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Financial Accounting

Risk Consulting Booms in Pandemic, Accounting Firms Dominate

Sept. 8, 2020, 3:50 PM

Risk and cybersecurity consulting is booming during the pandemic, throwing the Big Four accounting firms a lifeline as companies cut spending on other types of consulting work, according to a new report.

The global market grew by 10.4% to $72.1 billion in 2019, Source Global Research said Tuesday, with 63% of companies saying they were using risk consultants more heavily because of the pandemic. The Big Four have 55% of the global risk consulting market, Source Global Research said by email.

  • “The use of consultants for risk-related work is increasing as a result of the COVID-19 pandemic....

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