Top 20 Investigations & Forensic Advisory 2025

This report forms part of the Ranking News Advisory series, which evaluates specialized advisory firms across global corporate, financial, and regulatory ecosystems.

Investigations and forensic advisory firms have become critical participants within the modern corporate risk and governance environment as organizations face increasing exposure to financial misconduct, regulatory scrutiny, and cross-border operational complexity. These firms operate at the intersection of finance, law, and intelligence, supporting corporations, financial institutions, and legal advisors in navigating high-stakes situations involving fraud, corruption, accounting irregularities, and internal disputes.

Unlike traditional audit or consulting functions, investigations and forensic advisory engagements are typically event-driven, requiring rapid deployment, discretion, and the ability to reconstruct complex financial and operational narratives under legal and reputational constraints. Firms in this category frequently work alongside law firms, regulators, and boards of directors, providing independent analysis and evidentiary support across litigation, arbitration, and enforcement contexts.

As global business operations become increasingly interconnected, the demand for credible, independent investigative capabilities continues to grow. Organizations now rely on these firms not only in response to crises, but also as part of proactive risk management, transaction due diligence, and governance frameworks.

This ranking identifies investigations and forensic advisory firms whose platforms demonstrate sustained relevance across complex, high-impact engagements rather than focusing solely on firm size or scale.

Market Overview

The investigations and forensic advisory sector continues to expand as regulatory enforcement intensifies and corporate stakeholders place greater emphasis on governance, transparency, and accountability. Companies operating across multiple jurisdictions face heightened exposure to anti-corruption laws, financial crime regulations, and disclosure requirements, driving demand for specialized investigative expertise.

Firms in this category often act as independent advisors in situations where objectivity and credibility are essential. Their work spans internal misconduct investigations, whistleblower allegations, financial restatements, asset tracing, and post-transaction disputes. In many cases, investigative findings directly inform legal strategy, regulatory engagement, and board-level decision-making.

The market remains highly concentrated among globally recognized advisory platforms with multidisciplinary capabilities, while a number of specialist firms continue to differentiate through deep expertise in forensic accounting, dispute support, and complex fraud analysis.

As corporate risk environments evolve, investigations and forensic advisory firms increasingly serve as long-term partners in risk identification, remediation, and governance improvement.

Industry Trend — 2025

The investigations and forensic advisory landscape in 2025 reflects a continued shift toward proactive risk management and integrated advisory models. Organizations are increasingly embedding forensic capabilities into broader governance, compliance, and transaction processes rather than relying solely on reactive investigations.

Regulatory environments remain a key driver of demand, particularly in areas related to financial crime, sanctions enforcement, and cross-border compliance. Firms with the ability to navigate multi-jurisdictional regulatory frameworks and coordinate with legal counsel across regions are particularly well positioned.

Technological capabilities have also become central to investigative work. Data analytics, digital forensics, and AI-assisted document review are now standard components of large-scale investigations, enabling firms to process complex datasets and identify patterns of misconduct more efficiently.

At the same time, reputational considerations have elevated the importance of discretion, independence, and credibility. Clients increasingly prioritize firms with established track records in sensitive, high-profile matters where outcomes may influence regulatory action, litigation strategy, and stakeholder confidence.

Methodology — Core Eligibility Criteria

To ensure structural consistency within the category, firms considered for this ranking were evaluated based on the following eligibility conditions:

• Maintains dedicated investigations and/or forensic advisory capabilities
• Demonstrates experience in complex financial or corporate investigations
• Supports legal, regulatory, or dispute-related engagements
• Operates across multiple jurisdictions or in cross-border contexts
• Recognized by legal, financial, or corporate stakeholders

Organizations focused solely on audit, traditional consulting, or product-based services without independent investigative capability are generally excluded.

Methodology — Ranking Factors

Firms included in the ranking were evaluated using a combination of qualitative and structural considerations. Key factors considered include:

• Depth of investigative and forensic accounting capabilities
• Experience in high-stakes or complex engagements
• Global reach and cross-border execution capability
• Reputation among law firms, regulators, and corporate clients
• Integration with legal, compliance, and transaction processes
• Organizational independence and credibility

The objective of the ranking is to identify firms whose advisory platforms maintain sustained relevance within the global investigations and forensic ecosystem.

The ranking universe consisted of approximately 70–90 advisory firms globally, from which 20 institutions were selected for inclusion.

Tier classifications reflect relative institutional positioning within the investigations and forensic advisory segment and do not represent performance rankings or legal opinions.

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Tier I — Leading Investigations & Forensic Advisory Firms

Kroll

• Headquarters: New York, United States
• Founded: 1972

Kroll is widely recognized as one of the most established global platforms in investigations and forensic advisory, with a long-standing reputation in corporate investigations, financial crime analysis, and asset tracing. The firm operates across a broad range of complex engagements, including fraud investigations, corruption cases, and cross-border disputes requiring coordinated multi-jurisdictional execution.

