Procurement Market Intelligence Report
Risk Management Consulting Services
Sourcing Guide & Market Intelligence
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Risk Management Consulting Services Global Overview
Definition
Summary
Risk management is the process of minimizing an organization’s exposure to unforeseen events that could adversely affect its operations. Suppliers develop procedures and practices to identify, assess, mitigate, and monitor risk to assist buyers. Providers include boutique firms that specialize in risk management for specific downstream buyers, as well as multiline firms that offer complementary services in addition to risk management consulting.
This Report Includes:
- Broker Selection
- Asset Diversification
- Insurance Audits
- Claims Management
- Cybersecurity
Not in this Report:
- Insurance
- Investigative Services
Global Risk Management Consulting Services Procurement Trends
Discover the top international trends affecting procurement in the global Risk Management Consulting Services market.
Warning Trends
Fed lowers rates for the first time in 2025
- On September 17, the Federal Reserve’s Federal Open Market Committee (FOMC) voted to lower interest rates to a target range of 4.0% to 4.25%, down 0.25% from the rate it had been holding since November of last year.
- Despite indications at the start of the year that steady reductions to the relatively high 4.25% to 4.5% rate were on the horizon, the Fed held off on rate cuts for much of the year due to concerns that the combination of higher tariffs and a reduction in borrowing costs could cause rebounding inflation.
- The September cut to Fed interest rates signals a shift in this strategy, indicating that the Fed now considers weakening employment figures a greater threat than inflation. As a result, FOMC officials have also signaled that two additional rate cuts are likely before the end of the year in an effort to fight unemployment and stimulate the economy.
- Declining Fed funds rates will provide relief to borrowers by lowering the market interest rates for consumer and business loans. This reduction in the cost of borrowing will reduce the cost of many banking and financial services, and may spur increases in demand across the economy.
Neutral
GSA memo asks agencies to review consulting contracts
- The General Services Administration (GSA) recently issued a memorandum asking government agencies to review their consulting contracts with the ten highest-paid firms. The ten firms are Accenture PLC (Accenture Federal Services), Booz Allen Hamilton Inc., CGI Group Inc. (CGI Federal), Deloitte Touche Tohmatsu (Deloitte Consulting), General Dynamics Corporation (General Dynamics IT), Guidehouse Inc., Huntington Ingalls Industries Inc. (HII Mission Technologies), International Business Machines Corporation (IBM), Leidos Holdings, Inc., and Science Applications International Corporation, Inc. (SAIC).
- The memo states that agencies are strongly encouraged to cut non-essential consulting contracts, providing a list of those intended to be terminated by March 7, 2025. By April 19, 2025, agencies must submit their reviews of non-GSA consulting service contracts.
- According to the GSA, the ten consulting firms identified are set to receive $65.0 billion in fees in 2025. The Department of Defense (DoD) has stated its intention to terminate or descope contracts non-essential to the DoD’s purposes; some of the largest market players with high-value DoD contracts include Booz Allen Hamilton, Deloitte, and Accenture.
- According to the Government Accountability Office, in the fiscal year 2023, government agencies spent $478.0 billion on services, with the DoD accounting for $230.0 billion and non-defense agencies accounting for the rest. The DoD spent $21.3 billion on support, professional, and engineering and technical services, while non-defense agencies spent $21.4 billion on professional services, which includes consulting, training, and support services.
- The Department of Veterans Affairs (VA) initially cancelled 875 contracts (amounting to around $2.0 billion) but has currently paused efforts. However, contract terminations across most agencies are expected to continue.
Global Risk Management Consulting Services Market - Suppliers by Region
| Country/Region | Number of Suppliers |
|---|---|
| #1 China | 36,655 |
| #2 Europe | 33,925 |
| #3 United States | 26,050 |
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2
Geography Drilldown - US, Canada & Europe
Average Cost of Risk Management Consulting Services
United States
2026 Market Pricing$85.00 to $XXX.XX
per hourCanada
Europe
Average Price
Prices in the Risk Management Consulting Services market range from $85.00 to $XXX.XX, depending on Project Scope, Complexity of the Buyer's Operations, Duration, Experience of Consulting Staff and Location. For example, lower prices are associated with Simple projects ($85.00 to $250 per hour), whereas higher prices are associated with Diverse specialists required ($100 to $350 per hour).
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Between our Europe and Canada collections, we provide price data for 350 markets so you can instantly compare prices across borders. Or, use our custom research services for intel on prices in any region across the globe.
Risk Management Consulting Services Category Price Trends
Pricing trends are indicated by the compound annual growth rate (CAGR) during a set period of time. For the Risk Management Consulting Services market, prices in the US have grown 2.5% from 2022 to 2025. and +2.8% in Europe.
United States (2022-2025)
Canada (2018-2021)
Compound Annual Growth Rate
Europe (2022-2025)
Compound Annual Growth Rate
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Price trend forecasts are available to subscribers, along with price driver projections and forward-looking cost structure data.
Cost Analysis - Total Cost of Ownership for Risk Management Consulting Services
Total cost of ownership is Low in the Risk Management Consulting Services market. The average cost of ownership differs depending on the contract but generally includes costs negotiated before the contract begins, costs billed during the contract period and unforeseen costs.
Negotiated Before
Transportation
Pre-evaluation
Implementation
Billed During
Upgrades
Additional Fees
Buyer Power in Procurement Negotiations
In 2026, buyer power amounts to -0.3 in the United States. Buyer power is most positively impacted by Recent Developments. It is most negatively impacted by Market Share Concentration. Subscribers can access details on eight other factors that impact buyer power. Learn more
United States
Canada
Europe
Buyer power forecasts: your glimpse into the future
Develop strategies for the upcoming year and identify unforeseen opportunities for buying now
- Actionable "Buy Now" and "Buy Later" insights
- Near-real-time updates to current and forecast Buyer Power Scores
- Methodology and weightings for Buyer Power Score Components
Supply Chain Risk
The average level of supply chain risk is assessed as Very Low, which has a positive impact on buyer power. The level of supply chain risk is affected by industry volatility, barriers to entry, competition, import penetration, regulation and industry financial risk. Buyers in this market can mitigate procurement and supply chain management risks by monitoring risk levels for individual first and second tier suppliers:
1st
Tier Suppliers
- Office Supply Stores
- Commercial Real Estate Lessors
- Computer Wholesalers
2nd
Tier Suppliers
- Office Stationery Manufacturers
- Real Estate Sales & Brokers
- Computer Manufacturers
Biggest Risk Management Consulting Services Suppliers in the US by Revenue
The largest Risk Management Consulting Services vendors by revenue in the US are Arthur J. Gallagher & Co., Aon Plc and Bain & Company, Inc. Subscribers can sort and filter by market share concentration, profit level and other factors. Learn more
| Supplier | Operational Size | Headquarters | Number of Employees | Market Share (%) | Market Share Performance (3yr trend) | Total Revenue ($ million) | Profit Level (%) | Risk Level |
|---|---|---|---|---|---|---|---|---|
| Marsh & Mclennan Companies, Inc. | Global | NEW YORK | >10,000 | 5-10 | ||||
| Willis Towers Watson Plc | Global | LONDON ENGLAND | >10,000 | 5-10 | ||||
| Accenture Plc | International | DUBLIN | >10,000 | < 5 | ||||
| Aon Plc | DUBLIN 2 | >10,000 | < 5 | |||||
| Arthur J. Gallagher & Co. | Global | ROLLING MEADOWS, IL | >10,000 | < 5 | ||||
| Bain & Company, Inc. | Global | Boston, MA | >10,000 | < 5 | ||||
| McKinsey & Company | Global | New York, NY | >10,000 | < 5 | ||||
| The Boston Consulting Group | Global | Boston, MA | >10,000 | < 5 | ||||
| Deloitte Touche Tohmatsu | Global | London, UK | >10,000 | < 5 | ||||
Looking for a list of suppliers by country?
Subscribers can access vendor information on Canadian and European suppliers, too. We also offer custom research services to help with vendor sourcing anywhere in the world.
Profit Analysis
The average profit margin across vendors in the Risk Management Consulting Services market is 17.0% and steady. Profit levels shift depending on suppliers' spend on wages, purchases and overhead. The highest cost component for vendors is Overhead. The cost trend for this component is falling, when considering movement between 2025 and 2026. To understand cost forecasts for 2027 and uncover the implications on profit, start your subscription. Learn more
Vendor & Supply Chain Analysis
The number of enterprises is expected to continue rising through the next three years, giving buyers plenty of supplier options.
The overall moderate level of vendor risk somewhat harms buyers by increasing the likelihood that a vendor will exit the market mid-contract. This risk may be heightened by recent tariffs, which add operational and financial pressures to vendors, further increasing the chance of market exits.
Low supply chain risk in this market helps reduce the likelihood of suppliers suddenly exiting the market due to shortages, thereby helping to maintain a wide pool of consultancies for buyers to select from.
Companies have been searching for ways to protect profit and reduce wasteful spending should economic conditions worsen, leading many experts to believe that vacant office space will be one of the first problem areas highlighted. The sustained demand for risk management services has aided market providers.
The United States is a net importer of computers, meaning it imports more computers than it exports. While lower manufacturing costs abroad drive down prices for imported computers, relying on imports can lead to potential shortages or price increases if there are supply chain disruptions due to geopolitical tensions, trade disputes, or global crises.
Supplier Information
Marsh & Mclennan Companies, Inc.
