The move follows last month's acquisition of Kroll's incumbent agency, Financial Dynamics, by FTI Consulting - one of Kroll's major rivals. Kroll considers FD's relationship with FTI to be a conflict of interest.
Kroll is expected to hire a pan-European agency to fill the role, reporting to its European HQ in London.
Kroll first turned to FD last year to aid comms around its work on failed department store Allders. Kroll worked as Allders' administrator after 60 per cent owner Minerva failed to sell the business.
The FD and Kroll relationship hit headlines again earlier this year when Kroll used the City agency to help boost the price of stricken Golden Wonder ahead of the crisp maker's sale (PRWeek,12 January).
FD and Kroll declined to comment on the review.
Aside from FD, Kroll uses a number of other agencies, including Lewis PR, which is retained for technology services subsidiary Kroll Ontrac. These accounts are unaffected by the financial PR rethink.
Three months ago, Kroll bought US consultant Homeland Solutions.