A small number of insolvencies on both sides of the Atlantic have moved the risk from a theoretical tail concern to an active one, and industry surveys now rank it at or near the top of the fraud risks facing the market. Investors and lenders in the room may have had direct exposure to those situations, so the briefing will draw on them only where the structural lesson is clear, rather than revisiting individual transactions.

This briefing brings together investors, originators, arrangers and their advisers to work through what can realistically be verified, by whom and at what point in a transaction. The focus is on how the market moves from discovering problems after the event to building controls that make collateral fraud materially harder to execute in the first place.