Risk Management Business

Risk Management Business Success Stories [2024]

Pat Walls

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Updated: October 10th, 2024

Navigating the complex world of potential pitfalls, a risk management business empowers organizations to identify, evaluate, and mitigate risks. In simple terms, this business helps companies foresee and avoid costly errors, ensuring smooth operational continuity.

Whether it's financial, health and safety, or cybersecurity, the demand for risk assessment experts is ever-growing. By providing actionable insights and strategies, your service becomes indispensable to businesses looking to safeguard their assets and reputation.

Getting started requires a comprehensive understanding of risk management principles and industry-specific knowledge. While it demands rigorous analysis and ongoing learning, the payoff is in securing long-term clients who rely on your expertise for their peace of mind.

If you have a knack for foreseeing issues and devising effective solutions, this could be your calling to make a significant impact in a variety of industries.

In this list, you'll find real-world risk management business success stories and very profitable examples of starting a risk management business that makes money.

1. Dezan Shira & Associates ($18M/year)

Chris Devonshire-Ellis started Dezan Shira & Associates in Hong Kong in 1992 with very little capital. Despite warnings not to go to China, he saw its potential and moved there to explore business opportunities. Through hard work, strategic networking, and innovative marketing techniques such as distributing pamphlets and utilizing the internet, the business grew to become one of the most influential consulting practices in Asia with 28 offices across the region and a turnover of approximately $20 million per annum.

How much money it makes: $18M/year
How much did it cost to start: $2K
How many people on the team: 300

How I Started A $1.5M/Month Law, Tax And Compliance Consulting Business With 28 offices in China And The Rest Of Asia

Asian-focused consulting firm Dezan Shira & Associates, founded in Hong Kong in 1992, has expanded to include 28 offices and a client base of several thousand companies with US$20 million in annual turnover, handling about US$8 billion in foreign investment into Asia, by determined hard work and creativity in marketing, billing structure and hiring equity-dependent staff.

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2. VComply ($300K/year)

Harshvardhan Kariwala, the CEO and Founder of VComply, came up with the idea for his business after experiencing compliance issues in his previous startup. He realized the need for a tool that could track and manage governance, risk, and compliance workflows, leading him to develop VComply as an internal tool. After accidentally attracting the interest of the City of Boston, Harshvardhan recognized the potential of his product and decided to launch it as a business. Since then, VComply has received funding and has been steadily growing, with plans to expand further in the future.

How much money it makes: $300K/year
How many people on the team: 40

This Solo Founder Turned An Internal GRC Tool Into A $300K/Year Business

VComply CEO and Founder Harshvardhan Kariwala turned an internal governance, risk, and compliance (GRC) tool into a successful business, raising seed and Series A rounds of $2.5M and $6M, respectively, and projecting expansion into Australia, New Zealand, and Europe in 2022.

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Read by 4,729 founders