Risk & Regulatory Consulting
Discover what risk & regulatory consulting involves: how consultants help organisations manage risk and comply with regulation, what they do day to day, the career ladder, and how students prepare for an application.
Introduction
What is risk & regulatory consulting?
Risk & regulatory consulting is about how an organisation manages its risks and complies with the rules. Consultants help map risks, set up controls, and meet a growing flow of regulation, from financial to operational and digital risks.
The work is structured and detailed: a good risk framework is only valuable if it matches reality and can be tested by a regulator. The consultant therefore combines analysis with knowledge of rules and processes.
Risk & regulatory is large in the Netherlands, partly due to the strong financial sector and the many regulators. It appeals to students who like structure and rules and want to work close to decision-making.
The practice
Three settings where you practise this field
The breakdown below mainly says something about the type of employer and the clients you serve, not about the quality of the work.
At the Big Four you work in large teams on a broad flow of risk and compliance engagements, often in the financial sector. Specialist firms go deep into risk and internal audit. Broader advisory firms often approach risk from a larger transformation. In addition, many risk specialists work in-house at a bank, insurer or regulator.
What they do
What risk & regulatory consultants do
The work differs by engagement, but the building blocks below come up in almost every risk project.
Types of engagement
The main types of engagement
Risk & regulatory consulting has a number of recurring engagement types, even though the sector and regulation differ greatly.
Sub-areas
The main sub-areas
Risk & regulatory is broad, and many consultants specialise over time in a sector or type of risk.
Step by step
How a risk process unfolds
Most risk projects follow a similar cycle, from identifying risks to reporting on them. That cycle repeats, because risks and rules change constantly.
Who does which step depends on seniority. Junior consultants do much of the analysis and testing, while senior consultants set the approach and support the client toward the board and regulator.
The value of a risk process often sits in the last steps: only controls that are monitored and accounted for offer real assurance.
Roles
Roles in the risk practice
Each step up the ladder shifts the emphasis further from analysis toward leading teams and managing the client relationship. Most consultants climb this ladder at the same firm, though moving to a risk or compliance role in the business is common at any level.
Analyst / Consultant
The entry role straight after a bachelor's or master's.
Senior Consultant
Independently handles part of an engagement.
Manager
Leads a team and the day-to-day running of an engagement.
Senior Manager / Director
Carries responsibility for several engagements and client relationships.
Partner
Holds ultimate responsibility for clients and the practice.
Career timeline
How long each step takes
Risk & regulatory consulting has a relatively structured career path. The pace differs by firm and individual, and relates to the engagements and results you show.
Many consultants stay a few years and then move to a risk, compliance or audit role at a bank, insurer or regulator. Those who stay progress toward Manager and eventually partner.
An additional qualification such as RA, RE or a risk or compliance certification is common in this field and can support progression.
| Level | Typical time in role |
|---|---|
| Consultant | 2 to 3 years |
| Senior Consultant | 2 to 4 years |
| Manager | 2 to 4 years |
| Partner | top level, 10+ years in total |
Compensation
Compensation in risk & regulatory consulting
Compensation usually consists of a fixed salary that rises with seniority, and at many firms a bonus tied to individual and firm performance. Risk & regulatory consulting pays well, at a level comparable to other parts of the advisory world.
The ranges below are general indications for larger advisory and accountancy firms, and do not apply specifically to any particular firm. Actual pay varies by firm, background and year, and is listed where known in the individual vacancies on this site.
From partner level, the nature of compensation changes, tied more closely to your own client portfolio and the results of the firm as a whole.
| Level | Indicative range |
|---|---|
| Consultant | €48.000 – €68.000 |
| Senior Consultant | €68.000 – €100.000 |
| Manager | €110.000 – €160.000 |
| Partner | €200.000 – €500.000+ |
Ranges are general indications for larger advisory and accountancy firms, not specific to any particular firm. See the vacancy pages for concrete salary figures where a firm publishes them.
