Case Study

Subprime exposure: who knew what when?

Stroz Friedberg is a specialized risk management firm built to help clients solve the complex challenges prevalent in today’s digital, connected, and regulated business world

An investment bank contacted Stroz Friedberg on a Friday morning as it confronted a crisis: It needed to ascertain by early the following week how a mistaken estimate of its subprime exposure had been calculated and by whom. By Friday afternoon, three Stroz Friedberg teams were dispersed to different domestic and international locations with our specially outfitted incident response road kits and passports in hand. After 48 hours of virtually nonstop work, Stroz Friedberg had preserved over 1.2 terabytes of data from the bank’s New York, Paris, and Los Angeles offices. Data was forensically preserved for ten custodians from 20 backup tapes, three e-mail servers, multiple file servers, 30 desktop computers, and half-a-dozen BlackBerrys. Within two days, Stroz Friedberg had culled the initial data down to 20 gigabytes of potentially relevant information. To comply with European Union (EU) data privacy laws, Stroz Friedberg set up a mobile electronic processing laboratory in Paris to perform the requisite culling and loading of the EU data into a local review platform. Meanwhile, in the United States, Stroz Friedberg loaded the remainder of the 20 gigabytes of culled data into its domestic online review platform, where a team of the bank’s outside attorneys performed an expedited review. Within a week, the bank was able to review and analyze almost 1,000,000 pages of culled data, form opinions on the issues at hand, and make accurate public disclosures.

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