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Conclusion
Consulting certainly feels riskier. When you're at risk, sitting on the bench with nothing to do but write experimental code or read books on some new topic, you know it. But I would argue that feeling more at risk isn't the same as being more at risk. Riding in an airplane feels riskier than riding in a car—but statistics show us that riding in a plane is actually far safer.
To maintain her career, a technology consultant uses the tools at her disposal—the natural network she has built while working for different companies, the new technologies she has learned, and the fact that she is the reason for her firm to exist. While this doesn't always put her in a lower "career risk" position than that of her corporate IT colleague, in many cases and situations it will tend to do that. Consulting may not be the right choice for everyone—some people are undoubtedly better off working in corporate IT, for various reasons—but if career risk mitigation is a goal, the option of consulting as a career should be considered.