Top 10 Risk Management Consultants & Consulting Firms
Whether it's mitigating financial risks, navigating operational uncertainties, or safeguarding against market volatility, effective risk management can be the linchpin of business resilience and success.
Risk management consultants and consulting firms bring a wealth of knowledge and experience in identifying potential risks that could impact a business. With their insights, businesses can anticipate, evaluate, and mitigate risks effectively. This proactive approach not only safeguards a company's assets but also ensures its long-term sustainability. From small startups to multinational corporations, the expertise of risk management consultants is invaluable in steering businesses clear of unforeseen pitfalls.
This article will introduce and explore 10 of the top risk management consultants out there to help you make an informed, educated decision.
TL;DR: Top 10 Risk Management Consultants & Consulting Firms
Alpha Apex Group: Alpha Apex Group navigates businesses through modern risk landscapes, providing expert solutions across financial, operational, strategic, and compliance risks using cutting-edge analytics for effective anticipation and management.
ICA Risk Management Consulting: Specializes in independent and impartial risk management consulting, offering services like insurance analysis and disaster planning without selling insurance, serving an international client base primarily in North America and Europe
Protiviti: A global consulting firm offering deep risk management expertise and tech-enabled solutions, focusing on enterprise risk management, operational resilience, cybersecurity, and regulatory compliance, among others
Marsh: A leading insurance broker and risk management firm providing tailored enterprise risk management consulting, focusing on understanding and addressing material risks to enhance operational efficiency and support strategic initiatives in a volatile global landscape
Albert Risk Management Consultants: An independent risk management and insurance consulting division of Risk International, offering tailored services like program management and construction risk management, with a nationwide team of consultants serving various industries
The Risk Advisory Group: Provides business decision support through intelligence gathering and assessment, offering services like integrity due diligence and corporate investigations, with a focus on ethical standards and tailored, insightful support for strategic planning and risk management
Alpha Apex Group, Leaders in Risk Management Consulting.
Alpha Apex Group is renowned for its exceptional capabilities in risk management consulting, offering strategic insights and comprehensive solutions to organizations aiming to navigate the complexities of modern risk landscapes. Their expertise spans across financial, operational, strategic, and compliance risks, enabling clients to anticipate, mitigate, and manage risks effectively. By leveraging cutting-edge analytics, technology, and a proactive approach to risk assessment and management, Alpha Apex Group helps businesses protect their assets, ensure regulatory compliance, and maintain operational resilience.
Key Services:
Enterprise risk management strategy and implementation
Financial risk analysis and mitigation strategies
Operational risk management and process improvement
Compliance and regulatory risk advisory
Strategic risk assessment and management planning
Crisis management and business continuity planning
Why work with Alpha Apex Group:
Engaging Alpha Apex Group for risk management consulting ensures that organizations gain access to a team of experts committed to identifying and addressing the various risks that could impact their business. Their holistic approach not only helps in effectively managing current risks but also in anticipating future challenges, ensuring that businesses are well-prepared and resilient. Alpha Apex Group's dedication to delivering customized, strategic solutions positions them as an indispensable partner for companies looking to strengthen their risk management practices and achieve sustainable growth.
ICA Risk Management Consulting’s key attributes include operating with complete impartiality and independence, not selling insurance but rather focusing on protecting their clients and verifying proper coverage for all scenarios. With offices in New Jersey, New York, California, and Florida, ICA serves a diverse international client base, including the United States, Canada, and Europe.
Key Services
Risk Management Consulting
Insurance Coverage Analysis
Risk Management Program Marketing
Contractual Risk Assessment Services
Disaster Planning and Business Continuity Support
Employee Benefits Consulting and Support
Expert Witness and Litigation Support
Enterprise Risk Management Services
Why Work with ICA Risk Management Consulting
ICA's commitment to integrity, impartiality, and awareness in risk management sets them apart. They are dedicated to protecting client interests and implementing creative, cost-effective solutions, ensuring that businesses can focus on their core operations with confidence in their risk management strategies.
Protiviti is a global consulting firm recognized for its profound expertise in risk management and consulting services. The company offers a range of tailored solutions to help organizations confidently navigate dynamic business environments. Protiviti's team comprises former industry executives, regulators, risk management professionals, and analytics experts, dedicated to providing tech-enabled solutions to manage risk and minimize potential losses.
