KPMG’s UK Risk Consulting practice has posted an increase in revenues from £158m to £226m for the financial year ending 30 September 2011. KPMG announced its ELLP network annual results today, Monday.

“We have seen a sea change in the procurement of our services, with risk shifting from a back office function to a boardroom priority across all sectors," said Adam Bates, UK head of KPMG’s Risk Consulting business. "The post crisis regulatory regime has imposed big responsibilities on financial services businesses, in particular, and dealing with the increased scrutiny of regulators is unlikely to abate in the short term. The economic crisis has also exposed ageing business models, increasing the urgency to adapt to evolving market places. While this is true across the sectors, retail banking is a hot spot for us as businesses seek to redesign for the future.

“The explosion of data created by individuals, businesses and governments has also generated a huge demand for risk advisers as, sadly, plenty of unscrupulous people and organisations seek to tap into this information. The associated risks will only continue to increase as more data is created and is amplified as consumers demand 24/7 access to their data.

“In 2012 and beyond, uncertainty will continue to test businesses’ strategy and the danger for many boards is they respond like rabbits in the headlights and do nothing. The businesses which succeed in volatile conditions are those which turn risk to their advantage.”

The KPMG Risk Consulting practice has increased its head count from 950 to 1,250 in the 2011/12 financial year and plans to increase by approximately the same number next year.

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