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Thought Leaders

Thought Leaders

Toby Duthie

Toby Duthie

Forensic Risk AllianceAudrey House16-20 Ely PlaceLondonEnglandEC1N 6SN
Watch interview with Toby Duthie

Thought Leader

WWL Ranking: Global Elite Thought Leader

WWL says

The “excellent” Toby Duthie is a prominent figure in the UK investigations market and stands out for his work in fraud and bribery cases.

Questions & Answers

Toby has over 20 years’ experience in complex financial analysis, financial modelling, investigations and compliance reviews. He has particular expertise in multi-jurisdictional investigations, anti-bribery and corruption compliance testing, and specialises in matters of government enforcement. Toby’s work includes the £671 million DOJ, SFO and Brazilian Rolls-Royce settlement; the $521 million DOJ and SEC Teva settlement; the $328 million DOJ SBM Offshore settlement; and other high-profile FCPA enforcement cases including Bonny Island LNG and Oil-for-Food.

Why did you decide to establish your own forensic accounting firm?

We saw an opportunity for a fully independent, conflict-free forensic adviser which is increasingly an issue for clients and many of our bigger competitors. We wanted to develop a market-leading practice, highly respected with deep subject-matter expertise.

How has the market changed since you first started practising?

From a technical perspective the evolution and importance of data analytics has driven the need to find a way to efficiently process and query vast amounts of transactional and unstructured data. Global investigations nowadays almost always involve hundreds of thousands of documents; if not millions. For larger, more complex matters, AI technology-assisted review will soon be seen as an increasingly efficient cost-effective way to handle large-scale reviews and production. The real breakthrough will come when AI can analyse and link both structured (eg, accounting) and unstructured (eg, email, WhatsApp, etc) communications.

Looking back over your career, what is the most memorable case you have been a part of?

Very early on we were lucky enough to work on two Holocaust-related restitution matters involving the Swiss banks and German industry. The former was in respect of dormant assets, and the latter in respect of Nazi-era slave labour. We initially set FRA up to do this work and were privileged to work on assisting in the validation and payment of over $5 billion of restitution to survivors. I learned a huge amount from my colleagues about cross-border data management, claim quantification and met some truly interesting and humbling people.

I also enormously enjoy profit-based fine calculations in respect of complex cross-border regulatory matters and have been lucky enough to have worked on several of these including most recently the Rolls-Royce and SBM Offshore settlements.

Your firm FRA turned 20 last year. In this time, how have you ensured it distinguishes itself among the competition?

In 1999, myself and my two co-founders, Frances McLeod and Greg Mason set out to create a firm committed to being trusted advisers to our clients which is still what drives us and shapes our firm today. We want to be individuals our clients want to work with again and again. Investigations often span many years – you don’t want to spend 15 hours on a plane next to someone you can’t have an interesting conversation with. We establish collaborative relationships with our clients built on transparent pricing and effective ways of working, by staffing jobs intelligently with a team of all levels who are familiar with the matter being undertaken.

Practitioners have recorded an increased level of coordination between companies, regulators, and authorities. How is this affecting your practice?

The level of coordination and cooperation has increased dramatically in the last decade and has had an impact on FRA’s projects as most are typically global and span multiple jurisdictions, meaning investigations are subject to enforcement from multiple regulators. In the past, companies may have been able to interact with a single regulator and have minimal cooperation. Nowadays, because of multiple regulators frequently being involved, it is more difficult to know what information each regulator has, meaning you must be economical with the truth as regulators share what they know. As a consequence, companies such as FRA and attorneys, find themselves engaging with multiple regulators simultaneously all with the same objective in mind – to conclude all matters and issues involved in an investigation at the same time. 

Looking into the future, what role do you foresee AI taking in relation to investigations?

AI can drive efficiency and effectiveness in investigations by quickly identifying the critical focus areas or smoking guns in a massive corpus of information, saving time and money and producing better results compared to manual procedures. Due to minimal adoption to date by attorneys, forensic accountants and e-discovery providers, AI technology is still very much in the development stages in relation to the investigations industry, in contrast to the consumer market. Within this decade however, AI technology in the investigations space will continue to improve as regulators begin to encourage or expect the use of it in multi-jurisdictional investigations. There will always be a human element required in these types of investigations as you will always need human judgement and experience.

What advice on the future of this industry would you give someone starting out?

