and operational inquiries. Keeping pace in today’s digital age, however, requires that investors go beyond the scope of conventional diligence and ensure that risks posed by cybersecurity issues are adequately considered and actioned appropriately. By identifying and mitigating risks in advance, the acquiring company gains assurance around the value of their investment, while the acquired company is given the opportunity to remediate vulnerabilities identified throughout the process — safeguarding their valuation and remaining an attractive investment prospect.
The Importance of Cybersecurity M&A Due Diligence
The Expert Briefing with FTI Cybersecurity
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It now seems accepted wisdom among informed observers that as goes PE, so goes M&A. But PE firms will experience a new set of challenges as they bring their liquidity — as well as their innovation — into the market. Unfamiliar and increasingly complex regulatory, compliance and reporting issues add to strategic considerations firms will now have to make. Furthermore, managing different kinds of communications with stakeholders — both required and voluntary — and attending to government affairs at both the federal and the state level may place added focus on the strategic role of general counsel and in-house legal teams that have traditionally managed these details for PE firms as they seek further advantage and returns in the M&A market.
Navigating PE Success in a New M&A Landscape
M&A and Antitrust
M&A and Antitrust
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While corporations are beefing up governance and internal controls to comply with the Foreign Corrupt Practices Act and mitigate bribery activity, many of the processes are stil...
How Can Artificial Intelligence Help Tackle Bribery Payments?
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The general counsel (“GC”) is no stranger to the problem of white-collar crime. The stakes have risen as rapidly evolving technology such as artificial intelligence (“AI”), digital assets and the virtual world have introduced new methods of...
Future-Proofing White-Collar Crime Defenses
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Few things can incite more stress and urgency for general counsel and compliance teams than a Hart-Scott-Rodino (“HSR”) second request. Second requests are comparable to a crisis event, spurring the need for transacting parties to process, review and produce large quantities of documents to regulators in a matter of only weeks or months. The timing, costs and overall success of a deal can hinge on an organization’s ability to properly comply with related merger clearance investigations across jurisdictions. What can general counsel expect when pursuing M&A in this environment?
How General Counsel Can Navigate Merger Scrutiny and Protect Deals
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Traditional due diligence programs account for financial, commercial, and operational inquiries. Keeping pace in today’s digital age, however, requires that investors go beyond the scope of conventional diligence and ensure that risks posed by cybersecurity issues are adequately considered and actioned appropriately. By identifying and mitigating risks in advance, the acquiring company gains assurance around the value of their investment, while the acquired company is given the opportunity to remediate vulnerabilities identified throughout the process – safeguarding their valuation and remaining an attractive investment prospect.
The Importance of Cybersecurity M&A Due Diligence
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European and UK regulators are increasingly focusing on the financial crime risks within the payments sector. All of these call on payments institutions, electronic money institutions (“EMIs...
Navigating PE Success in a New M&A Landscape
There are several ways the legal function can use AI in contract review. Managing Director Chase D’Agostino talks about where it makes sense to rely on AI.
AI Myth vs. Reality in Contract Review
Senior Managing Director Jon Chan on why the top three things that should be front of mind for law firms are AI, AI and AI.
Looking Ahead: The Future of Law Firms and AI
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The general counsel role has expanded beyond legal to chief line manager in charge of a crisis. With the magnitude and probability of crises now larger than ever, what actions can be taken to prepare?
Turbulent Waters, Trusted Anchors
The Expert Briefing with FTI Cybersecurity