Services - Forensic Services
When someone is needed to investigate what has happened to review, interview and challenge collate and analyse Olvera has the people and resources to get you the answer you need.
Olvera works closely with our partner Curby McClintock (link to their site) to investigate and substantiate financial loss claims be they, contract damages claim for consequential loss, employee fraud or investigative reviews of projects or programmes
Damages and Consequential Loss
A contract is breached, and as a result losses have been incurred by a number of parties both directly and indirectly.
Some contracts seek to restrict losses to those directly related to the contract, while in reality the loss might flow to damages to other parties which have a claim on you – consequential losses. The basis for determining what are direct and what are consequential losses can be significantly impacted if they are not clearly defined and calculated either by the courts or any insurance coverage you may have.
Consequential loss confuses businesspeople. The courts have adopted different approaches to clauses which seek to exclude or include consequential loss from the scope of damages that a party can claim.
Internal employee fraud is not often spoken about until it hits the media. Companies who are victims of employee fraud often don’t report the matter to police and simply dismiss the offending staff member.
What is also not talked about is that employee fraud is one of the highest incidence of fraud. Over 80% of business leaders have exposed or been made aware of some level of employee fraud over their career.
There are a number of different types employee fraud claims:
- Employee credit card and expense fraud where employees use company credit cards or company funds to purchase goods and services that are unrelated to the business yet claimed as expenses.
- False invoicing and accounting fraud in a financial role at an organisation. This encompasses situations where the employee siphons funds to themselves and covers their tracks in the books ie ghost employees or fake suppliers.
- Physical goods theft from the organisation especially for organisations that sell high-value goods such as electronics or designer goods.
Accounting fraud can often go unnoticed for years and amount to a significant quantity stolen.
What is consequential loss?
Courts traditionally held that where one party breaches an agreement, the other party should receive damages:
One of the growing areas of consequential loss this year has been the growing incidence of cybercrime. While the loss of data may not need to direct loss where only data is stolen, new laws mean that companies may be liable for the losses suffered by others and as a result it will be necessary to undertake the cost sand damage that has occurred in order to reimburse or satisfy consumer claims.
How we can help
Olvera’s forensic and investigations team can get to the bottom of any forensic assignment to get you a clear picture of your loss and exposure.
Our services include: