Forrester’s article titled, Identifying and Selecting the Right Risk Consultant, provides insight in making crucial decisions regarding selection of risk consultants.  Just as the service needs of your company may vary, risk consultants provide service specialties that can be drastically different.

Four types of services are listed below:

  • enterprise risk approach,
  • risk audit strategy,
  • ERM organization and design, and
  • risk systems incorporation, development, and design.

Risk specialties include the following areas:

  • financial,
  • operational,
  • legal,
  • geopolitical, and
  • information technology.

Selection of an ideal risk consultant firm involves following the guidelines listed below:

  • insist on approving the individuals assigned to your risk management project;
  • strive to recruit only the best consultants for your business needs and don’t allow consultant firms to use your business as a training site for less experienced professionals;
  • seek information regarding the training programs offered to the firm’s risk management professionals to ensure your risk consultants have been given opportunities to stay abreast of risk management topics;
  • evaluate firms that have a risk management framework that coincides with your own specific needs;
  • obtain a service that can be adapted to fit your distinct needs, which may require your review of firm’s previous engagements;
  • own your knowledge transfer requirements and select a consulting firm that can meet your communication demands;
  • pursue firms that are dedicated to global research and development;
  • address your multi-disciplinary needs by finding a consulting firm that provides diverse team players with the talents required to manage your risks.

In addition to knowing what type of service and special needs you currently require from a consultant, it is important to consider future needs and the necessity to match your consultant with forthcoming expectations.  A few important things to consider when meeting future risk management needs include the following guidelines and suggestions:

  • use benchmarking techniques to ensure your expectations are met,
  • increase strategies for management of operational risks,
  • recognize the importance of talented employees and their role in risk management,
  • focus on globalization, and
  • utilize information technology integration to assist with forthcoming needs associated with continual risk management feedback.