Modern City


panama skyline.jpg


Armada Risk Consulting Ltd. is a boutique consulting firm based in Panama City that was founded to provide effective, professional, tailor-made intelligence,  risk advisory, forensic, and dispute support services across Latin America.

We help our clients uncover facts before transactions; we investigate when disputes or problems arise; and, we provide strategic support as needed along the way.

By leveraging our deep knowledge of local markets and our extensive network of contacts across Latin America, we help our clients understand and mitigate risks so they can inform their legal and business decisions. Our professionals have experience servicing clients ranging from multinationals to family offices and approach every matter with a keen legal mindset and exacting professional discipline.

Blurred Busines People_edited.jpg


The Professionals in Your Corner

Rachel Armada

President and CEO

Rachel Armada is a seasoned investigator and case manager with a decade of experience leading and conducting investigations in Latin America and the United States. As President and CEO of Armada Risk Consulting, she manages matters globally for the firm and liaises between clients and our field operators.

She began her investigative career at the US Department of Homeland Security where she spent half a decade in various roles. After working on transportation security at one of the largest airports in the US, Rachel spent several years leading field investigations and operations at one of the largest ports in the United States where she was responsible for conducting and managing field investigations that systematically uncovered and dismantled contraband smuggling networks and provided vital intelligence to safeguard US national security interests. Since transitioning to the private sector, Rachel has conducted and managed numerous engagements for Armada Risk Consulting in both Latin America  and the United States.

Rachel holds a Bachelor of Science in Criminal Justice from Florida International University. She a native English speaker.

Eduardo Lamphrey

Managing Director, Legal Affairs

Eduardo Lamphrey is a qualified attorney admitted to the bar in Panama. A seasoned investigator, litigator and counselor, he has represented companies and individuals in countless civil, criminal, administrative and labor matters before Panamanian tribunals and advised clients on matters ranging from company formation and real estate transactions to trust/estate law and commercial/criminal disputes. Before beginning his legal career, Eduardo served in the Colombian Army in Military Police and Anti-Guerrilla units.


Eduardo manages various aspects of field investigations for Armada Risk Consulting, particularly in Panama and Colombia. He has published two books as well as a number of articles on legal topics in major newspapers in Panama. He holds an LLB from the University of Panama, a Bachelor's in Religious Studies from the Catholic University of Santa María la Antigua (Panama) and diplomas in: forensics and expert witnessing as well as mediation and dispute resolution from the University of Panama where he is also completing an LLM in Procedural Law. He is a native Spanish speaker and has intermediate knowledge of English.

Deserts of Iran .JPG


In the Global South, the investigative landscape is one in which open source intelligence (OSINT) is woefully insufficient when it comes to making strategically important legal and business decisions. This is mainly because there are disparities in available open source information across jurisdictions and, often, a confluence of media and political interests. Open source researchers who lack considerable on-the-ground experience in volatile regions like Latin America and Sub-Saharan Africa, will often produce biased results by assuming the veracity of open sources and treating them as sufficient for making consequential decisions. This can have potentially disastrous consequences.


At Armada Risk Consulting, we seek to leverage our network of trusted, high-level sources and contacts to collect high-quality human intelligence (HUMINT). We complement the top-notch HUMINT we gather with world-class strategic analysis because we believe in marrying the tactical and the strategic. We believe in providing real value in the form of actionable intelligence and analysis that provides context, as opposed to a mere “laundry list” of issues. We believe our work should have strategic value for our clients and help them understand their operating environment.


We go out to the field, wherever the answers are, leveraging our collective investigative, field operations, and military experience, in volatile regions, to get our clients the answers they need. We live and breathe the regions where we work. We roll up our sleeves and get things done. We think creatively and work ethically. We connect the dots for our clients to give them both critical insights and a thorough understanding of how to achieve their goals and protect their interests. We ask questions so our clients don’t have to. We add value, always. We are the difference between a collection of opinions and actionable intelligence.