Its forensic capabilities are supported by deep expertise in financial analysis, data reconstruction, and digital forensics, allowing Kroll to handle large-scale and highly sensitive matters. The firm frequently works alongside law firms, regulators, and corporate boards, providing independent investigative findings that inform legal strategy and governance decisions. Its global footprint and institutional credibility position it as a core advisor in high-stakes investigative situations.

FTI Consulting

• Headquarters: Washington, D.C., United States
• Founded: 1982

FTI Consulting maintains one of the most comprehensive forensic and investigations platforms globally, with strong integration across dispute advisory, restructuring, and regulatory support functions. The firm is frequently engaged in large-scale investigations involving accounting irregularities, financial misconduct, and regulatory inquiries.

Its forensic teams combine accounting expertise with advanced data analytics and technology-enabled review capabilities, supporting complex engagements that require both technical precision and scale. FTI is particularly active in litigation and arbitration contexts, where its investigative findings often underpin expert testimony and financial analysis. The firm’s ability to integrate investigations within broader legal and advisory frameworks reinforces its position as a leading global provider in the sector.

Alvarez & Marsal

• Headquarters: New York, United States
• Founded: 1983

Alvarez & Marsal brings a restructuring-oriented perspective to investigations and forensic advisory, with particular strength in situations involving financial distress, governance failures, and operational disruption. The firm is often engaged in cases where investigative work intersects with turnaround strategies and stakeholder negotiations.

Its forensic capabilities include fraud investigations, financial reconstruction, and dispute-related analysis, supported by a hands-on advisory model that emphasizes execution alongside analysis. Alvarez & Marsal’s experience in complex corporate environments enables it to deliver investigative insights that are directly actionable within restructuring and remediation processes. This integration of forensic expertise with operational advisory distinguishes the firm within the global investigations landscape.

Control Risks

• Headquarters: London, United Kingdom
• Founded: 1975

Control Risks operates at the intersection of corporate investigations, security advisory, and geopolitical risk analysis, providing investigative services in complex and high-risk environments. The firm is particularly recognized for its ability to conduct investigations involving political exposure, cross-border corruption risks, and sensitive stakeholder dynamics.

Its investigative teams combine traditional inquiry methods with intelligence-led analysis, often working in jurisdictions where information access and operational constraints require specialized expertise. Control Risks is frequently engaged by multinational corporations and financial institutions seeking independent investigation capabilities in emerging markets or challenging operating environments. Its global presence and risk-focused approach position it as a key player in complex investigative mandates.

K2 Integrity

• Headquarters: New York, United States
• Founded: 2009

K2 Integrity specializes in financial crime, compliance investigations, and regulatory advisory, with strong positioning in banking and financial services. The firm is actively engaged in investigations related to money laundering, sanctions breaches, and regulatory violations. Its expertise in financial systems and regulatory frameworks enables it to conduct investigations that are both technically rigorous and aligned with enforcement expectations.

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Tier II — Established Investigations & Forensic Advisory Firms

(Alphabetical order)

Ankura

• Headquarters: New York, United States
• Founded: 2014

Ankura has rapidly established itself as a significant player in investigations and forensic advisory through a multidisciplinary platform spanning disputes, risk, and regulatory advisory. The firm is actively involved in complex investigations related to fraud, accounting issues, and regulatory scrutiny, often supporting both corporate clients and legal advisors.

Its forensic teams integrate accounting expertise, data analytics, and industry-specific knowledge to address a wide range of investigative scenarios. Ankura’s growth has been driven by its ability to attract senior professionals and build specialized teams across key practice areas. The firm’s positioning reflects a balance between scale and flexibility, enabling it to compete effectively in both large-scale investigations and targeted advisory engagements.

Berkeley Research Group (BRG)

• Headquarters: Emeryville, United States
• Founded: 2010

BRG has developed a strong position in forensic accounting and dispute-related investigations, with particular strength in financial analysis, damages assessment, and expert testimony. The firm operates at the intersection of investigations and litigation support, frequently advising on complex commercial disputes and regulatory matters.

Its multidisciplinary teams combine accounting, economics, and data analysis capabilities to reconstruct financial events and provide independent expert perspectives. BRG is widely recognized for its work in arbitration and litigation contexts where rigorous analytical frameworks and credible expert positioning are critical.

Forensic Risk Alliance (FRA)

• Headquarters: London, United Kingdom
• Founded: 1999

FRA specializes in forensic accounting and investigations with a focus on regulatory compliance, anti-corruption, and financial crime. The firm is frequently engaged in matters involving the FCPA, UK Bribery Act, and other cross-border enforcement frameworks.

