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Due Diligence Dynamics – Lessons Learned During the Pandemic

Date: Sep 29, 2021 @ 07:00 AM
Filed Under: Industry Trends

Richard Lawrence, Director – Credit Risk Advisory Group, CBIZ, discusses the challenges faced conducting due diligence audits during the COVID-19 pandemic and how these challenges created new best practices for future audits. Lawrence also discusses the dynamics faced working with both borrowers and asset-based lenders – both bank and non-bank – during that time.

Sponsored By:
Richard T. Lawrence
Director – Credit Risk Advisory Group | CBIZ
Mr. Lawrence is a Director and Co-Head of ABL Field Examination Group in the Credit Risk Advisory division of CBIZ, located in Plymouth Meeting, PA, a suburb of Philadelphia. Mr. Lawrence has been with CBIZ since 2015. In his role, he leads Specialty Lending, Securitization, and Asset Based Lending due diligence exams. He also co-leads the ABL Field Examination group including, but not limited to, operations, relationship management, and training. Prior to joining CBIZ, Mr. Lawrence was most recently a Manager of Field Examination at a due diligence outsource firm, where he served for six years as a lead on Asset Based Lending, Specialty Finance, and Internal Audit examinations. Additionally, Mr. Lawrence was a Sr. Risk Consultant in a prominent Securitization and Specialty Lending Examination Group, an AVP for Citi in its high-dollar ABL and Fixed Income group, and a Banking Officer at LaSalle Business Credit (now Bank of America) for their ABL group. Mr. Lawrence has performed a variety of due diligence services for commercial banks, investment banks, non-bank lenders, BDC’s, Private Equity Funds, and Hedge Funds in the credit risk area, including Lender Finance, Specialty Finance, Securitizations, Asset Based Lending, Quality of Earnings, and other transactions. Mr. Lawrence has over 20 years of experience providing field examinations for major banks, various accounting functions including Controller and Division Controller positions, and medical insurance claims audits in the Blue Cross network. During his time as a Field Examiner, Mr. Lawrence has worked with clients in the Manufacturing, Distribution, Financial Services (inclusive of Specialty Lending), Healthcare, Telecommunications, Resin, Metals, Retail, Paper, Mulch, Freight Hauling, Student Loans, Automotive, Agriculture, and Food Industries. Additionally, Mr. Lawrence operates as one of the primary contacts for the overseas transactions within the group which has completed transactions in Canada, England, Brazil, Mexico, Peru, Germany, Spain, Italy, Czech Republic, and Scotland. In addition to the financial services industry, he has worked as an Internal Audit Supervisor in the Claims Division in Healthcare Insurance, has been a Controller of a chemical manufacturing company, and both Division Controller and IT consultant for a Financial Technology Consulting Company. Education: B.A. (Honors) Accounting and Finance – University of Leicester (Nene College), UK; M.B.A. – University of Phoenix
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