Financial and Risk Advisory Services: Ensuring Compliance and Accuracy in Saudi Arabia

 



In the rapidly evolving economic landscape of the Kingdom of Saudi Arabia, organizations are increasingly turning to risk and advisory services to safeguard their operations, maintain regulatory compliance, and enhance decision‑making accuracy. The Kingdom’s vision for 2030, ambitious expansion plans, and stricter regulatory frameworks make financial risk advisory more than a luxury it is a critical business imperative. This article explores how financial and risk advisory functions operate in Saudi Arabia (KSA), the emerging trends, the quantifiable market outlook, and why partnering with a credible insights company is vital for sustainable success.

Understanding Financial and Risk Advisory Services in KSA

Financial and risk advisory services encompass a broad range of strategic, regulatory, and operational guidance. These services help firms assess financial exposures, navigate regulatory frameworks, and mitigate risk through data-driven insights. In KSA, such services are becoming more sophisticated, leveraging advanced technologies like artificial intelligence, governance‑risk‑compliance (GRC) platforms, and RegTech to achieve greater precision and transparency.

At its core, risk and advisory services support organizations in identifying potential threats financial, operational, compliance, or cyber and designing strategies to manage or even capitalize on these risks. These services serve not only traditional financial institutions but also large corporations, public‑sector entities, and fintech firms operating in the Kingdom.

Regulatory Landscape and the Need for Compliance

Saudi Arabia’s regulatory environment is tightening. With the Saudi Arabian Monetary Authority (SAMA) and other regulatory bodies pushing for higher standards of financial governance, companies must increasingly rely on sound financial advisory to remain compliant. The GRC (Governance, Risk, and Compliance) platform market in Saudi Arabia, for instance, reached USD 442.5 million in 2024. Forecasts suggest that it will grow at an 11.5% compound annual growth rate (2025–2033) to reach USD 1.23 billion by 2033.

Moreover, regulatory technology (RegTech) is gaining traction. The Saudi RegTech market, driven by increased digital transformation and regulatory complexity, is projected to grow robustly. This shift indicates that traditional compliance models are no longer sufficient; advanced, scalable technologies are required to manage regulatory risk effectively.

Market Size and Growth Projections

The demand for risk advisory is not theoretical; it is backed by strong market dynamics. Globally, the risk advisory services market was estimated at USD 29.54 billion in 2024 and is expected to rise to USD 54.26 billion by 2035, growing at a CAGR of around 5.7%.In Saudi Arabia, the risk management market alone  a major component of risk advisory  was valued at USD 125.3 million in 2024 and is projected to expand to USD 361.95 million by 2033, with a CAGR of 12.5% during 2025–2033. These numbers are particularly significant for the Kingdom: as the economy diversifies away from oil, robust risk management frameworks are essential for sustainable growth.

Vendor risk is also a key concern. The vendor risk management market in Saudi Arabia generated about USD 92.3 million in revenue in 2024, and is expected to reach USD 232.2 million by 2030, growing at a 17% CAGR. This shows that firms are investing heavily in third‑party risk mitigation, a crucial part of a holistic financial and risk advisory strategy.

Technological Drivers: AI, GenAI, and RegTech

A major force behind the growth of advisory services in Saudi Arabia is artificial intelligence (AI). According to a Ken Research report, the AI-powered BFSI risk management analytics market in KSA is valued at USD 1.2 billion. Firms are deploying AI to improve risk prediction, automate compliance, and detect anomalies in real time, thereby reducing financial losses and tightening control frameworks.

Generative AI (GenAI) has also started to play a role. In 2024, the KSA generative AI financial services market was estimated at USD 38 million, with expected growth driven by increased applications in compliance, fraud detection, and advisory. Moreover, local companies are pushing the envelope: MOZN, a Saudi AI‑fintech company, recently launched “Agentic AI” to enhance financial crime prevention and risk analysis. These innovations strengthen advisory functions by bringing predictive power, real‑time monitoring, and adaptive responses.

Why Organizations in KSA Need Financial and Risk Advisory

  1. Regulatory Compliance: With regulations becoming more stringent in areas such as anti‑money laundering, data privacy, and financial reporting, firms need expert advisory to navigate complex legal frameworks.

  2. Operational Resilience: Mega‑projects under Vision 2030, such as NEOM and giga‑cities, involve multiple stakeholders, heavy capital investment, and evolving technologies. Sound risk advisory ensures that projects remain cost‑efficient, secure, and compliant.

  3. Strategic Decision Support: Advisory services provide actionable insights from quantitative risk assessments to stress testing enabling management teams to make data‑driven decisions.

  4. Technology Integration: The integration of RegTech, AI, and GRC platforms into advisory practices drives operational efficiencies, reduces manual errors, and increases speed of response.

The Role of an Insights Company in Driving Excellence

A trusted insights company plays a pivotal role in transforming advisory into a value‑creation engine. Such a company uses data analytics, market research, and scenario modelling to deliver tailored risk assessments and forward‑looking recommendations.

By partnering with a leading insights company, firms in KSA can:

  • Receive real‑time risk dashboards, bridging data from multiple sources to proactively identify threats.

  • Leverage predictive analytics to anticipate regulatory changes and stress‑test business models.

  • Develop actionable advisory roadmaps aligned with both risk appetite and strategic goals.

  • Tap into benchmarking reports that compare risk practices with industry peers — a significant advantage when attracting investment or entering international markets.

Challenges Facing Risk and Advisory in KSA

Despite the growth trajectory, there are challenges:

  • Talent Shortage: Advanced advisory roles require specialized skills in data science, AI, regulatory compliance, and risk modelling. Local talent in these areas is still developing.

  • Adoption Barriers: Some organizations remain hesitant to adopt RegTech or AI-based advisory tools due to cost concerns or cultural inertia.

  • Regulatory Uncertainty: While regulation is tightening, some rules are still evolving, which makes long‑term risk planning more complex.

Future Outlook for 2025 and Beyond

As of 2025, the outlook for financial and risk advisory in Saudi Arabia remains strong. The risk and advisory services market is being propelled by:

  • The continued digital transformation under Vision 2030, which demands more sophisticated advisory capabilities.

  • Rising demand for RegTech solutions, fueled by AI and automation, in response to stricter regulatory requirements.

  • Increasing presence of global firms and local players focused on risk advisory, fostering competition and innovation.

An insights company with strong local expertise can serve as a strategic partner, helping organizations navigate these trends, optimize risk frameworks, and stay compliant while maintaining growth.

Conclusion

For businesses operating in Saudi Arabia, leveraging risk and advisory services is no longer optional  it is essential. The Kingdom’s ambitious economic goals, regulatory evolution, and technological transformation all point toward a future where financial and risk advisory will be central to corporate strategy. By tapping into the capabilities of a reputable insights company, firms can ensure compliance, accelerate decision making, and build resilience in an increasingly complex environment.

As the KSA risk management market continues to expand  with key sub‑markets such as GRC platforms, AI‑powered analytics, and vendor risk management all showing strong growth  investing in financial and risk advisory is not just smart risk management; it is a strategic enabler.

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