RGL Evolves With the Times

Article, Claims MagazineDecember 2008

Insurance

As a founding partner of RGL, Steve Rosenthal has witnessed the growth and evolution of the firm through the years.

As a founding partner of the international forensic accounting firm, RGL, Inc., I've witnessed the firm's growth and evolution through the years. The latest news is that we've officially changed our name from RGL - Forensic Accountants & Consultants to RGL Forensics. With an emphasis on "Discovering & Defining Financial Value," we also have a new graphic identity and a completely redesigned website at rgl.com.

Our new approach is the result of changes that we've experienced over the past five years - positive changes that have enabled us to expand the scope of our services. It's important to emphasize that forensic accounting has been and will remain a primary focus, but our expanded financial forensics practice promises increased depth in valuation and forensic technology - two increasingly essential services that our insurance, corporate, legal and public sector clients require and have come to expect. We've also added specialist who can advise and provide support to client engagements during these turbulent economic times.

For the claims adjuster and insurance professional, we continue to offer a multi-faceted insurance support practice encompassing financial investigation of first and third party insurance claims in a wide variety of matters. While subrogation, construction, and catastrophe-related claims are part of that picture, the majority of our work is devoted to isolated and varied incidents of loss involving fire, mechanical breakdown, flood and other circumstances. In every case, we seek to determine whether the documentation, theory or estimates presented in support of the claim comport with the underlying documentation, history and financial context of the subject entity. We summarize and report our findings, and when necessary, provide expert witness testimony in court. This is what we refer to at RGL Forensics as ‘getting behind the numbers’ and it’s been the core of our business for 40 years.

In addition to our enhanced fraud services, RGL Forensics remains devoted to catastrophe work in the form of first party property claims. We are retained by the insurance company or their representative, whose policy insures the business that sustained a loss resulting from a catastrophe. Our role is to assist the insured and the insurance company in accurately determining the extent of damages sustained to the property, as well as to measure any time element (business income and extra expense) losses that may have occurred. We also measure the value of any inventory damaged or destroyed in accordance with the terms and conditions of the insurance policy.

Additionally, we monitor from an accounting perspective the repairs and/or replacement of real and personal property damaged or destroyed by the event, and we quantify the economic losses sustained by the insured as a result of the disruption to normal business operations. These losses might include extra expenses incurred to resume operations at the damaged facility or at a temporary location; the loss of profit that would have been earned had the insured event not occurred; and the ongoing, continuing operating expenses incurred during the period of repairs.

We believe there are several factors that differentiate RGL Forensics from our competitors. First, we’re devoted solely to the practice of forensic accounting – no tax or audit work – which eliminates conflicts of interest that other firms sometimes face. Also, our professionals are among the forensic accounting industry’s most qualified; in addition to being CPAs, many are CFEs, (certified fraud examiners), Cr.FAs (certified forensic accountants) and ABVs (accredited in business valuation). Our professionals also receive extensive training in the discipline of forensic accounting at the RGL Forensics Training Institute. Finally, our 23 offices worldwide provide the benefit of immediate access to our breadth of expertise and resources around the globe, allowing us to offer prompt, reliable, and professional forensic accounting services when and where needed.

Whatever your forensic accounting needs, we hope you’ll turn to RGL Forensics, where we discover and define financial value.

 

As appeared in Claims Magazine, December 2008.

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