Key Services
Enterprise Risk Management (ERM)
Operational Resilience
Operational Risk Management (ORM)
Credit Risk Management
Cybersecurity
Data and Analytics
Regulatory Compliance
Sarbanes-Oxley
Sustainability
Technology Consulting
Transaction Services
Why Work with Protiviti
Protiviti's unique blend of deep expertise, a tailored approach, and unparalleled collaboration makes them a trusted partner. Their commitment to integrating strategy with business planning through a risk-informed lens ensures that clients are not only compliant but are positioned to drive better business performance.
Marsh is a global leader in insurance broking and risk management, offering enterprise risk management (ERM) consulting services. Their ERM approach is a structured, consistent, and continuous process, applied across the entire organization. This method enables companies to better understand and address material risks. Corporate boards, ratings agencies, and regulatory bodies are key drivers in advancing ERM. Marsh's implementation of ERM assists in better capital resource allocation decisions, increases operational efficiency, and enhances risk culture to support strategic, compliance, and governance initiatives.
Key Services
Risk Consulting
Insurance Broking
Claims Advocacy
Trade Credit
Transactional Risk
Valuations
Workers' Compensation
Why Work with Marsh
Marsh's approach to ERM is tailored and quantitative, offering a deep and integrated understanding of material risks within an organization. They focus on creating a holistic, risk-aware culture, aligning ERM with sustainability and governance initiatives. Their services are beneficial for companies facing challenges in today's unpredictable environment, marked by fractured supply chains, climate crises, geopolitical tensions, and economic uncertainty.
Albert Risk Management Consultants, a division of Risk International, stands out as one of the United States' largest independent risk management and insurance consulting firms.
The company, founded in 1967 and later becoming a part of Risk International in 2023, prides itself on its independent stance, being free from affiliations with any insurance company, broker, or agency. This independence enables them to evaluate existing service providers impartially. With a team of nearly 130 consultants and a presence across the country, Albert Risk Management Consultants offers tailored services to a diverse client base.
Key Services
Program Review
Procurement Assistance
Program Management
Construction Project Risk Management
Alternative Risk Solutions
Enterprise Risk Management (ERM) Support
Due Diligence/Compliance Review
Claims Management
Legal Support
Why Work with Albert Risk Management Consultants
Albert Risk Management Consultants' extensive experience and independent stance make them a reliable partner. Their tailored services, coupled with a deep understanding of various industries, ensure that clients receive the most effective solutions for their unique risk management needs.
The Risk Advisory Group specializes in providing key business decision support through a range of core complimentary services. With a focus on intelligence gathering and assessment, the firm operates with a commitment to high ethical standards and quality. Their approach is rooted in ingenuity, breadth and depth of insights, craft, mutuality, and personalized service.
Key Services
Integrity Due Diligence
Disputes & Investigations
ESG Intelligence
Corporate Investigations
New Market Intelligence
M&A Target Evaluation
Bid Intelligence
Negotiation Intelligence
Why Work with The Risk Advisory Group
The Risk Advisory Group's global reach and tailored investigations, combined with acute insight from a multidisciplinary team, provide clients with a competitive edge in risk management and strategic planning.
7. AMS Risk Management & Consulting, Inc.
AMS Risk Management & Consulting, Inc. is a professional firm providing objective technical expertise in risk management and insurance issues. Established in 1994, the company offers a comprehensive approach to managing risks, ensuring that its clients receive the best combination of objectivity and proficiency in all evaluations.
Key Services
Evaluation of Existing Insurance Program: Reviewing and providing recommendations for existing coverages, including modifications to broaden exposure coverage, amending limits and deductibles, and evaluating insurance costs
Transfer of Risk: Analyzing contracts to develop best practices for risk transfer, including reviewing agreements and providing sample requirements for standard agreements
Marketing/Competitive Bidding: Ensuring comprehensive and competitive insurance programs, including assembling rating and loss information, developing specifications, assigning markets, and analyzing proposals
Loss Control Inspections and Recommendations: Offering continuous advice on loss control and evaluating carrier recommendations for loss reduction
Claims Analysis and Assistance: Reviewing loss runs, summarizing loss history, setting up claims meetings, assisting in reporting new claims, and advising clients during the claims process
Why Work with AMS Risk Management & Consulting, Inc.
AMS Risk Management & Consulting, Inc. is dedicated to delivering the most comprehensive and competitively priced programs to their clients, backed by proficient negotiating skills and deep market knowledge. Their approach is tailored to the unique exposures of each client, ensuring proper coverage and cost-effectiveness.
