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We are a boutique risk and strategic consulting firm with roots in the Global South and a presence in Latin America and the Middle East. We provide bespoke strategic consulting and risk advisory services across the Global South including Latin America, MENA, and sub-Saharan Africa. 

We leverage our years of risk advisory experience, deep knowledge of local markets, and extensive network of contacts across the regions where we operate to provide our clients with reliable intelligence and actionable insights so they can understand and mitigate risks.

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Israel Armada

Managing Partner

Israel is a risk advisory and strategic consulting expert with over a decade of experience in the risk management industry and a focus on the Global South. Over the course of his career, he has conducted and managed projects including due diligence, corporate governance, ESG risk, internal investigations, geopolitical risk, and strategic intelligence across the world.

He began his career conducting national security background investigations on behalf of the US government. He later joined an international risk management firm where he managed engagements globally--including, M&A, 
strategic and competitive intelligence, due diligence, and anti-corruption--for Fortune 500 companies, financial institutions,  and international law firms. Israel later founded ARC with an initial focus on consulting in Latin America & the Caribbean successfully managing countless complex projects across every country in the region. After nearly a decade in consulting, he joined a global pharmaceutical firm active in 60 markets where he led design and implementation of risk management initiatives for the global procurement function. He now leads ARC with a renewed focus on projects in MENA, Africa, and Latin America.

Israel holds a B.A. in Political Science and Philosophy from Florida International University, an MSc. Forensic Accounting from the University of Portsmouth (UK), and an MBA in Risk Management from Catholic University of Murcia (Spain). He is fluent in English, Spanish, Portuguese, and Hebrew.

Rachel Armada

Managing Director, Global Investigations

Rachel  is a seasoned investigator and case manager with a decade of experience leading and conducting investigations in Latin America and the United States. She provides intelligence and investigative/analytical support for the firm.

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 operations 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, Latin America

Eduardo 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 in Latin America. 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.

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At Armada Risk Consulting, we seek to leverage our network of trusted, high-level sources and contacts to collect high-quality human intelligence (HUMINT) that provides critical context for open source intelligence (OSINT). We complement the top-notch intelligence 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 turn intelligence into insight.

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Geopolitical Risk Advisory

What are the country and sector risks in your target market? What do recent political changes on the ground mean for your operations? What do election results mean for you? Combining analysis and insights from our trusted source network, our tailor-made geopolitical risk advisory services help you understand the risks on a macro and micro level. 

Market and Strategic Intelligence

What are the risks and opportunities in your target market and sector? How will key stakeholders react to your moves and those of others? Our market and strategic intelligence offerings provide actionable insights into strategic risk factors and opportunities. 

Strategic Due Diligence

What strategic and other risks do your potential partners or agents pose? How can you mitigate risks to your operations and even leverage them into opportunities? Our strategic due diligence products typically combine open source and human intelligence  with strategic analysis to help you contextualize findings and mitigate risks.

Litigation and Dispute Support Investigations

How can you obtain evidence in challenging jurisdictions? What is the best way to build your case ahead of upcoming litigation or arbitration? Whether tracing assets or combing through public records, our experts are experienced at gathering evidence ethically and legally for complex, international litigation and arbitration.

Security and Operational Briefings

What's the safest way for your team to travel in a new target market? How can you mitigate changing operational and security risks in your target market? Our briefings provide detailed analysis of security and operational risks for discerning clients seeking to formulate mitigation strategies for on-the-ground teams and operations.

Want to learn more? Click below to see our case studies.

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