The world is getting more and more IT and digital-based – so the more IT savvy you are the better. Enjoy the travel, adapt to different cultures and always speak up if you need help or advice. In a team, we all succeed or fail together.

What was the most memorable advice you received when you were starting your career?

Make clients your friends and vice versa, and never make excuses.

WWL Ranking: Global Elite Thought Leader
WWL Ranking: Thought Leader

WWL says

The “excellent” Toby Duthie is a prominent figure in the UK investigations market and stands out for his work in fraud and bribery cases.

Questions & Answers

Toby has over 20 years’ experience in complex financial analysis, financial modelling, investigations and compliance reviews. He has particular expertise in multi-jurisdictional investigations, anti-bribery and corruption compliance testing, and specialises in matters of government enforcement. Toby’s work includes the £671 million DOJ, SFO and Brazilian Rolls- Royce settlement; the $521 million DOJ and SEC Teva settlement; the $328 million DOJ SBM Offshore settlement; and other high-profile FCPA enforcement cases including Bonny Island LNG and Oil-for-Food.

Why did you decide to establish your own forensic accounting firm?

We saw an opportunity for a fully independent, conflict-free forensic adviser which is increasingly an issue for clients and many of our bigger competitors. We wanted to develop a market-leading practice, highly respected with deep subject-matter expertise.

How has the market changed since you first started practising?

From a technical perspective the evolution and importance of data analytics has driven the need to find a way to efficiently process and query vast amounts of transactional and unstructured data. Global investigations nowadays almost always involve hundreds of thousands of documents; if not millions. For larger, more complex matters, AI technology-assisted review will soon be seen as an increasingly efficient cost-effective way to handle large-scale reviews and production. The real breakthrough will come when AI can analyse and link both structured (eg, accounting) and unstructured (eg, email, WhatsApp, etc) communications.

Looking back over your career, what is the most memorable case you have been a part of?

Very early on we were lucky enough to work on two Holocaust-related restitution matters involving the Swiss banks and German industry. The former was in respect of dormant assets, and the latter in respect of Nazi-era slave labour. We initially set FRA up to do this work and were privileged to work on assisting in the validation and payment of over $5 billion of restitution to survivors. I learned a huge amount from my colleagues about cross-border data management, claim quantification and met some truly interesting and humbling people.

I also enormously enjoy profit-based fine calculations in respect of complex cross border regulatory matters and have been lucky enough to have worked on several of these including most recently the Rolls Royce and SBM Offshore settlements.

Your firm FRA turned 20 this year. In this time, how have you ensured it distinguishes itself among the competition?

In 1999, myself and my two co-founders, Frances McLeod and Greg Mason set out to create a firm committed to being trusted advisors to our clients which is still what drives us and shapes our firm today. We want to be individuals our clients want to work with again and again. Investigations often span many years – you don’t want to spend 15 hours on a plane next to someone you can’t have an interesting conversation with. We establish collaborative relationships with our clients built on transparent pricing and effective ways of working, by staffing jobs intelligently with a team of all levels who are familiar with the matter being undertaken.

Practitioners have recorded an increased level of coordination between companies, regulators, and authorities. How is this affecting your practice?

The level of coordination and cooperation has increased dramatically in the last decade and has had an impact on FRA’s projects as most are typically global and span multiple jurisdictions, meaning investigations are subject to enforcement from multiple regulators. In the past, companies may have been able to interact with a single regulator and have minimal cooperation. Nowadays, because of multiple regulators frequently being involved, it is more difficult to know what information each regulator has, meaning you must be economical with the truth as regulators share what they know. As a consequence, companies such as FRA and attorneys, find themselves engaging with multiple regulators simultaneously all with the same objective in mind – to conclude all matters and issues involved in an investigation at the same time. 

Looking into the future, what role do you foresee AI taking in relation to investigations?

AI can drive efficiency and effectiveness in investigations by quickly identifying the critical focus areas or smoking guns in a massive corpus of information, saving time and money and producing better results compared to manual procedures. Due to minimal adoption to date by attorneys, forensic accountants and e-discovery providers, AI technology is still very much in the development stages in relation to the investigations industry, in contrast to the consumer market. Within this decade however, AI technology in the investigations space will continue to improve as regulators begin to encourage or expect the use of it in multi-jurisdictional investigations. There will always be a human element required in these types of investigations as you will always need human judgement and experience.

What advice on the future of this industry would you give to someone starting out?

