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.
OUR EXECUTIVE TEAM
The Professionals in Your Corner
Founder and President
Israel Armada is an experienced risk and strategy consultant having worked in the industry since 2009. Prior to founding Armada Risk Consulting, he worked as an investigator conducting national security and suitability background investigations on behalf of the US government.
Israel later spent half a decade managing consulting engagements including FCPA/White Collar defense, internal investigations, competitive intelligence, asset tracing, cross-border litigation/arbitration support, and due diligence matters across Latin America for an international risk management consulting firm with clients that include Fortune 500 companies, hedge funds, financial institutions, and high net worth individuals. Over the years, he has managed and conducted high-risk and complex consulting projects in virtually every jurisdiction in Latin America.
He is a Certified Fraud Examiner and a Certified Forensic and Investigative Auditor. He holds a BA in Political Science and Philosophy from Florida International University (US) and an MSc in Forensic Accounting via the University of Portsmouth (UK) where his thesis focused on terrorist financing via the Tri-Border Area. He also holds an MBA in Risk Management from EALDE Business School (Spain) and UCAM (Spain) He is a native Spanish speaker and is fluent in English and Portuguese. He also speaks intermediate Hebrew.
Strategic Adviser, Latin America
Diego Solis helps clients make sense of Latin America's operating environment by analyzing the geopolitical dynamics of the region. In addition to maintaining a first-class network of regional sources, to guarantee the quality of our top-notch field investigations, Diego also conducts field research across the region on an ad hoc basis.
Prior to joining Armada Risk Consulting, Diego was Regional Director for Latin America at Stratfor, a US geopolitical intelligence firm. At Stratfor, Diego conducted sensitive field investigations throughout Latin America while analyzing the geopolitical drivers that influence the behavior of government entities. Prior to this position, Diego was Strategic Management Advisor at a high-net worth Latin America-based private investment group. Diego has roughly a decade of field experience, having conducted field work in various high-stakes environments, including, Afghanistan, Iran, the rainforests of the Congo, the mountains of the Russian North Caucasus, and the slums of Venezuela.
Diego graduated with a bachelor’s degree in business administration, from Embry-Riddle Aeronautical University. He also obtained a Master of Science in Geopolitics & Security in the prestigious Dept. of Geography at Royal Holloway, University of London, graduating with merits. Diego is a fluent speaker of English, Spanish, French, Italian and Portuguese, he also speaks Mandarin at an intermediate level.
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.
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.
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.
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.
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.
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.
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.
Be in touch today — and let us guide you on a path to success.
World Trade Center,
Panama City, Republic of Panama