8. AJG (Arthur J. Gallagher & Co.)
AJG, or Arthur J. Gallagher & Co. specializes in Enterprise Risk Management (ERM) consulting, helping organizations navigate complex environments by understanding uncertainties and developing appropriate strategies for risk optimization. AJG's approach involves a broad view of risk across the entire organization, promoting organizational innovation and agility. Their consulting aligns with ISO 31000, the international risk management standard, and includes comprehensive consulting and training services.
Key Services
Enterprise Risk Management Consulting
Alternative Risk & Captives
Business Continuity Planning and Resiliency Services
Casualty Insurance
Claims Management & Advocacy
Commercial Surety Bonds
Loss Control
Multinational Services
Personal Lines
Product Recall
Property Insurance
Reinsurance
Supplier Diversity
Workers Compensation
Why Work with AJG
AJG's ERM framework is designed to help organizations manage barriers to success while capitalizing on emerging opportunities. They offer a coordinated effort in directing and controlling all activities related to risk. Their approach is tailored to be scalable, serving any size organization and industry.
9. FTI Consulting - Risk Management
FTI Consulting is a global business advisory firm known for its expertise in risk management and compliance. They offer a comprehensive suite of services designed to help organizations manage and mitigate various types of risks. Their approach typically involves understanding the unique challenges and objectives of each client, followed by the development and implementation of tailored risk management strategies.
Key Services
Risk Assessment and Analysis
Compliance and Regulatory Advisory
Crisis and Incident Management
Strategic Risk Management and Advisory
Cybersecurity Risk Management
Financial Risk Management
Why Work with FTI Consulting
FTI Consulting's ability to offer customized, strategic advice tailored to the unique needs of each client sets them apart, ensuring that organizations are well-equipped to navigate complex risk landscapes and achieve their business objectives effectively.
10. McKinsey & Company - Risk & Resilience Consulting
McKinsey & Company is a renowned global management consulting firm, and its Risk & Resilience practice focuses on helping clients across various industries manage and mitigate risks effectively. They are known for their strategic approach, combining industry expertise with advanced analytics to address a broad spectrum of risk-related challenges.
Key Services
Strategic Risk Assessment and Management
Operational Risk Management
Financial Risk Management
Cybersecurity and Digital Risk
Regulatory and Compliance Advisory
Crisis Management and Business Resilience
Why Work with McKinsey & Company
McKinsey & Company's Risk & Resilience practice is distinguished by its strategic, data-driven approach and deep industry expertise, alongside a global presence and ability to provide customized, cutting-edge solutions.
11. SRMC - Security Risk Management Consultants
SRMC is an independent security consulting firm, certified as a woman-owned business, with over 30 years of experience in providing security solutions. They are headquartered in Columbus, Ohio, with satellite offices in various locations including Cincinnati, Cleveland, Ann Arbor, Huntsville, Tampa, and Venice. Their focus is on offering holistic, high-quality, and professional solutions to complex security challenges.
Key Services
Physical security vulnerability assessments (domestic and international)
Security program master planning
Crisis management plan development
Emergency management and crisis response planning and training
Expert witness services
Special event and venue security planning and management
Executive protection protocols assessment and program development
Why Work with SRMC
SRMC provides a unique blend of real-world experience and technical expertise to safeguard businesses and organizations across various industries. Their SRMC 360º Security Process is tailored to each client's specific needs, ensuring a comprehensive approach to security planning, design, and execution. Their dedication to offering unbiased and product-independent advice allows clients to receive the most effective and efficient security solutions.
Key Factors to Consider When Choosing a Risk Management Consultant
Here are some of the most important factors to keep in mind during your search for a risk management consultant.
Expertise in Specific Risk Areas: Look for consultants with proven expertise in the specific risk areas relevant to your business, such as financial, operational, or cybersecurity risks
Industry Experience: Choose a firm that has experience in your industry, as they will be more familiar with the unique challenges and risks your business faces
Customized Solutions: Ensure the firm offers tailored solutions rather than one-size-fits-all approaches, as every business has unique risk management needs
Reputation and References: Research the firm's reputation in the market. Check for client testimonials and case studies to understand their success in similar projects
Regulatory Compliance Knowledge: Make sure the consultant is well-versed in relevant regulatory requirements and compliance standards to avoid legal complications
Communication and Reporting: Effective communication and clear reporting mechanisms are essential for ongoing collaboration and understanding of risk management strategies
What Risk Management Consultant Will You Choose?
The ideal risk management consultant should not only bring a wealth of experience and specialized knowledge but also align with your company's culture and specific risk management needs. As you evaluate your options, consider how each firm's approach and expertise match your requirements.
Remember, the goal is to foster a partnership that not only addresses current risks but also prepares your organization for future challenges and opportunities.