The world is getting more and more IT ad digital-based – so the more IT savvy you are the better. Enjoy the travel, adapt to different cultures and always speak up if you need help or advice. In a team, we all succeed or fail together.

What was your most memorable advice you received when you were starting your career?

Make clients your friends and vice versa, and never make excuses.

Global Leader

WWL Ranking: Global Elite Thought Leader

WWL says

Toby Duthie is recognised as a Global Elite Thought Leader in the field of forensic accounting. He is highly praised for his “great client skills, and ability to communicate complex issues clearly”.

Biography

Toby Duthie is a founding partner of FRA, head of its UK and European offices and Who’s Who Legal’s Investigations Forensic Accountant of the Year 2018 and 2019. He has more than 21 years’ experience in financial analysis, complex financial modelling, investigations and compliance reviews. Fluent in English and German, Toby has particular expertise in multi-jurisdictional investigations, anti-bribery and corruption compliance testing, and specialises in matters of government enforcement especially in the UK and US.

Toby has worked on many complex financial frauds and bribery investigations which have involved disgorgement and fine calculation analysis and modelling in multiple jurisdictions with the most recent including the Rolls-Royce £671 million DOJ, SFO and Brazilian settlement, the US$521 million Teva Settlement and the US$328 million SBM Offshore DOJ settlement.

Toby was instrumental in developing the firm’s white-collar and regulatory defence services across Europe and has been integral in resolving such high-profile FCPA enforcement cases going back to 2004 including Innopsec, Panalpina, Total, Technip Bonny Island LNG and the Diebold FCPA monitorship. He has worked on matters involving UK, Swiss, Dutch and French regulators and has extensive experience calculating damages in FCPA enforcement actions. He has worked on four of the 10 largest FCPA settlements.

He also set up the UK’s first third party litigation funding company in 2002 (IM Litigation Management Limited) which pursued over 50 claims with over a 70 per cent success rate. A graduate with honours from University College London, Toby worked as a steel trader in Hong Kong and in the investment banking division of Deutsche Bank/Morgan Grenfell.

WWL Ranking: Global Elite Thought Leader

WWL says

Peers state that “there is no one better in the field” than Toby Duthie who is listed as a Global Elite Thought Leader once again this year. He is noted as “sharp, practical and a real pleasure to work with” as well as “excellent” when it comes to compliance reviews and anti-bribery testing.

Biography

Toby Duthie is a founding partner of FRA and head of its UK and European offices. He has more than 20 years’ experience in financial analysis, complex financial modeling, investigations and compliance reviews. Fluent in English and German, Toby has particular expertise in multi-jurisdictional investigations, anti-bribery and corruption compliance testing, and specialises in matters of government enforcement especially in the UK and US.

Toby won Investigations Forensic Accountant of the Year 2018 at the Who's Who Legal (WWL) Awards and is recognized in WWL: Thought Leaders - InvestigationsWWL: Investigationsand WWL: Consulting Experts. One lawyer comments in WWL that “he is the most articulate financial expert [they] have ever retained” and another source described him as "tremendously impressive, he knows all there is to know about FCPA enforcement”.

Toby has worked on many complex financial frauds and bribery investigations which have involved disgorgement and fine calculation analysis and modelling in many jurisdictions, including the US, Japan, Austria and the UK, with the most recent including the Rolls-Royce £671 million DOJ, SFO and Brazilian settlement; the $521 million Teva settlement; and the $328 million SBM Offshore DOJ settlement.

As one of FRA’s founding partners, Toby was instrumental in developing the firm’s white-collar and regulatory defence services across Europe and has been integral in resolving such high-profile FCPA enforcement cases going back to 2004 including Innopsec, Panalpina, Total, Technip Bonny Island LNG, and the Diebold FCPA monitorship. He has worked on matters involving UK, Swiss, Dutch, and French regulators and has extensive experience calculating damages in FCPA enforcement actions. He has worked on four of the ten largest FCPA settlements. Toby has further worked on some compliance monitorships involving the natural resources and IT sectors.

He also set up the UK’s first third-party litigation funding company in 2002 (IM Litigation Management Limited) which pursued over 50 claims with over a 70 per cent success rate. A graduate with honours from University College London, Toby worked as a steel trader in Hong Kong and in the investment banking division of Deutsche Bank/Morgan Grenfell.

Awards won by Toby Duthie

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