Its teams combine forensic analysis with data analytics and e-discovery capabilities, enabling efficient handling of complex investigations involving large datasets. FRA is well regarded for its work with law firms and corporations in high-stakes regulatory investigations.

Grant Thornton Advisory

• Headquarters: Chicago, United States
• Founded: 1924

Grant Thornton’s forensic and investigation practice operates within a global advisory network, providing services across fraud investigations, financial misconduct analysis, and regulatory response. The firm combines audit-adjacent expertise with independent investigative capabilities, particularly in corporate and public sector contexts.

Its teams frequently support internal investigations, compliance reviews, and dispute-related engagements, leveraging both accounting expertise and structured investigative methodologies. Grant Thornton’s global footprint enables coordinated execution across jurisdictions, particularly for multinational clients.

HKA Global

• Headquarters: London, United Kingdom
• Founded: 2017

HKA focuses on dispute resolution, forensic accounting, and expert advisory, with strong positioning in complex construction, infrastructure, and energy-related disputes. The firm combines technical expertise with financial analysis to support investigations and claims arising from large-scale projects.

Its forensic teams specialize in quantum analysis, delay claims, and dispute-related financial reconstruction, often working alongside legal advisors in arbitration and litigation settings. HKA’s sector-specific expertise differentiates it within the broader forensic advisory landscape.

J.S. Held

• Headquarters: Jericho, United States
• Founded: 1974

J.S. Held provides forensic accounting, investigations, and dispute consulting services, often in matters involving insurance claims, fraud, and operational disruption. The firm combines financial analysis with industry expertise across sectors such as construction, energy, and healthcare.

Its multidisciplinary approach allows it to support complex investigations that require both technical and financial insight. J.S. Held is particularly active in North America, with growing international capabilities.

Mintz Group

• Headquarters: New York, United States
• Founded: 1994

Mintz Group is a specialist corporate investigations firm known for its work in due diligence, asset tracing, and fraud investigations. The firm operates globally, often in challenging jurisdictions, providing intelligence-driven investigative services. Its focus on primary-source investigation and fieldwork differentiates it from accounting-led forensic firms.

Nardello & Co.

• Headquarters: New York, United States
• Founded: 2003

Nardello & Co. focuses on high-end corporate investigations, often involving reputational risk, corruption, and complex stakeholder dynamics. The firm is frequently engaged in sensitive matters requiring discretion and strategic judgment. Its positioning emphasizes investigative intelligence over purely financial analysis.

RSM

• Headquarters: London, United Kingdom
• Founded: 1964

RSM provides forensic accounting and investigative services as part of its global advisory platform, supporting clients in fraud investigations, regulatory inquiries, and dispute resolution. The firm leverages its mid-market positioning to serve a wide range of corporate clients requiring independent investigative support.

Its forensic teams combine accounting expertise with structured investigative processes, often working in collaboration with legal advisors and compliance functions. RSM’s international network allows it to execute cross-border engagements with consistency and scale.

Secretariat Advisors

• Headquarters: Washington, D.C., United States
• Founded: 2008

Secretariat Advisors focuses on disputes, investigations, and forensic accounting, with particular strength in litigation support and expert advisory. The firm is frequently engaged in complex disputes requiring detailed financial analysis and expert testimony.

Its teams provide independent analysis across a range of sectors, supporting clients in arbitration, litigation, and regulatory matters. Secretariat’s focused advisory model emphasizes technical rigor and credibility.

StoneTurn

• Headquarters: Boston, United States
• Founded: 2004

StoneTurn specializes in forensic accounting, investigations, and compliance advisory, supporting clients in matters involving fraud, regulatory scrutiny, and corporate governance. The firm works closely with legal advisors and corporate stakeholders to conduct independent investigations and assess risk exposure.

Its teams combine financial expertise with investigative methodologies, enabling effective handling of complex and sensitive engagements.

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Tier III — Specialist Investigations & Forensic Advisory Firms

(Alphabetical order)

• Duff & Phelps
• Frazier & Deeter
• Protiviti
• Stout
• Veracity Worldwide

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Remarks

Investigations and forensic advisory firms continue to play a central role in the evolving corporate risk landscape as organizations navigate increasingly complex regulatory, financial, and operational environments. The demand for independent, credible analysis in situations involving misconduct, disputes, and governance challenges remains structurally strong.

Firms in this ranking reflect a combination of global scale, technical expertise, and the ability to operate effectively in high-pressure, high-stakes engagements. As investigative work becomes more integrated with compliance, transaction, and strategic advisory functions, these organizations are expected to maintain long-term relevance within the broader advisory ecosystem.

Tier classification reflects relative institutional positioning within the investigations and forensic advisory sector rather than performance outcomes or legal determinations.

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Recognition

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