Market Perception Trends: Risk Consulting Providers 2023

Published 29 November 2023 by Elizabeth Babalola & Daniel Garcia &

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Executive Summary

This report aims to provide corporate risk executives and senior strategy executives with guidance in choosing a risk consulting brand for risk management strategy execution and service delivery within their firm. It will also provide chief marketing officers, and business development officers involved in corporate risk consulting services, with valuable insights into their standing compared with other global service providers, in terms of preference and awareness. 

This report offers a deep dive into key factors that shape risk management strategies, brand preferences and spending from a client priority and requirements perspective. Insights in this report are drawn from the Verdantix 2023 global corporate risk management survey, which gathered responses from 200 senior risk executives across 14 industries around the world. To ensure a high-quality data set, we targeted executives from firms across different industries and regions, with minimum annual revenues of $250 million, holding role titles of director and above. 

Table of contents

Corporate brand perception of risk consulting service providers
The ‘Big 4’ maintain the topmost position as the most preferred risk consulting providers
Boutique risk consulting firms are beneficial for executing risk management strategies
New regulations and expansion majorly influence firms’ demand for risk consulting services

Table of figures

Figure 1. Risk consulting service providers: capabilities ranking
Figure 2. Risk consulting service providers: brand preference
Figure 3. Risk consulting service providers: brand awareness 
Figure 4. Risk and C-Suite functions are key decision-makers for risk-based consulting projects
Figure 5. Geographic pressures and emerging risks related to ESG and climate change are key drivers of spend

About the authors

Elizabeth Babalola

Industry Analyst
Elizabeth is an Industry Analyst in the Verdantix Risk Management practice. Her current research agenda focuses on enterprise risk management, risk management information systems, organizational and strategic resilience, and global risk management trends. Prior to joining Verdantix, Elizabeth worked in corporate risk management roles across the financial and tech industries, where she gained hands-on experience of executing risk management strategies. She holds an MBA degree with a specialty in finance from the University of Lagos.

Daniel Garcia

Senior Manager
Daniel is a risk and compliance subject-matter expert (SME), with over 16 years of global experience, having worked for major financial institutions and consulting firms in Latin America, Europe and Asia. He leads the Verdantix Risk Management practice, where he steers market research intelligence and provides Advisory services on risk and compliance matters. Daniel has a BA in Economics and an MSc in Capital Markets and Financial Engineering.

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