Hindu Kush Afghanistan.JPG


Geopolitical Risk Advisory

Opportunities in emerging and frontier markets come with volatility and uncertainty. Navigating complex risks has become the everyday norm in these markets, including in Latin America and Sub-Saharan Africa, where we operate. Combining analysis and intelligence insights from our trusted source network, our tailor-made geopolitical risk advisory service helps globally-involved companies gain an A-to-Z understanding of the countries where they do business and the country and sector risks in those jurisdictions. We provide a “big picture” view of the jurisdiction(s) in question, while explaining risk factors relevant to your business at both macro and micro levels.

Scenario Planning

Business practices in emerging and frontier markets can be radically different from those of your country of origin. Regardless of where you operate in the Global South, for every potential risk-event, there are many potential company-led responses, each with its own implications and consequences. Rather than assume operations will progress in a linear, expected fashion, wouldn’t it be better to plan for unexpected scenarios? Our scenario planning service helps clients mitigate risk and plan for the unknown by mapping and providing an intelligence-based analysis of potential scenarios that could threaten operations or negatively affect investments.

Stakeholder Risk Management

Every company entering into a new market, whether in a far-flung hinterland or a cosmopolitan city, will find itself operating within a new social ecosystem. We help companies seeking to enter and operate in Latin America’s emerging and frontier markets through mapping relevant stakeholders; assessing stakeholder risk; providing recommendations on how to engage local stakeholders; and, advising clients on how to mitigate risks from hostile actors that threaten their business interests.

Strategic Intelligence

Our strategic intelligence reports combine the art of collecting strategic insights from human sources with the science of making sense of the client’s operating environment. In essence, strategic intelligence aims to provide insight into the factors that influence the behavior of both public and private sector entities while providing analysis of how such behavior affects the client’s interests presently and in the future.

Strategic Due Diligence

We believe that due diligence should help you understand and mitigate risks to your business, or even leverage risks into opportunities. We also believe that proper due diligence must include an element of strategic intelligence analysis and forward-looking assessments. Due diligence undertaken before important business decisions should aid in decision-making rather than simply providing a “laundry list” of issues with potential partners, ventures, or third parties. Our strategic due diligence reports feature a combination of open source and/or human intelligence combined with strategic analysis that seeks to contextualize findings in accordance with your goals, and help you fully understand both who your potential partners/agents are, and what drives their behavior.

Litigation and Dispute Support Investigations

Latin America presents a convoluted regulatory and legal landscape, particularly for those who come from outside the region. Our litigation and dispute support investigations vary widely, but often include supplying our clients with strategic and tactical intelligence both before, and during, litigation, arbitration, and other disputes. Whether assisting with asset tracing/recovery efforts, gathering intelligence on counterparties, or investigating fraud, we bring our investigative experience and our network of sources and experts to bear on every engagement to provide our clients with intelligence, advice, and results.

Business Intelligence

The complex risks, volatility, and uncertainty inherent in emerging and frontier markets can only be addressed by businesses operating in those markets with well-sourced and analyzed business intelligence. In such emerging markets, your industry and your competitors operate in the context of a complex web of relationships and a fast-changing social and business environment. Our business intelligence products seek to marry intelligence and insights at both macro and micro levels to provide clients with a comprehensive view that moves from “big picture” to granular. Whether seeking to enter a new market, forecast industry trends, anticipate competitor behavior, or ferret out competitor weaknesses, our business intelligence product provides key insights that help you capitalize on opportunities and mitigate risks.

HUMINT Training

Based on our experience with field operations in the Global South, we offer tailored, multidimensional training in the art of developing, cultivating, collecting, and managing human intelligence. This is a bespoke service aimed at companies doing business in frontier and emerging markets. Please, do not hesitate to contact us for further details.

In need of our services or simply have questions? Message us today.


Be in touch today — and let us guide you on a path to success.

Thanks for submitting!


Apartado 083201236
World Trade Center, 
Panama City, Republic of Panama


Thanks for submitting!