According to a spokesman for the firm, which has its headquarters in Shoreham's Old Shoreham Road, a period of consultation is underway which could see around 50 jobs lost in the UK and mainland Europe.
The company is seeking to align its services and resources to meet customer needs and deliver growth, the spokeman said, which could see a reduction in size of its engineering and business support teams.
"These changes are about helping us to meet our strategy," said the spokesman.
"It is not about downsizing our business – it is about making our business fit for future growth.The changes will allow us to invest in our people, our facilities and our capabilities, with customers starting to see real benefits in the near future.
"Until the consultation is completed, we will not be making any final decisions, and we will be actively supporting our people during this process."
Ricardo is one of the area's largest employers and recent figures show it received a huge proportion of the total EU funding given to East Worthing and Shoreham between 1992 and 2020 - £9,967,545.
A recent analysis from pressure group myEU revealed Ricardo received £9,737,131 of EU funding towards programmes including a project to improve diesel efficiency with particulates and emission reduction.