ALM Intelligence Pacesetter Research finds law firms developing upstream regulatory risk consulting and advisory services
New York, NY – December 9th, 2020 – New research from ALM Intelligence finds the market for regulatory risk services evolving from a subject-matter expertise problem to an opportunity to integrate regulatory risk into a growth strategy with a strategic advantage for long-term business resiliency.
In ALM Intelligence Pacesetter Research: Regulatory Risk 2020, the Pacesetter Advisory Council assesses the strategies and service offerings of 17 providers identified as Market Leaders by the ALM Pacesetter Advisory Council for their ability to deliver client impact in today’s challenging business environment. The research also provides insights into the competitive dynamics and service delivery trends, driving convergence across insurance, legal, management consulting, multiservice providers, and technology firms.
Per ALM Intelligence Pacesetter Research Analyst Lead Tomek Jankowski: “Political and economic volatility unprecedented for our times have transformed regulatory risk from a checklist item under financial risk to a front-and-center, board-level strategic concern. The impact of regulatory risk is suddenly making itself felt across client organizations, bringing urgency to client need for a fuller, longer-term, outcome-focused solution from providers that spans advisory, consulting, technology, risk management, and technical expertise.”
Why is this important in 2021? What changes can we expect to see in 2021 and beyond?
- The economic instability of our modern world has injected a level of political volatility almost unprecedented in modern times
- Professional service providers are still overwhelmingly organized to help clients react to specific events, but regulatory and market forces are pushing clients to develop enterprise-wide risk strategies
- Convergence is driving the need for project management capabilities requiring the ability to speak across multiple disciplines and areas of expertise
- Convergence is happening in regulatory risk around data, technology, consulting, forensic investigations, and project management
- Regulators are emphasizing long-term business resiliency over remediation of risk events
- Regulatory risk cannot be adequately addressed through a single transaction with a professional services provider, so engagement is likely to be longer-term, requiring greater attention to cost management
- The emphasis in regulatory risk has shifted to both a more dynamic, agile approach to compliance and finding strategic opportunities in risk strategy
ALM Intelligence evaluates providers’ abilities to bring the full advantage of their extended organization, innovation capability, service delivery model, and brand eminence to create impact and value for clients. ALM Intelligence evaluated the regulatory risk management capabilities of 17 services providers for this research, including Accenture, Allen & Overy, Allianz, Alvarez & Marsal, Buckley, Crowe, Deloitte, EY, FM Global, Grant Thornton, KPMG, Marsh, Minter Ellison, Promontory (an IBM company), Protiviti, PwC, West Monroe Partners. Within this cohort, Pacesetter Research identified three ALM Pacesetters in Regulatory Risk: Allen & Overy, Deloitte, and Promontory (an IBM company).
ALM Intelligence Pacesetter Research provides independent, objective research to providers and buyers of professional services, coupled with practical insights that inform the decision-making process for strategic planning and procurement professionals. For more information or to obtain the full versions of the ALM Intelligence Pacesetter Research series, visit: https://www.alm.com/intelligence/pacesetter-research/.
About ALM Intelligence
ALM Intelligence provides proprietary data, analysis, tools, and knowledge that empower our clients to succeed. The product suite and vast data repository arm professionals with the critical business information required to make the most impactful and informed decisions possible. The exhaustive data repository and product functionality enable professionals to combat competitive challenges head-on with the confidence to remain ahead of the field. The depth of ALM Intelligence’s expertise across the benefits, insurance, consulting, and legal industries provide a broad spectrum of actionable intelligence to facilitate and execute strategy. Visit www.alm.com/intelligence for more information.
About ALM Media, LLC
ALM, an information and intelligence company, provides customers with critical news, data, analysis, marketing solutions, and events to successfully manage the business of law. ALM serves a community of over 6 million business professionals seeking to discover, connect, and compete in highly complex industries. Please visit www.alm.com for more information, and visit www.alm.com/events/ to learn about our upcoming events. Please follow us on Twitter at @ALMMedia.
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