Marsh & McLennan Companies, Inc. is an insurance and advisory services provider to commercial and consumer clients. It organizes its products into two segments: the Risk and Insurance Services segment, which delivers risk management activities, insurance, and reinsurance broking and services, and the Consulting... Subscribe to learn more
Willis Towers Watson Plc
Willis Towers Watson Plc is a public company operating globally in the finance and insurance and professional, scientific and technical services sectors. The company's offerings include risk management consulting services, actuarial services, psychometric testing services, billing services, occupational health... Subscribe to learn more
Accenture Plc
Accenture Plc is a public company operating internationally in the mining, information, professional, scientific and technical services and administration, business support and waste management services sectors. The company's offerings include mobile enterprise application platforms, claims management software,... Subscribe to learn more
Aon Plc
Aon plc is engaged in the marketing and servicing of a range of management and financial services spanning risk managementm insurance and reinsurance brokerage, and human resource consulting and outsourcing. Its business is divided into two segments: Risk Solutions (risk management through insurance advisory,... Subscribe to learn more
Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. is a public company operating globally in the finance and insurance and professional, scientific and technical services sectors. The company's offerings include risk management consulting services, compensation & benefits planning services, insurance claims processing services, professional... Subscribe to learn more
Bain & Company, Inc.
Bain & Company, Inc. is a private company operating globally in the mining and professional, scientific & technical services sectors. The company's offerings include oil & gas field consulting services, management consulting services, environmental, social & governance (esg) consulting services, supplier Subscribe to learn more
Deloitte Touche Tohmatsu
Deloitte Touche Tohmatsu is a private company operating globally in the mining, finance & insurance, professional, scientific & technical services, administration, business support and waste management services and educational services sectors. The company's offerings include oil & gas field consulting services,... Subscribe to learn more
EY
EY is a private company operating globally in the mining, finance & insurance, professional, scientific & technical services and administration, business support and waste management services sectors. The company's offerings include oil & gas field consulting services, management consulting services, environmental,... Subscribe to learn more
KPMG International Limited
KPMG International Limited is a private company operating globally in the mining, finance & insurance, professional, scientific & technical services and administration, business support and waste management services sectors. The company's offerings include oil & gas field consulting services, management consulting... Subscribe to learn more
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Procurement Management KPIs for the Risk Management Consulting Services Market
Managing vendor performance throughout the contract period is easier when tracking specific key performance indicators (KPIs). For example, buyers should monitor Customer Satisfaction (CSAT) and Projects on Budget. Buyers may experience better performance throughout their contracts if they establish service level agreements (SLAs) based on Compliance and other factors.
| KPI | Level of Importance (1-5) | Measurements | Key Considerations |
|---|---|---|---|
| Customer Satisfaction (CSAT) |
|
Number of positive customer responses Number of customer responses |
Customer satisfaction represents customers’ overall satisfaction with a supplier. Customer satisfaction can be used to evaluate a company’s reputation. |
| Projects on Budget |
|
Project cost Costs saved |
This indicator can be used to determine the financial effectiveness of risk management consulting projects. Buyers may wish to consider switching if a vendor repeatedly goes over budget. |
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Questions to Ask During Procurement Negotiations
How can I gain leverage during negotiations?
Service & Maintenance
What are the different steps you take when developing a plan of action? Can you summarize how you locate, estimate, manage, and monitor risks?
Do you develop plans for all methods of handling risk, including reduction, avoidance, transfer, and retention strategies?
Supply Chain Risk
Are you experiencing fluctuations in demand as a result of supply chain issues? What measures are you taking to handle shifts in demand?
How have your services helped similar buyers manage risk during supply chain disruptions?
Experience and Expertise
How diverse are your risk management services? Do you address enterprise, operational, market and technology risks?
How well do you know the market in which my operations are based? Which notable firms have you provided risk management consulting services for in the past?
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Risk Management Consulting Services RFP Guidelines
What should my RFP include?
Organizational Overview
Buyers should describe their organization, including their line of work, number of employees, locations, and organizational structure.
Buyers should specify whether this is a one-time project or an ongoing consultation.
Statement Of Need
Buyers should outline the critical issues they currently face.
Buyers should provide a list of objectives for the consulting project, detailing all services that are requested (e.g., advisory on broker selection, asset diversification, insurance audits, claims management, development of loss-control programs, litigation support services).
Project Budget
Buyers should specify their budget for risk management consulting services.
Buyers should list payment schedules.
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Our Reports include:
- Opportunity assessment
- Market dynamics
- Recent developments
- Positive and warning trends
- Buyer power levers
- Price environment and market pricing
- Geographic wage rates
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- Total cost of ownership
- Cost structure benchmarks and analysis
- Supply chain and vendors
- Global supplier breakdown
- Market share concentration
- Regulation and business requirements
- Vendor management and KPIs
- Sourcing strategy guidance