A day in the life
A typical day for a junior consultant
The day often starts with going through the client's documents and data. After that, much of the time goes into analysing risks, testing controls and preparing findings for a report.
A risk consultant works in a structured and precise way, because a finding has to be testable for the client and sometimes for a regulator. That requires knowledge of rules and attention to detail.
On a day with a client discussion, the pace shifts: the team summarises the findings, discusses the risks with the client and advises on the next steps.
Juniors
What junior consultants do
Junior consultants carry much of the analysis and testing work a risk engagement rests on, under the supervision of a Manager.
- Analysing risks and documents
- Testing controls
- Researching regulation
- Gathering and checking data
- Documenting findings
- Preparing reports
- Joining client discussions
- Aligning with the team
Much of this work goes back and forth within the team before a finding lands in the report. That repetition is not inefficiency, it is how a junior consultant learns which risks really matter.
Skills
Skills you will need
Analytical ability and attention to detail get the most attention, but the consultants who stay longest often stand out for the ability to make complex rules clear to the client.
Getting in
How you get into risk & regulatory consulting
Most routes run through a degree in finance, economics, accountancy, law or business. An affinity with rules, risk and figures is a plus.
Preparation
How to prepare as a student
Preparation works best when it starts well before the application. Firms test your analysis and whether you can explain a complex rule clearly.
Compare
Risk & Regulatory versus other paths
These paths sometimes overlap, which is why students mix them up. The distinction mainly lies in the focus on risk and rules.
Risk & Regulatory vs Strategy Consulting
Strategy decides an organisation's choices. Risk & regulatory makes sure those choices stay within the rules and the risks are managed.
Risk & Regulatory vs Technology & Digital Consulting
Technology & digital builds solutions. Risk & regulatory assesses the risks of them, including cyber and technology risk.
Risk & Regulatory vs Financial & Deal Advisory
Deal advisory assesses the figures around a transaction. Risk & regulatory focuses on the ongoing management of risk and compliance.
Risk & Regulatory vs legal compliance (legal)
The legal side of regulation belongs to the legal path. Risk & regulatory translates the rules into processes and controls.
Risk consulting vs an in-house risk role
An in-house role works for a single organisation. As a consultant you work for many clients and see many different risks in a short time.
Employers
Risk and regulatory firms in the Netherlands
A selection of firms with a strong risk or regulatory practice and an office in the Netherlands. We only name firms whose practice is confirmed.
The Big Four have the largest risk, compliance and internal-audit practices in the Netherlands. In addition, many risk specialists work in-house at a bank, insurer or regulator.
Specialist and broader advisory firms
Vacancies
Risk & regulatory vacancies
We only show real, current openings with a link to the employer. Internships, traineeships and consultant roles appear here. In the meantime, browse all current vacancies.
View all vacanciesResources
Recommended resources
FAQ
Frequently asked questions
What is risk & regulatory consulting?
It is the advisory field around managing risk and complying with regulation: consultants help map risks, set up controls and meet the rules.
What degree do I need?
Most consultants come from a degree in finance, economics, accountancy, law or business. Affinity with rules, risk and figures is important.
What does a risk consultant do day to day?
Consultants map risks, set up controls, build compliance programmes, test via internal audit and report to the board and regulators.
Which sector do you mainly work in?
Risk & regulatory is large in the financial sector, with much work for banks, insurers and regulators, but it also occurs in other sectors.
What is the difference with legal compliance?
The legal side of regulation belongs to the legal path, while risk & regulatory translates the rules into processes, controls and reporting.
How much do you earn in risk consulting?
Risk consulting pays well, at a level comparable to other parts of the advisory world. Actual pay varies by firm and is listed where known in the vacancies on this site.
What skills do you need?
Analytical thinking, attention to detail, knowledge of rules, structured working and the ability to explain a complex rule clearly.
How do I get into this field as a student?
Get to know the financial sector and risk management, do a relevant internship, and apply via campus or the firm's website.
Related
Related consulting paths
Start your journey in risk & regulatory consulting
Browse open vacancies or discover the other consulting paths.