• RSM achieves 25.8% growth in revenue in Latin America
  • Political unpredictability continues to leave businesses grappling with shifting tax and business regimes
  • Demand particularly high for cryptocurrency solutions, ESG consultancy and risk advisory support  
  • Results announced as springboard for new global growth strategy  

RSM, the leading provider of assurance, tax and consulting services to middle market businesses, has grown by 25.8% in Latin America.  

The region reported the highest rate of growth across RSM’s international network this financial year, with some RSM firms reporting revenue growth of over 50%, despite a wave of political instability and social unrest across the region in 2022.

The rapid growth was primarily driven by increased demand for tax compliance planning, corporate risk strategies and other measures that help businesses proactively prepare for new tax policies in the region. Fee income from tax services grew by 37% in 2022 as a result.

Regional adoption of cryptocurrencies also spurred growth in the Caribbean and Cayman Islands which saw them develop into cryptocurrency hubs, driving a heightened need from Latin American businesses to understand and prepare for the mainstream adoption of disruptive currencies. This contributed to an increase in demand for both tax and consulting services. RSM’s consulting services grew by 16% in the region compared to 2021.

The global audit reform debate has also touched Latin America with the pandemic driving a need for greater transparency and awareness of business risk. RSM saw its auditing fees grow by 33% and its forensic accounting services grow by 81% in 2022 alone.

In addition, with nations such as Costa Rica, Colombia and Brazil implementing progressive Environmental, Social and Governance (ESG) strategies, RSM in Latin America experienced increased demand for ESG consultancy services. This is a trend which it expects to continue as businesses in the region prioritise sustainability and monitor their impact on the environment and society.

Reflecting a global trend, heightened cyber security and data privacy concerns impacting businesses saw RSM’s risk advisory services grow by 41% in the region in 2022.

Eileen Turkot, Regional Leader for Latin America at RSM, commented: “Latin American businesses have largely weathered the COVID storm and are now recovering from the challenges it created. Most are experiencing strong recovery and implementing long-term growth strategies. Whether managing the fallout from political and social disorder, adapting to fresh tax regimes, responding to the rise in cryptocurrency, improving cyber security or striving to act as leaders on environmental and social governance, the focus is on finding opportunity in change.”

2030 Global Strategy marks new era for RSM

Launched this month, RSM’s 2030 Global Strategy outlines a major multi-year growth and transformation programme that targets 100% growth in revenue by 2030. Through the Strategy, RSM will make increasing use of global, digital delivery models, enhanced insight generation and wider use of automation, big data, machine learning and artificial intelligence to support businesses through change.

RSM’s Strategy will further unite its firms under common international methodologies and structures that enable it to continue to drive service quality and promote responsible business practice, whilst constantly enhancing agility and innovation. With an ever-increasing global client base of growth-orientated, internationally-minded companies, RSM remains focused on ensuring they receive exceptional client-service, expert human insight powered by technology, and compelling, tailored solutions.

The strategy will see significant investment in talent and will transform RSM into a seamless global organisation, with teams, culture, governance and processes actively aligned across borders to empower both clients and RSM people to achieve their ambitions.

Eileen Turkot added: “Our rapid growth in Latin America is being replicated in many parts of the RSM network as we support businesses through unprecedented change. Our new strategy will enable us to continue our transformation into a data-driven, technologically enabled, international organisation.”

Jean Stephens, Chief Executive Officer of RSM International, said:

“We have entered a new and transformative business age, characterised by data-driven technological products and services, new approaches to working, and a clear focus on sustainability and purpose. Our growth has largely been driven by our ability to meet those challenges effectively. Our mantra as an organisation is to ‘Take Charge of Change’. By building deep, long-standing relationships and giving our clients and our people what they need to make confident decisions, we will help them to be more successful. As an organisation, our own accelerated transformation will ensure our growth continues at pace, instilling within all of our clients and colleagues a fundamental confidence to thrive.”